Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07727494 Dr E A Rajadurai Mr C Mays Mr M I Geddes Mr N N Jamal Dr E A Rajadurai true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07727494 2022-12-31 07727494 2023-12-31 07727494 2023-01-01 2023-12-31 07727494 frs-core:CurrentFinancialInstruments 2023-12-31 07727494 frs-core:Non-currentFinancialInstruments 2023-12-31 07727494 frs-core:ComputerEquipment 2023-01-01 2023-12-31 07727494 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07727494 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 07727494 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07727494 frs-core:FurnitureFittings 2023-01-01 2023-12-31 07727494 frs-core:LandBuildings 2023-12-31 07727494 frs-core:LandBuildings 2023-01-01 2023-12-31 07727494 frs-core:LandBuildings 2022-12-31 07727494 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07727494 frs-core:PlantMachinery 2023-12-31 07727494 frs-core:PlantMachinery 2023-01-01 2023-12-31 07727494 frs-core:PlantMachinery 2022-12-31 07727494 frs-core:ShareCapital 2023-12-31 07727494 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07727494 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07727494 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07727494 frs-bus:SmallEntities 2023-01-01 2023-12-31 07727494 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07727494 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07727494 1 2023-01-01 2023-12-31 07727494 frs-bus:Director1 2023-01-01 2023-12-31 07727494 frs-bus:Director1 2022-12-31 07727494 frs-bus:Director1 2023-12-31 07727494 frs-bus:Director2 2023-01-01 2023-12-31 07727494 frs-bus:Director3 2023-01-01 2023-12-31 07727494 frs-bus:Director4 2023-01-01 2023-12-31 07727494 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 07727494 frs-countries:EnglandWales 2023-01-01 2023-12-31 07727494 2021-12-31 07727494 2022-12-31 07727494 2022-01-01 2022-12-31 07727494 frs-core:CurrentFinancialInstruments 2022-12-31 07727494 frs-core:Non-currentFinancialInstruments 2022-12-31 07727494 frs-core:ShareCapital 2022-12-31 07727494 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 07727494
Servca Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07727494
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 422,361 273,088
Tangible Assets 6 81,707 72,377
504,068 345,465
CURRENT ASSETS
Debtors 7 5,428,138 3,445,818
Cash at bank and in hand 149,368 298,227
5,577,506 3,744,045
Creditors: Amounts Falling Due Within One Year 8 (5,066,358 ) (3,129,901 )
NET CURRENT ASSETS (LIABILITIES) 511,148 614,144
TOTAL ASSETS LESS CURRENT LIABILITIES 1,015,216 959,609
Creditors: Amounts Falling Due After More Than One Year 9 (35,208 ) (67,708 )
NET ASSETS 980,008 891,901
CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Profit and Loss Account 960,008 871,901
SHAREHOLDERS' FUNDS 980,008 891,901
Page 1
Page 2
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 N N Jamal
Director
30 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Servca Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07727494 . The registered office is Dukes House 32-38 Dukes Place, 5th Floor, London, EC3A 7LP.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised over 5 years on a straight line basis, from the year the intangible asset is available for use, over their expected useful economic lives, which range from 5 to 7 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life.
Leasehold Straight line over 7 years
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment straight line over 3 years and
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.
2.6. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 13)
13 13
Page 3
Page 4
4. Prior Period Adjustment
The accounts have been restated to incorporate the impact of a misclassification of the research and development costs incurred in relation to the development of the companies Policy Administration and Servicing system.  This change has resulted in additional profits available for distribution of £114,431 at 31st December 2021 & £158,657 at 31st December 2022.
5. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 273,088
Additions 254,863
As at 31 December 2023 527,951
Amortisation
As at 1 January 2023 -
Provided during the period 105,590
As at 31 December 2023 105,590
Net Book Value
As at 31 December 2023 422,361
As at 1 January 2023 273,088
6. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2023 3,996 163,598 167,594
Additions - 30,854 30,854
As at 31 December 2023 3,996 194,452 198,448
Depreciation
As at 1 January 2023 856 94,361 95,217
Provided during the period 571 20,953 21,524
As at 31 December 2023 1,427 115,314 116,741
Net Book Value
As at 31 December 2023 2,569 79,138 81,707
As at 1 January 2023 3,140 69,237 72,377
7. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 1,550 1,550
Other debtors 5,426,588 3,444,268
5,428,138 3,445,818
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 38,184 35,148
Bank loans and overdrafts 32,500 32,500
Other creditors 4,979,644 3,062,253
Taxation and social security 16,030 -
5,066,358 3,129,901
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 35,208 67,708
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Nomaan Jamal - 1,212 - 1,212 -
The above loan is unsecured, interest free and repayable on demand.
11. Ultimate Controlling Party
The ultimate controlling party by way of 100% shareholding, is Servca Group Holdings Ltd, a group holding company registered in England & Wales under company number 13263453. Servca Group Holdings Ltd is also the ultimate controlling party for Servca Canada Insurance Group Inc (Canada), Servca European Insurance Brokers Ltd (Malta), Servca European Branch Office Ltd and Servca Re International Ltd.
12. Secured Debts
Layhan Capital Ltd and Servca Group Holdings Limited have secured a floating charge over the assets of the company.
Page 5