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COMPANY REGISTRATION NUMBER: 03603403
DMC Software Solutions Limited
Filleted Financial Statements
31 December 2023
DMC Software Solutions Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
DMC Software Solutions Limited
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Intangible assets
5
4,202
Tangible assets
6
87,477
91,747
--------
--------
91,679
91,747
Current assets
Stocks
181
Debtors
7
2,920,527
2,430,345
Cash at bank and in hand
465,592
472,399
------------
------------
3,386,300
2,902,744
Creditors: amounts falling due within one year
8
1,482,488
1,298,368
------------
------------
Net current assets
1,903,812
1,604,376
------------
------------
Total assets less current liabilities
1,995,491
1,696,123
Provisions
Taxation including deferred tax
15,522
15,940
------------
------------
Net assets
1,979,969
1,680,183
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,979,869
1,680,083
------------
------------
Shareholders funds
1,979,969
1,680,183
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
DMC Software Solutions Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 June 2024 , and are signed on behalf of the board by:
Mr I O'Kane
Director
Company registration number: 03603403
DMC Software Solutions Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Churchill House, Isis Way, Minerva Business Park, Lynch Wood, Peterborough, PE2 6QR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & Buildings
-
2% straight line
Fixtures & Fittings
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 43 (2022: 40 ).
5. Intangible assets
Development costs
£
Cost
Additions
Additions from internal developments
4,202
-------
At 31 December 2023
4,202
-------
Amortisation
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
4,202
-------
At 31 December 2022
-------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 (as restated)
29,081
59,153
482,898
571,132
Additions
18,146
18,146
--------
--------
---------
---------
At 31 December 2023
29,081
59,153
501,044
589,278
--------
--------
---------
---------
Depreciation
At 1 January 2023
17,855
44,517
417,013
479,385
Charge for the year
1,163
3,267
17,986
22,416
--------
--------
---------
---------
At 31 December 2023
19,018
47,784
434,999
501,801
--------
--------
---------
---------
Carrying amount
At 31 December 2023
10,063
11,369
66,045
87,477
--------
--------
---------
---------
At 31 December 2022
11,226
14,636
65,885
91,747
--------
--------
---------
---------
7. Debtors
2023
2022
(restated)
£
£
Trade debtors
475,222
390,647
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,364,895
1,966,997
Other debtors
80,410
72,701
------------
------------
2,920,527
2,430,345
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
204,515
158,080
Amounts owed to group undertakings and undertakings in which the company has a participating interest
245,766
107,751
Corporation tax
130
Social security and other taxes
246,834
206,019
Other creditors
785,243
826,518
------------
------------
1,482,488
1,298,368
------------
------------
On 9 February 2023, a charge was registered by Investec Bank Limited being a fixed and floating charge over the property or undertaking of the company."
9. Summary audit opinion
The auditor's report dated 26 June 2024 was unqualified .
The senior statutory auditor was Elaine Mulholland , for and on behalf of Johnston Graham Limited .
10. Related party transactions
During the year, goods and services in the amount of £100,520 were sold and £1,504,064 were purchased the normal course of trade and at commercial rates from fellow subsidiaries and outstanding balances at 31 December 2022 are included in notes 8 and 9 of these financial statements.
11. Controlling party
From the 14th of December 2022, the ultimate parent company became Accelerate Topco Limited, a company registered in England and Wales