Company registration number 13350477 (England and Wales)
SUREFOOTED SOFTWARE LIMITED
Unaudited Financial Statements
for the Year Ended 31 December 2023
SUREFOOTED SOFTWARE LIMITED
CONTENTS
Page
Company Information
1
Balance sheet
2
Notes to the financial statements
3 - 5
SUREFOOTED SOFTWARE LIMITED
Company Information
- 1 -
Director
Mr M R Williams
Company number
13350477
Registered office
The Coach House
Clyro Court
Clyro
Hereford
Herefordshire
UK
HR3 5LA
Accountants
Mitchell Associates Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN
SUREFOOTED SOFTWARE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,800
14,400
Current assets
Cash at bank and in hand
1,517
267
Creditors: amounts falling due within one year
4
(26,243)
(24,839)
Net current liabilities
(24,726)
(24,572)
Net liabilities
(11,926)
(10,172)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(11,927)
(10,173)
Total equity
(11,926)
(10,172)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
Mr M R Williams
Director
Company registration number 13350477 (England and Wales)
SUREFOOTED SOFTWARE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Surefooted Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Coach House, Clyro Court, Clyro, Hereford, Herefordshire, UK, HR3 5LA.
1.1
Reporting period
The accounting period has been shortened to a 8 month period and therefore the figures are not comparable for this reason.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
At the balance sheet date the company had net current liabilities of £true24,726 (2022- £24,572) and total net liabilities of £11,926 (2022 - £10,172). However creditors includes loans from the directors of £24,503 (2022 - £23,999). In addition the directors are aware of the turnover and margins that the company needs to achieve in order to keep the company in profit and they believe these targets can be met. The directors review realistic objectives at regular intervals, based on this periodic review, the company's plans and the continued support of the directors, they consider it appropriate to prepare the financial statements on the going concern basis.
1.4
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
SUREFOOTED SOFTWARE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website domain
10 years on cost
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
SUREFOOTED SOFTWARE LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Website domain
£
Cost
At 1 January 2023 and 31 December 2023
16,000
Amortisation and impairment
At 1 January 2023
1,600
Amortisation charged for the year
1,600
At 31 December 2023
3,200
Carrying amount
At 31 December 2023
12,800
At 31 December 2022
14,400
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
25,703
23,999
Accruals and deferred income
540
840
26,243
24,839