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Registered number: 10970263
Kreo Software Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10970263
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,887,832 -
Tangible Assets 5 9,673 3,585
4,897,505 3,585
CURRENT ASSETS
Debtors 6 43,944 210,356
Cash at bank and in hand 159,547 90,623
203,491 300,979
Creditors: Amounts Falling Due Within One Year 7 (5,426,243 ) (2,692,000 )
NET CURRENT ASSETS (LIABILITIES) (5,222,752 ) (2,391,021 )
TOTAL ASSETS LESS CURRENT LIABILITIES (325,247 ) (2,387,436 )
NET LIABILITIES (325,247 ) (2,387,436 )
CAPITAL AND RESERVES
Called up share capital 8 1,195 1,195
Profit and Loss Account (326,442 ) (2,388,631 )
SHAREHOLDERS' FUNDS (325,247) (2,387,436)
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Magomed Galaev
Director
25th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kreo Software Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10970263 . The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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 33.33% on cost
Computer Equipment 33.33% on cost
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current  tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 3)
2 3
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 -
Additions 4,891,853
As at 31 December 2023 4,891,853
Amortisation
As at 1 January 2023 -
Provided during the period 4,021
As at 31 December 2023 4,021
Net Book Value
As at 31 December 2023 4,887,832
As at 1 January 2023 -
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 6,247 11,297 17,544
Additions - 12,011 12,011
Disposals (272 ) (4,968 ) (5,240 )
As at 31 December 2023 5,975 18,340 24,315
Depreciation
As at 1 January 2023 6,015 7,944 13,959
Provided during the period 95 3,994 4,089
Disposals (135 ) (3,271 ) (3,406 )
As at 31 December 2023 5,975 8,667 14,642
Net Book Value
As at 31 December 2023 - 9,673 9,673
As at 1 January 2023 232 3,353 3,585
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 31,010 14
Other debtors 12,934 210,342
43,944 210,356
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 23,268 5,323
Other creditors 5,394,987 2,680,445
Taxation and social security 7,988 6,232
5,426,243 2,692,000
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,195 1,195
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9. Ultimate Controlling Party
The company's ultimate controlling party is Magomed Galaev by virtue of his ownership of 84% of the issued share capital in the company.
10. Going Concern
As at the balance sheet date the company has net liabilities. These financial statements have been prepared on the going concern basis, on the understanding that the director will continue to support the company for the foreseeable future. 
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