1
27 November 2024
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No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
34,604
32,068
1,156
33,224
1,380
2,536
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06402761
2022-10-01
2023-11-30
06402761
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06402761
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2023-11-30
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06402761
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2023-11-30
06402761
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2023-11-30
06402761
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2022-09-30
06402761
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2022-09-30
06402761
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06402761
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2022-09-30
06402761
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06402761
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2022-09-30
06402761
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2023-11-30
06402761
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2023-11-30
06402761
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2022-09-30
06402761
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2023-11-30
06402761
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2022-09-30
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2023-11-30
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06402761
1
2022-10-01
2023-11-30
COMPANY REGISTRATION NUMBER:
06402761
Filleted Financial Statements |
|
Period from 1 October 2022 to 30 November 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr R M Booth (Resigned 25 October 2022) |
|
Mr P R Crooks (Resigned 6 December 2023) |
|
Mr J Brady (Appointed 17 March 2024) |
|
Mrs J I Tuffs (Appointed 17 March 2024) |
|
|
Registered office |
New Bridgewater House |
|
Mayfield Avenue |
|
Worsley |
|
Manchester |
|
M28 3JF |
|
|
Auditor |
Crossley & Davis Chartered Accountants |
|
Chartered accountants & statutory auditor |
|
Ground Floor, Seneca House |
|
Links Point |
|
Amy Johnson Way |
|
Blackpool |
|
Lancashire |
|
FY4 2FF |
|
|
Statement of Financial Position |
|
30 November 2023
|
30 Nov 23 |
30 Sep 22 |
Note |
£ |
£ |
|
|
|
Fixed assets
Tangible assets |
5 |
1,380 |
2,536 |
|
|
|
|
Current assets
Debtors |
6 |
233,548 |
242,959 |
Cash at bank and in hand |
46,273 |
70,463 |
|
--------- |
--------- |
|
279,821 |
313,422 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
287,426 |
592,844 |
|
--------- |
--------- |
Net current liabilities |
7,605 |
279,422 |
|
------- |
--------- |
Total assets less current liabilities |
(
6,225) |
(
276,886) |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
– |
27,500 |
|
------- |
--------- |
Net liabilities |
(
6,225) |
(
304,386) |
|
------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
200 |
200 |
Profit and loss account |
(
6,425) |
(
304,586) |
|
------- |
--------- |
Shareholders deficit |
(
6,225) |
(
304,386) |
|
------- |
--------- |
|
|
|
|
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Company registration number:
06402761
Notes to the Financial Statements |
|
Period from 1 October 2022 to 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3JF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been rounded to the nearest £1.
Going concern
The company has a significant net liability position at the balance sheet date. Other group companies have undertaken not to seek repayment until at least 30 November 2024 unless the company is in a position to do so. The company's cash flow forecast for the period to 30 September 2024 suggests that the company will require additional support for at least that period. The company has received assurances from the group that it anticipates being able to meet any funding requirements in that period. Based on these undertakings the directors consider its appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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 the profit and loss account.
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.
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:
|
Fixtures and fittings |
- |
between 15% - 25% reducing balance or straight line basis |
|
|
|
|
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2022:
2
).
5.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 October 2022 and 30 November 2023 |
34,604 |
|
-------- |
Depreciation |
|
At 1 October 2022 |
32,068 |
Charge for the period |
1,156 |
|
-------- |
At 30 November 2023 |
33,224 |
|
-------- |
Carrying amount |
|
At 30 November 2023 |
1,380 |
|
-------- |
At 30 September 2022 |
2,536 |
|
-------- |
|
|
6.
Debtors
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Trade debtors |
168,946 |
158,659 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
36,076 |
40,918 |
Other debtors |
28,526 |
43,382 |
|
--------- |
--------- |
|
233,548 |
242,959 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Bank loans and overdrafts |
25,833 |
10,000 |
Trade creditors |
52,687 |
25,986 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
148,089 |
494,797 |
Social security and other taxes |
27,899 |
16,696 |
Other creditors |
32,918 |
45,365 |
|
--------- |
--------- |
|
287,426 |
592,844 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Bank loans and overdrafts |
– |
27,500 |
|
---- |
-------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
30 Nov 23 |
30 Sep 22 |
|
No. |
£ |
No. |
£ |
Ordinary A share shares of £ 1 each |
49 |
49 |
49 |
49 |
Ordinary B share shares of £ 1 each |
49 |
49 |
49 |
49 |
Ordinary C share shares of £ 1 each |
102 |
102 |
102 |
102 |
|
---- |
---- |
---- |
---- |
|
200 |
200 |
200 |
200 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Summary audit opinion
The auditor's report dated
27 November 2024
was
unqualified
.
The senior statutory auditor was
Peter Swarbrick BSc FCA
, for and on behalf of
Crossley & Davis Chartered Accountants
.
11.
Related party transactions
Included within debtors are amounts owed by related parties amounting to £36,076 (2022 - £40,918) Included within creditors are amounts owed to related parties amounting to £148,089 (2022 - £494,797) During the period, the company made sales to related parties amounting to £nil (2022 - £11,392) During the period, the company paid management charges and support services to related parties amounting to £407,098 (2022 - £489,250)
12.
Controlling party
At the balance sheet date the company's immediate parent was Red Seven Technology Group Limited, a company registered in England and Wales. The ultimate controlling party was Red Seven Holdings Limited, a company registered in the Isle of Man. The parent company Red Seven Technology Group has prepared consolidated financial statements, its registered office is New Bridgewater House, Mayfield House, Worsley, Manchester, M28 3FJ. On 6 December 2023, the Group was purchased by Dura Software UK Ltd.