Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C Ellis 16/01/2014 I M Maclachlan 01/10/2019 K Naismith 16/10/2013 I Ritchie 16/12/2005 31 October 2024 The principal activity of the Company during the financial year continued to be that of development, maintenance and commercial licencing of computer software. SC102278 2024-03-31 SC102278 bus:Director1 2024-03-31 SC102278 bus:Director2 2024-03-31 SC102278 bus:Director3 2024-03-31 SC102278 bus:Director4 2024-03-31 SC102278 2023-03-31 SC102278 core:CurrentFinancialInstruments 2024-03-31 SC102278 core:CurrentFinancialInstruments 2023-03-31 SC102278 core:Non-currentFinancialInstruments 2024-03-31 SC102278 core:Non-currentFinancialInstruments 2023-03-31 SC102278 core:ShareCapital 2024-03-31 SC102278 core:ShareCapital 2023-03-31 SC102278 core:SharePremium 2024-03-31 SC102278 core:SharePremium 2023-03-31 SC102278 core:CapitalRedemptionReserve 2024-03-31 SC102278 core:CapitalRedemptionReserve 2023-03-31 SC102278 core:OtherCapitalReserve 2024-03-31 SC102278 core:OtherCapitalReserve 2023-03-31 SC102278 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC102278 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC102278 core:ComputerSoftware 2023-03-31 SC102278 core:OtherResidualIntangibleAssets 2023-03-31 SC102278 core:ComputerSoftware 2024-03-31 SC102278 core:OtherResidualIntangibleAssets 2024-03-31 SC102278 core:LeaseholdImprovements 2023-03-31 SC102278 core:PlantMachinery 2023-03-31 SC102278 core:FurnitureFittings 2023-03-31 SC102278 core:LeaseholdImprovements 2024-03-31 SC102278 core:PlantMachinery 2024-03-31 SC102278 core:FurnitureFittings 2024-03-31 SC102278 bus:OrdinaryShareClass1 2024-03-31 SC102278 2023-04-01 2024-03-31 SC102278 bus:FilletedAccounts 2023-04-01 2024-03-31 SC102278 bus:SmallEntities 2023-04-01 2024-03-31 SC102278 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC102278 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC102278 bus:Director1 2023-04-01 2024-03-31 SC102278 bus:Director2 2023-04-01 2024-03-31 SC102278 bus:Director3 2023-04-01 2024-03-31 SC102278 bus:Director4 2023-04-01 2024-03-31 SC102278 core:ComputerSoftware 2023-04-01 2024-03-31 SC102278 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 SC102278 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 SC102278 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 SC102278 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC102278 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC102278 2022-04-01 2023-03-31 SC102278 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC102278 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC102278 core:PlantMachinery 2023-04-01 2024-03-31 SC102278 core:FurnitureFittings 2023-04-01 2024-03-31 SC102278 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC102278 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC102278 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC102278 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC102278 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC102278 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC102278 (Scotland)

COMPUTER APPLICATION SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

COMPUTER APPLICATION SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

COMPUTER APPLICATION SERVICES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
COMPUTER APPLICATION SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 905,304 796,378
Tangible assets 4 63,074 64,488
968,378 860,866
Current assets
Stocks 50,000 50,000
Debtors 5 344,324 500,763
Cash at bank and in hand 235,983 294,784
630,307 845,547
Creditors: amounts falling due within one year 6 ( 1,504,085) ( 1,465,567)
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 ( 9,241) 0
Net assets 85,359 240,846
Capital and reserves
Called-up share capital 8 3,626 342,224
Share premium account 0 309,808
Capital redemption reserve 33,818 33,818
Other reserves ( 5,875 ) ( 5,875 )
Profit and loss account 53,790 ( 439,129 )
Total shareholders' funds 85,359 240,846

For the financial 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 financial statements of Computer Application Services Limited (registered number: SC102278) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

K Naismith
Director
COMPUTER APPLICATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
COMPUTER APPLICATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the development and maintenance of computer software, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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.

Share-based payment

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 33 % reducing balance
Other intangible assets 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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.

Impairment of assets

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.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Own shares held by employee benefit trust

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 34 32

3. Intangible assets

Computer software Other intangible assets Total
£ £ £
Cost
At 01 April 2023 2,269,831 8,300 2,278,131
Additions 398,041 0 398,041
At 31 March 2024 2,667,872 8,300 2,676,172
Accumulated amortisation
At 01 April 2023 1,473,453 8,300 1,481,753
Charge for the financial year 289,115 0 289,115
At 31 March 2024 1,762,568 8,300 1,770,868
Net book value
At 31 March 2024 905,304 0 905,304
At 31 March 2023 796,378 0 796,378

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 121,045 179,877 133,375 434,297
Additions 0 27,072 0 27,072
Disposals 0 ( 120,896) ( 119,437) ( 240,333)
At 31 March 2024 121,045 86,053 13,938 221,036
Accumulated depreciation
At 01 April 2023 78,663 158,041 133,105 369,809
Charge for the financial year 12,105 16,148 233 28,486
Disposals 0 ( 120,896) ( 119,437) ( 240,333)
At 31 March 2024 90,768 53,293 13,901 157,962
Net book value
At 31 March 2024 30,277 32,760 37 63,074
At 31 March 2023 42,382 21,836 270 64,488

5. Debtors

2024 2023
£ £
Trade debtors 244,299 391,048
Other debtors 100,025 109,715
344,324 500,763

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 179,423 86,308
Accruals and deferred income 1,114,267 1,133,769
Other taxation and social security 169,109 194,399
Obligations under finance leases and hire purchase contracts 8,388 5,034
Other creditors 32,898 46,057
1,504,085 1,465,567

The hire purchase liability is secured over the asset to which it relates.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 9,241 0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,625,830 Ordinary shares of £ 0.001 each (2023: 2,224,308 shares of £ 0.001 each) 3,626 2,224
Nil A Ordinary shares (2023: 340,000 shares of £ 1.00 each) 0 340,000
3,626 342,224

Within the year, the following occurred to the share capital:
- 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

9. Share-based payment transactions

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.