Caseware UK (AP4) 2023.0.135 2023.0.135 0There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income. There was no other comprehensive income for 2024 (2023: £NIL).The financial statements are presented in Sterling (£). The Company's functional and presentational currency is GBP.The Company disposed of its tangible and intangible assets as part of its transfer of trade to Intact Software (UK) Limited on 1 Janaury 2023. Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102 Section 33. The Company has availed of the exemptions in FRS 102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.Interest income is recognised in profit or loss using the effective interest method. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.true2023-02-01true045truefalse 05398038 2023-02-01 2024-01-31 05398038 2022-02-01 2023-01-31 05398038 2024-01-31 05398038 2023-01-31 05398038 2022-02-01 05398038 1 2023-02-01 2024-01-31 05398038 c:Exceptional 2023-02-01 2024-01-31 05398038 c:Exceptional 2022-02-01 2023-01-31 05398038 d:CompanySecretary1 2023-02-01 2024-01-31 05398038 d:Director1 2023-02-01 2024-01-31 05398038 d:Director2 2023-02-01 2024-01-31 05398038 d:Director3 2023-02-01 2024-01-31 05398038 d:RegisteredOffice 2023-02-01 2024-01-31 05398038 d:Agent1 2023-02-01 2024-01-31 05398038 c:CurrentFinancialInstruments 2024-01-31 05398038 c:CurrentFinancialInstruments 2023-01-31 05398038 c:ShareCapital 2024-01-31 05398038 c:ShareCapital 2022-02-01 2023-01-31 05398038 c:ShareCapital 2023-01-31 05398038 c:ShareCapital 2022-02-01 05398038 c:SharePremium 2023-02-01 2024-01-31 05398038 c:SharePremium 2024-01-31 05398038 c:SharePremium 2022-02-01 2023-01-31 05398038 c:SharePremium 2023-01-31 05398038 c:SharePremium 2022-02-01 05398038 c:CapitalRedemptionReserve 2023-02-01 2024-01-31 05398038 c:CapitalRedemptionReserve 2024-01-31 05398038 c:CapitalRedemptionReserve 2023-01-31 05398038 c:CapitalRedemptionReserve 2022-02-01 05398038 c:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 05398038 c:RetainedEarningsAccumulatedLosses 2024-01-31 05398038 c:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 05398038 c:RetainedEarningsAccumulatedLosses 2023-01-31 05398038 c:RetainedEarningsAccumulatedLosses 2022-02-01 05398038 d:OrdinaryShareClass1 2023-02-01 2024-01-31 05398038 d:OrdinaryShareClass1 2022-02-01 2023-01-31 05398038 d:OrdinaryShareClass1 2024-01-31 05398038 d:OrdinaryShareClass1 2023-01-31 05398038 d:EntityNoLongerTradingButTradedInPast 2023-02-01 2024-01-31 05398038 d:FRS102 2023-02-01 2024-01-31 05398038 d:Audited 2023-02-01 2024-01-31 05398038 d:FullAccounts 2023-02-01 2024-01-31 05398038 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

img71e5.png






Financial Statements
Blue Rock Systems Limited
For the financial year ended 31 January 2024





































Registered number: 05398038

 
Blue Rock Systems Limited
 

Company Information


Directors
George Michael Troullis 
Fergal Barry 
Justin Lawless 




Company secretary
Fergal Barry



Registered number
05398038



Registered office
12 Shamrock Quay
William Street

Southampton

SO14 5QL

England




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Audit Firm

13-18 City Quay

Dublin 2

Ireland




Bankers
Nat West Bank
Berkhamsted

HP4 1AW

United Kingdom




Solicitors
Flint Bishop LLP
Derby

DE1 3HQ





 
Blue Rock Systems Limited
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16


 
Blue Rock Systems Limited
 
 
Directors' report
For the financial year ended 31 January 2024

The directors present their report and the financial statements for the financial year ended 31 January 2024.

Principal activity and business review

The principal activity of the Company is to design, develop and sell ERP software. The Company’s focus is to provide customers with the tools and functionality they need to be more operationally effective. The Company did not trade during the financial year ended 31 Janaury 2024.

Results and dividends

The profit for the financial year, after taxation, amounted to £NIL (2023 - loss £584,776).

The directors have not recommended the payment of a dividend (2023: £Nil).

Directors, secretary and their interests

The directors who served during the financial year were:

George Michael Troullis 
Fergal Barry 
Justin Lawless 

Events since the end of the financial year

There have been no significant events affecting the Company since the financial year end.

Research and development

During the year, the Company incurred research and development costs of £Nil (2023: £150,393).

Future outlook

The directors expect to close the company in an orderly manner.

Going concern

The directors have the full support of the company's parent company, Aptech Business Systems Limited, a company incoroprated in the Republic of Ireland.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Grant Thornton were appointed during the financial year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
Blue Rock Systems Limited
 

Directors' report (continued)
For the financial year ended 31 January 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




................................................
Fergal Barry
Director

Date: 23 September 2024

Page 2

 
Blue Rock Systems Limited
 

Directors' responsibilities statement
For the financial year ended 31 January 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.




................................................
Fergal Barry
Director

Date: 23 September 2024
Page 3

 
 
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Independent auditor's report to the members of Blue Rock Systems Limited
 
Opinion


We have audited the financial statements of Blue Rock Systems Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 January 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation of the financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Blue Rock Systems Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 January 2024 and of its financial performance for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.



Page 4

 
 
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Independent auditor's report to the members of Blue Rock Systems Limited (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 5

 
 
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Independent auditor's report to the members of Blue Rock Systems Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fradulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
 
Page 6

 
 
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Independent auditor's report to the members of Blue Rock Systems Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the company’s regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls
designing audit procedures o incorporate unpredictability around the nature, timing or extent of our testing
challenging assumptions and judgements made by management in their significant accounting estimates, including cost to completion, trade debtors and provisions;
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls. 

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


 
 
Kevin Foley, FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Audit Firm
Dublin 2
23 September 2024
Page 7

 
Blue Rock Systems Limited
 

Statement of comprehensive income
For the financial year ended 31 January 2024

2024
2023
Note
£
£

  

Turnover
  
-
5,481,785

Cost of sales
  
-
(1,247,967)

Gross profit
  
-
4,233,818

Administrative expenses
  
-
(4,863,052)

Exceptional administrative expenses
  
-
51,609

Operating profit/(loss)
 4 
-
(577,625)

Interest receivable and similar income
  
-
66

Interest payable and similar expenses
  
-
(7,217)

Profit/(loss) before tax
  
-
(584,776)

Tax on profit/(loss)
 6 
-
-

Loss for the financial year
  
-
(584,776)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 11 to 16 form part of these financial statements.

Page 8

 
Blue Rock Systems Limited
Registered number:05398038

Statement of financial position
As at 31 January 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 8 
1,976,198
1,968,460

Cash at bank and in hand
 9 
80,925
88,663

  
2,057,123
2,057,123

Net assets
  
 
 
2,057,123
 
 
2,057,123


Capital and reserves
  

Called up share capital 
 10 
121,605
121,605

Share premium account
 11 
163,908
163,908

Capital redemption reserve
 11 
46,563
46,563

Profit and loss account
 11 
1,725,047
1,725,047

  
2,057,123
2,057,123


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Fergal Barry
Director

Date: 23 September 2024

The notes on pages 11 to 16 form part of these financial statements.

Page 9

 
Blue Rock Systems Limited
 

Statement of changes in equity
For the financial year ended 31 January 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 February 2023
121,605
163,908
46,563
1,725,047
2,057,123


At 31 January 2024
121,605
163,908
46,563
1,725,047
2,057,123



Statement of changes in equity
For the financial year ended 31 January 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 February 2022
114,105
150,933
46,563
2,309,823
2,621,424



Profit for the financial year
-
-
-
(584,776)
(584,776)

Shares issued during the year
7,500
12,975
-
-
20,475


At 31 January 2023
121,605
163,908
46,563
1,725,047
2,057,123


The notes on pages 11 to 16 form part of these financial statements.

Page 10

 
Blue Rock Systems Limited
 
 
Notes to the financial statements
For the financial year ended 31 January 2024

1.


General information

Blue Rock Systems Limited (the Company) is a private company limited by shares to the value of its share capital. The Company is incorporated in the United Kingdom with a registered number 05398038 and a registered address of 12 Shamrock Quay William Street, Southamptom, England.
The principal activity of the Company is to design, develop and sell ERP software. The Board are closing the Company in an orderly manner.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£). 

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
Blue Rock Systems Limited
 

Notes to the financial statements
For the financial year ended 31 January 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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.

  
2.4

Going concern

The directors have the full support of the company's parent company, Aptech Business Systems Limited, a company incoroprated in the Republic of Ireland.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 12

 
Blue Rock Systems Limited
 

Notes to the financial statements
For the financial year ended 31 January 2024

2.Accounting policies (continued)

 
2.9

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of financial statements and the reported amount of income and expenses during the reporting period.
Management evaluates its estimates and judgments on an ongoing basis. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances.
The following are significant management judgments and estimates in applying the accounting policies of the Company that have the most significant effect on the financial statements. Actual results may be substantially different.

(i) Estimating useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

 


4.


Operating (loss) / profit

The operating (loss) / profit is stated after charging:

2024
2023
£
£

Bad debts
-
2,868

Other operating lease rentals
-
90,343

Amortisation
-
165,512

Exceptional costs
-
1,198,626

Depreciation
-
61,371

Page 13

 
Blue Rock Systems Limited
 
 
Notes to the financial statements
For the financial year ended 31 January 2024

5.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
461,325

Company contributions to defined contribution pension schemes
-
45,886

-
507,211



6.


Taxation


2024
2023
£
£




Tax on profit/(loss)
-
-

Factors affecting tax charge for the financial year

The tax assessed for the financial year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
-
(584,776)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
-
(111,107)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
79,734

Depreciation for financial year in excess of capital allowances
-
6,086

Utilisation of tax losses
-
25,287

Total tax charge for the financial year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14

 
Blue Rock Systems Limited
 
 
Notes to the financial statements
For the financial year ended 31 January 2024

7.


Exceptional items

2024
2023
£
£


Exceptional item
-
(51,609)

Loss/(profit)on sale of assets
-
1,198,626

-
1,147,017


The Company disposed of its tangible and intangible assets as part of its transfer of trade to Intact Software (UK) Limited on 1 Janaury 2023. 


8.


Debtors: Amounts falling due within one year

2024
2023
£
£


Amounts owed by group undertakings
1,976,198
1,968,460


Amounts owed by group companies are unsecured, interest free and repayable on demand.


9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
80,925
88,663



10.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



121,605 (2023 - 121,605) Ordinary shares of £1.00 each
121,605
121,605


Page 15

 
Blue Rock Systems Limited
 
 
Notes to the financial statements
For the financial year ended 31 January 2024

11.


Reserves

Share premium account

Includes any premiums received on issue of share capital. 

Capital redemption reserve

Capital redemption reserve includes the shares redeemed.

Profit and loss account

Includes all current and prior period retained profits and losses.


12.


Related party transactions

There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102 Section 33.

The Company has availed of the exemptions in FRS 102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


13.


Post balance sheet events

There have been no significant events affecting the Company since the financial year end.


14.


Ultimate controlling party

Aptech Business Systems Limited, a Company incorporated in the Republic of Ireland with a registered address at Units 12-15 Blackthorn Business Park, Coes Road, Dundalk, Co. Louth, is considered to be the controlling party.
Boulderside Limited is the ultimate controlling party.

Page 16