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Company No: 08830957 (England and Wales)

CLARUS SOFTWARE LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CLARUS SOFTWARE LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CLARUS SOFTWARE LTD

BALANCE SHEET

As at 31 December 2023
CLARUS SOFTWARE LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 742,279 305,438
Tangible assets 4 38,081 42,597
780,360 348,035
Current assets
Debtors 5 261,909 300,908
Cash at bank and in hand 21,941 458,211
283,850 759,119
Creditors: amounts falling due within one year 6 ( 223,788) ( 136,377)
Net current assets 60,062 622,742
Total assets less current liabilities 840,422 970,777
Creditors: amounts falling due after more than one year 7 ( 14,167) ( 24,167)
Provision for liabilities ( 4,219) ( 6,800)
Net assets 822,036 939,810
Capital and reserves
Called-up share capital 8 111 110
Share premium account 975,814 932,542
Profit and loss account ( 153,889 ) 7,158
Total shareholders' funds 822,036 939,810

For the financial 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.

Directors' responsibilities:

The financial statements of Clarus Software Ltd (registered number: 08830957) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

S F Thompson
Director
CLARUS SOFTWARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CLARUS SOFTWARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clarus Software Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Huckletree The Express Building, 9 Great Ancoats Street, Manchester, M4 5AD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £822,036 (2022: £315,539).

The Company currently meets its working capital requirements through its cash balances and bank funding, and the directors believe they have sufficient facilities to trade through the next 12 month period. Therefore, the directors believe it is appropriate to prepare the accounts to 31 December 2023 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in
accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 11

3. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2023 381,797 381,797
Additions 641,501 641,501
At 31 December 2023 1,023,298 1,023,298
Accumulated amortisation
At 01 January 2023 76,359 76,359
Charge for the financial year 204,660 204,660
At 31 December 2023 281,019 281,019
Net book value
At 31 December 2023 742,279 742,279
At 31 December 2022 305,438 305,438

4. Tangible assets

Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 920 6,553 48,315 55,788
Additions 0 260 14,455 14,715
At 31 December 2023 920 6,813 62,770 70,503
Accumulated depreciation
At 01 January 2023 589 718 11,884 13,191
Charge for the financial year 50 1,671 17,510 19,231
At 31 December 2023 639 2,389 29,394 32,422
Net book value
At 31 December 2023 281 4,424 33,376 38,081
At 31 December 2022 331 5,835 36,431 42,597

5. Debtors

2023 2022
£ £
Trade debtors 221,325 279,439
Other debtors 40,584 21,469
261,909 300,908

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 88,544 16,298
Accruals 20,874 2,998
Taxation and social security 100,488 83,892
Other creditors 3,882 23,189
223,788 136,377

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,167 24,167

There are no amounts included above in respect of which any security has been given by the small entity.

Bank Loans represent a government bank loan. The loan attracts interest at 2.5% per annum, is unsecured, and is repayable monthly over a 5 year term. During the year, interest of £739 (2022: £969) was charged.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,108,425 Ordinary shares of £ 0.0001 each (2022: 1,103,619 shares of £ 0.0001 each) 111 110

On 20 February 2023, 4,806 Ordinary shares of £0.0001 were issued at a premium of £9.00 per share.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 6,888 5,216

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,589 (2022: £8,097). Contributions totalling £3,329 (2022: £6,806) was payable to the scheme at the balance sheet date and are included in creditors.

10. Related party transactions

Transactions with the entity's directors

At the year end a director owed the company £7,482 (2022: £7,482) which is included within other debtors and is repayable on demand.

At the year end a director owed the company £9,175 (2022: £nil) which is included within other debtors and is repayable on demand.