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Company registration number: 02320625
SOFTWARE INTEGRATORS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2024
Simpson & Co (Accountants) Ltd
21 High Street
Lutterworth
Leicestershire
LE17 4AT
SOFTWARE INTEGRATORS LIMITED
CONTENTS
Statement of financial position
Notes to the financial statements
SOFTWARE INTEGRATORS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,904,355 1,946,475
_______ _______
1,904,355 1,946,475
Current assets
Debtors 6 1,217,616 1,067,778
Cash at bank and in hand 884,539 1,737,577
_______ _______
2,102,155 2,805,355
Creditors: amounts falling due
within one year 7 ( 2,118,281) ( 1,866,638)
_______ _______
Net current (liabilities)/assets ( 16,126) 938,717
_______ _______
Total assets less current liabilities 1,888,229 2,885,192
Provisions for liabilities ( 2,847) ( 4,531)
_______ _______
Net assets 1,885,382 2,880,661
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,885,282 2,880,561
_______ _______
Shareholders funds 1,885,382 2,880,661
_______ _______
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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
C Stone
Director
Company registration number: 02320625
SOFTWARE INTEGRATORS 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 England and Wales. The address of the Registered Office is Sparling House, 83-87 Union Street, London, SE1 1SG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity and are presented in round pounds.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from the rendering of services in delivering a project is measured by reference to the stage of completion of the project at the end of the reporting period provided that the outcome can be reliably estimated.When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.Revenue is not recognised where the outcome of a project is subject to a contingent event that has not occurred by the date of approval of the financial statements.Revenue from licensing and support and maintenance activities delivered over a contractual period is recognised on a straight-line basis over the relevant period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold buildings - Straight line over 50 years
Plant and machinery - 15% per annum of net book value/7 years straight line
Computer equipment - 25% per annum of cost
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 27 ).
5. Tangible assets
Freehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 April 2023 2,183,238 827,894 54,793 3,065,925
Additions - - 12,131 12,131
Disposals - - ( 30,228) ( 30,228)
_______ _______ _______ _______
At 31 March 2024 2,183,238 827,894 36,696 3,047,828
_______ _______ _______ _______
Depreciation
At 1 April 2023 352,876 724,492 42,082 1,119,450
Charge for the year 28,668 16,412 9,171 54,251
Disposals - - ( 30,228) ( 30,228)
_______ _______ _______ _______
At 31 March 2024 381,544 740,904 21,025 1,143,473
_______ _______ _______ _______
Carrying amount
At 31 March 2024 1,801,694 86,990 15,671 1,904,355
_______ _______ _______ _______
At 31 March 2023 1,830,362 103,402 12,711 1,946,475
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,167,773 1,025,933
Other debtors 49,843 41,845
_______ _______
1,217,616 1,067,778
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 46,199 40,578
Corporation tax 23,178 260,148
Social security and other taxes 70,080 8,065
Other creditors 1,978,824 1,557,847
_______ _______
2,118,281 1,866,638
_______ _______