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Registered number: 10064770
SOFTCHAINS LTD
Unaudited Financial Statements
For The Year Ended 31 March 2024
Nephos Accountants Limited
Formal House
60 St. Georges Place
Cheltenham
GL50 3PN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10064770
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Cash at bank and in hand 70,278 96,881
70,278 96,881
Creditors: Amounts Falling Due Within One Year 6 (263,350 ) (176,969 )
NET CURRENT ASSETS (LIABILITIES) (193,072 ) (80,088 )
TOTAL ASSETS LESS CURRENT LIABILITIES (193,072 ) (80,088 )
NET LIABILITIES (193,072 ) (80,088 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (193,172 ) (80,188 )
SHAREHOLDERS' FUNDS (193,072) (80,088)
Page 1
Page 2
For the year ending 31 March 2024 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 Dan Gershony
Director
7th October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SOFTCHAINS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10064770 . The registered office is Formal House, 60 St George's Place , Cheltenham , GL50 3PN.
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
Intangible assets are measured at a revalued amount provided there is an active market for them. An active market is defined as:

A market in which all the following conditions exist:
  • the items traded in the market are homogeneous;
  • willing buyers and sellers can normally be found at any time; and
  • prices are available to the public.
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:
Computer Equipment 33% Straight Line
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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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 2,609
As at 31 March 2024 2,609
Depreciation
As at 1 April 2023 2,609
As at 31 March 2024 2,609
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 -
Other creditors - 176,969
Director's loan account 263,349 -
263,350 176,969
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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