Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 02311888 Mr Norman Han Ms Beverley Pell Dr William Han Ms Hayley Hewett iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02311888 2022-12-31 02311888 2023-12-31 02311888 2023-01-01 2023-12-31 02311888 frs-core:CurrentFinancialInstruments 2023-12-31 02311888 frs-core:Non-currentFinancialInstruments 2023-12-31 02311888 frs-core:FurnitureFittings 2023-12-31 02311888 frs-core:FurnitureFittings 2023-01-01 2023-12-31 02311888 frs-core:FurnitureFittings 2022-12-31 02311888 frs-core:ShareCapital 2023-12-31 02311888 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02311888 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02311888 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 02311888 frs-bus:SmallEntities 2023-01-01 2023-12-31 02311888 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02311888 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02311888 frs-core:DeferredTaxation 2022-12-31 02311888 frs-core:DeferredTaxation 2023-12-31 02311888 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 02311888 frs-bus:Director1 2023-01-01 2023-12-31 02311888 frs-bus:Director2 2023-01-01 2023-12-31 02311888 frs-bus:Director3 2023-01-01 2023-12-31 02311888 frs-bus:Director4 2023-01-01 2023-12-31 02311888 frs-countries:EnglandWales 2023-01-01 2023-12-31 02311888 2021-12-31 02311888 2022-12-31 02311888 2022-01-01 2022-12-31 02311888 frs-core:CurrentFinancialInstruments 2022-12-31 02311888 frs-core:Non-currentFinancialInstruments 2022-12-31 02311888 frs-core:ShareCapital 2022-12-31 02311888 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 02311888 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31
Registered number: 02311888
Sentware Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02311888
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89 119
Investment Properties 5 1,700,000 1,700,000
1,700,089 1,700,119
CURRENT ASSETS
Debtors 6 43,270 40,270
Cash at bank and in hand 27,742 20,098
71,012 60,368
Creditors: Amounts Falling Due Within One Year 7 (64,762 ) (50,022 )
NET CURRENT ASSETS (LIABILITIES) 6,250 10,346
TOTAL ASSETS LESS CURRENT LIABILITIES 1,706,339 1,710,465
Creditors: Amounts Falling Due After More Than One Year 8 (576,184 ) (590,223 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (64,936 ) (64,936 )
NET ASSETS 1,065,219 1,055,306
CAPITAL AND RESERVES
Called up share capital 10,100 10,100
Fair Value Reserve 740,525 740,525
Profit and Loss Account 314,594 304,681
SHAREHOLDERS' FUNDS 1,065,219 1,055,306
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Norman Han
Director
28/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sentware Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02311888 . The registered office is 51 Church Road, London, NW4 4DU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements for the year ended 31 December 2023 are the first financial statements that comply with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The financial effects of the transition to the FRS 102 Section 1A are set out in Note 12 below.
2.2. Turnover
Turnover represents net rental and other related income, excluding value added tax. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25%
2.4. Investment Properties
Investment properties are carried at fair value determined annually by the directors or by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
2.6. Going concern
The directors have considered the working capital position of the company and future working capital requirements, including any impact from the ongoing conflict in Ukraine and the current level of inflation and high interest rate in the UK and are satisfied that the company will be able to meet its liabilities as they fall due for a period of not less than one year from date of approval of these financial statements.
3. Average Number of Employees
Average number of employees, including directors, during the year was 2 (2022: 2)
2 2
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 14,930
As at 31 December 2023 14,930
Depreciation
As at 1 January 2023 14,811
Provided during the period 30
As at 31 December 2023 14,841
Net Book Value
As at 31 December 2023 89
As at 1 January 2023 119
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 1,700,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 894,539 894,539
Investment properties were valued on open market basis basis on 31 December 2023 by the directors.
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 43,270 40,270
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 6,052 3,053
Bank loans and overdrafts 48,918 34,879
Other creditors 5,599 5,468
Taxation and social security 4,193 6,622
64,762 50,022
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 571,184 585,223
Other creditors 5,000 5,000
576,184 590,223
9. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 620,102 620,103
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 64,936 64,936
Balance at 31 December 2023 64,936 64,936
Capital gains tax on uncrystallised gains on property investments is provided in the financial statements as shown
above.
11. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 8,000 4,000
During the period, total dividends of £8,000 were paid to the directors, Mr H. Norman and Mrs B. Pell.
12. Transition to FRS 102
These financial statements for the year ended 31 December 2023 are the company’s first financial statements that comply with FRS 102 Section 1A. The company’s date of transition to FRS 102 Section 1A is 1 January 2022. Its last financial statements prepared in accordance with the entity’s previous financial reporting framework were for the year-ended 31 December 2022.
The transition to FRS 102 section 1A has resulted in a number of changes to the company’s accounting policies compared to those used when applying the previous financial reporting framework.
The following explanatory notes to the financial statements describe the differences between the entity’s equity and profit or loss presented under the previous financial reporting framework, FRS 105 and the amounts presented under FRS 102 Section 1A for the year-ended 31 December 2022 (the restated comparatives), as well as the equity presented in the opening balance sheet at 1 January 2022 (the date of transition). The notes also describe all the required changes in accounting policies made on first-time adoption of FRS 102 Section 1A.
(i) Investment properties
Under the entity’s previous financial reporting framework, FRS 105 investment properties were measured at initial recognition at its cost. Under FRS 102 Section 1A, investment properties are included in the balance sheet at fair value. Changes in fair value are recognised in profit or loss.
(ii) Deferred tax
Under the entity’s previous financial reporting framework, FRS 105 no deferred tax was provided in respect of revaluation surpluses on investment properties or non-monetary assets subject to revaluation. FRS 102 Section 1A requires that deferred tax is provided on such assets.
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