Company registration number 03369404 (England and Wales)
DATASOFT COMPUTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DATASOFT COMPUTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DATASOFT COMPUTING LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
9,158
9,978
Current assets
Debtors
6
65,718
63,696
Cash at bank and in hand
424,230
433,985
489,948
497,681
Creditors: amounts falling due within one year
7
(163,259)
(131,875)
Net current assets
326,689
365,806
Total assets less current liabilities
335,847
375,784
Provisions for liabilities
(2,289)
(2,494)
Net assets
333,558
373,290
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
333,458
373,190
Total equity
333,558
373,290

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have 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 by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
P W Hails
Director
Company Registration No. 03369404
DATASOFT COMPUTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

DataSoft Computing Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Gabriel House, 4 The Gabriels, Newbury, Berkshire, United Kingdom, RG14 6PZ.

1.1
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.

1.2
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Software
Fully amortised
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Fixtures and fittings
25% on cost
Computers
25% on reducing balance

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.

DATASOFT COMPUTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or asset's cash generating unit, is estimated and compared to its carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss, unless it's carried at a revalued amount, where the impairment loss is a revaluation decrease.

1.6
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DATASOFT COMPUTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

DATASOFT COMPUTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effects on amounts recognised in the financial statements

 

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

 

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.

 

Intangible assets

Intangible assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as impairment and the projected disposal value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
DATASOFT COMPUTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Intangible fixed assets
Software
£
Cost
At 1 June 2023 and 31 May 2024
9,284
Amortisation and impairment
At 1 June 2023 and 31 May 2024
9,284
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2023
2,350
62,841
65,191
Additions
-
0
1,982
1,982
At 31 May 2024
2,350
64,823
67,173
Depreciation and impairment
At 1 June 2023
2,350
52,863
55,213
Depreciation charged in the year
-
0
2,802
2,802
At 31 May 2024
2,350
55,665
58,015
Carrying amount
At 31 May 2024
-
0
9,158
9,158
At 31 May 2023
-
0
9,978
9,978
DATASOFT COMPUTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,432
61,585
Other debtors
2,286
2,111
65,718
63,696
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
156,857
128,266
Other creditors
6,402
3,609
163,259
131,875
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
45
45
45
45
B Ordinary of £1 each
10
10
10
10
C Ordinary of £1 each
40
40
40
40
D Ordinary of £1 each
5
5
5
5
100
100
100
100
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
3,258
701
2024-05-312023-06-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityA M HailsP W HailsG M Hailsfalsefalse033694042023-06-012024-05-31033694042024-05-31033694042023-05-3103369404core:FurnitureFittings2024-05-3103369404core:ComputerEquipment2024-05-3103369404core:FurnitureFittings2023-05-3103369404core:ComputerEquipment2023-05-3103369404core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3103369404core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3103369404core:CurrentFinancialInstruments2024-05-3103369404core:CurrentFinancialInstruments2023-05-3103369404core:ShareCapital2024-05-3103369404core:ShareCapital2023-05-3103369404core:RetainedEarningsAccumulatedLosses2024-05-3103369404core:RetainedEarningsAccumulatedLosses2023-05-3103369404bus:Director22023-06-012024-05-3103369404bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103369404core:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103369404core:ComputerSoftware2023-06-012024-05-3103369404core:FurnitureFittings2023-06-012024-05-3103369404core:ComputerEquipment2023-06-012024-05-31033694042022-06-012023-05-3103369404core:ComputerSoftware2023-05-3103369404core:ComputerSoftware2024-05-3103369404core:ComputerSoftware2023-05-3103369404core:FurnitureFittings2023-05-3103369404core:ComputerEquipment2023-05-31033694042023-05-3103369404core:WithinOneYear2024-05-3103369404core:WithinOneYear2023-05-3103369404bus:PrivateLimitedCompanyLtd2023-06-012024-05-3103369404bus:FRS1022023-06-012024-05-3103369404bus:AuditExemptWithAccountantsReport2023-06-012024-05-3103369404bus:Director12023-06-012024-05-3103369404bus:CompanySecretary12023-06-012024-05-3103369404bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP