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COMPANY REGISTRATION NUMBER: NI068523
WHOLESCHOOL SOFTWARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 March 2024
WHOLESCHOOL SOFTWARE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
7
WHOLESCHOOL SOFTWARE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr F McGonagle
Mr G P Cullen
Registered office
FEB Chartered Accountants
Linenhall Exchange
First Floor
26 Linenhall Street
Belfast
BT2 8BG
Accountants
FEB Chartered Accountants
Chartered Accountants
Linenhall Exchange
1st Floor,
26 Linenhall Street
Belfast
Northern Ireland
BT2 8BG
WHOLESCHOOL SOFTWARE LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr F McGonagle
Mr G P Cullen
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 11 September 2024 and signed on behalf of the board by:
Mr F McGonagle
Director
Registered office:
FEB Chartered Accountants
Linenhall Exchange
First Floor
26 Linenhall Street
Belfast
BT2 8BG
WHOLESCHOOL SOFTWARE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WHOLESCHOOL SOFTWARE LIMITED
YEAR ENDED 31 MARCH 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
FEB Chartered Accountants Chartered Accountants
Linenhall Exchange 1st Floor, 26 Linenhall Street Belfast Northern Ireland BT2 8BG
11 September 2024
WHOLESCHOOL SOFTWARE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
Turnover
982,201
1,650,903
Cost of sales
824,328
1,392,904
---------
------------
Gross profit
157,873
257,999
Administrative expenses
334,291
295,230
---------
---------
Operating loss
4
( 176,418)
( 37,231)
Interest payable and similar expenses
6
77,495
64,786
---------
---------
Loss before taxation
( 253,913)
( 102,017)
Tax on loss
( 7,971)
( 43,992)
---------
---------
Loss for the financial year and total comprehensive income
( 245,942)
( 58,025)
---------
---------
Dividends paid and payable
7
( 78,000)
( 40,000)
Retained earnings at the start of the year
648,190
746,215
---------
---------
Retained earnings at the end of the year
324,248
648,190
---------
---------
All the activities of the company are from continuing operations.
WHOLESCHOOL SOFTWARE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
8
681,929
624,421
Tangible assets
9
819
1,663
Investments
10
1,001
1,001
---------
---------
683,749
627,085
Current assets
Debtors
11
82,566
158,140
Cash at bank and in hand
93,665
675,297
---------
---------
176,231
833,437
Creditors: amounts falling due within one year
12
299,390
557,531
---------
---------
Net current (liabilities)/assets
( 123,159)
275,906
---------
---------
Total assets less current liabilities
560,590
902,991
Creditors: amounts falling due after more than one year
13
235,933
254,392
Provisions
Taxation including deferred tax
309
309
---------
---------
Net assets
324,348
648,290
---------
---------
Capital and reserves
Called up share capital
15
100
100
Profit and loss account
16
324,248
648,190
---------
---------
Shareholders funds
324,348
648,290
---------
---------
These financial statements have been prepared 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'.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WHOLESCHOOL SOFTWARE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr F McGonagle
Director
Company registration number: NI068523
WHOLESCHOOL SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is FEB Chartered Accountants, Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and of Value Added Tax.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Equipment
-
25 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
83,479
69,380
Depreciation of tangible assets
844
697
--------
--------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
6. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
77,495
64,786
--------
--------
7. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on ordinary shares
78,000
40,000
--------
--------
8. Intangible assets
Intangible asset user defined 1
£
Cost
At 1 April 2023
693,801
Additions
Additions from internal developments
140,987
---------
At 31 March 2024
834,788
---------
Amortisation
At 1 April 2023
69,380
Charge for the year
83,479
---------
At 31 March 2024
152,859
---------
Carrying amount
At 31 March 2024
681,929
---------
At 31 March 2023
624,421
---------
9. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
3,449
3,449
-------
-------
Depreciation
At 1 April 2023
1,786
1,786
Charge for the year
844
844
-------
-------
At 31 March 2024
2,630
2,630
-------
-------
Carrying amount
At 31 March 2024
819
819
-------
-------
At 31 March 2023
1,663
1,663
-------
-------
10. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1,001
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
1,001
-------
At 31 March 2023
1,001
-------
11. Debtors
2024
2023
£
£
Trade debtors
76,559
90,016
Other debtors
6,007
68,124
--------
---------
82,566
158,140
--------
---------
12. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
108,358
164,323
Trade creditors
138,066
294,521
Social security and other taxes
46,176
84,673
S455 tax payable
8,534
Other creditors
6,790
5,480
---------
---------
299,390
557,531
---------
---------
13. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
235,933
254,392
---------
---------
14. Prior period errors
The financial statements have been restated for the prior period following a change in the intangible asset accounting policy.
15. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
16. Reserves
The profit and loss account reserve records retained earnings and accumulated losses.
17. Directors' advances, credits and guarantees
During the year, the directors took net loans of £67,890 (2023: £41,974) from the company. At the balance sheet date, £78,007 remained owed from the company (2023: £10,118).
18. Related party transactions
The company was under the joint control of Mr F McGonagle and Mr G Cullen throughout the current and previous year. Mr F McGonagle and Mr G Cullen are directors and shareholders of the company. During the year, the company repaid net loans of £nil to its subsidiary, Adream Solutions Limited (2023: £800 repaid to Adream Solutions). At the balance sheet date the amount owing to the company from Adream Solutions Limited was £nil (2023: £nil).