Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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968,378 | 860,866 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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630,307 | 845,547 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (873,778) | (620,020) | ||
Total assets less current liabilities | 94,600 | 240,846 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Capital redemption reserve |
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Other reserves | (
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Computer Application Services Limited (registered number:
K Naismith
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Computer Application Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 3/2 Quantum Court, Heriot-Watt Research Park South, Edinburgh, EH14 4AP, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The costs of short-term employee benefits are recognised as a liability or an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by use of the [appropriate pricing] model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer software |
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Other intangible assets |
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Leasehold improvements |
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Plant and machinery |
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Fixtures and fittings |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Transactions of the company-sponsored employee benefit trust are treated as being those of the company as the company has de facto control of the assets and liabilities of the trust and are therefore reflected in the company's financial statements. In particular, the trust's purchases and sales of the shares in the company are debited and credited equally in equity.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer software | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Accumulated depreciation | |||||||
At 01 April 2023 |
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Charge for the financial year |
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Disposals |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Nil
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3,626 | 342,224 |
- Redesignation of 340,000 £1 A shares into 340,000,000 £0.01 A Shares
- Reclassifying of 1,401,522 £0.01 A shares into £0.01 Ordinary Shares
- Canceling 338,598,478 £0.01 A Shares
2024 | |
£ | |
Opening Number of options | 1,083,190 |
Granted | 191,500 |
Lapsed | (55,420) |
Exercised | (896,690) |
322,580 |
The estimated fair value of the options outstanding in the year was calculated by applying the Black Scholes Model. The expense recognised for share based payments in respect of employee services received during the period to 31 March 2024 is £55,351 (2023: £5,892).
The model inputs were as follows:
- Weighted average share price: £1.30
- Expected Volatility: 40%
- Risk free interest rate: 0.9%
- Option life: 10 years
The options are exercisable during the period of the option as outlined in the option rules.
The only condition vesting is remaining an employee. On ceasing to be an employee, all unexercised options lapse.