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27 November 2024
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No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
04740420
2022-10-01
2023-11-30
04740420
2023-11-30
04740420
2022-09-30
04740420
2021-10-01
2022-09-30
04740420
2022-09-30
04740420
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04740420
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04740420
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2022-09-30
04740420
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04740420
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04740420
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2023-11-30
04740420
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2022-09-30
04740420
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2023-11-30
04740420
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2022-09-30
04740420
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2023-11-30
04740420
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04740420
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04740420
1
2022-10-01
2023-11-30
COMPANY REGISTRATION NUMBER:
04740420
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 P Crooks (Resigned 6 December 2023) |
|
Mr R Booth (Resigned 25 October 2022) |
|
Mrs J Tuffs |
|
Mr J Brady (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 |
£ |
£ |
|
|
|
Current assets
Debtors |
6 |
3,699,144 |
3,817,478 |
Cash at bank and in hand |
306,105 |
258,669 |
|
------------ |
------------ |
|
4,005,249 |
4,076,147 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
3,224,003 |
1,324,638 |
|
------------ |
------------ |
Net current assets |
781,246 |
2,751,509 |
|
--------- |
------------ |
Total assets less current liabilities |
781,246 |
2,751,509 |
|
|
|
|
Provisions |
890 |
890 |
|
--------- |
------------ |
Net assets |
780,356 |
2,750,619 |
|
--------- |
------------ |
|
|
|
Capital and reserves
Called up share capital |
8 |
100 |
100 |
Capital redemption reserve |
2 |
2 |
Profit and loss account |
780,254 |
2,750,517 |
|
--------- |
------------ |
Shareholders funds |
780,356 |
2,750,619 |
|
--------- |
------------ |
|
|
|
|
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:
04740420
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 the 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.
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. 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 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.
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.
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:
|
Plant and machinery |
- |
20% Straight Line and 15% Reducing Balance |
|
|
|
|
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
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. 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 are 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.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2022:
2
).
5.
Dividends
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period ) |
2,370,647 |
200,000 |
Dividends proposed after the period end and not recognised as a liability |
– |
150,000 |
|
------------ |
--------- |
|
|
|
6.
Debtors
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Trade debtors |
97,487 |
416,933 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
2,813,740 |
2,549,624 |
Other debtors |
787,917 |
850,921 |
|
------------ |
------------ |
|
3,699,144 |
3,817,478 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Trade creditors |
89,431 |
258,323 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,871,016 |
781,617 |
Corporation tax |
86,306 |
190,442 |
Social security and other taxes |
5,535 |
30,354 |
Other creditors |
171,715 |
63,902 |
|
------------ |
------------ |
|
3,224,003 |
1,324,638 |
|
------------ |
------------ |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
30 Nov 23 |
30 Sep 22 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Charges on assets
There is a fixed charge over the company assets from Santander bank during the year dated August 2019 this is still outstanding
There is a charge of the company trade marks and patent dated August 2017 still outstanding
10.
Summary audit opinion
The auditor's report dated
27 November 2024
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
Included in debtors is an amount owed by a connected company totalling £2,813,740. If this was not recoverable, this would have a detrimental impact on the balance sheet, resulting in a negative balance sheet. The company has full support of its ultimate parent company. With this in mind, the Directors believe that the going concern basis of accounting is appropriate.
The senior statutory auditor was
Peter Swarbrick BSc FCA
, for and on behalf of
Crossley & Davis Chartered Accountants
.
11.
Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
|
Balance brought forward and outstanding |
|
30 Nov 23 |
30 Sep 22 |
|
£ |
£ |
Mr R Booth
|
550,000 |
550,000 |
|
--------- |
--------- |
|
|
|
12.
Related party transactions
Included within debtors are amounts owed from related parties amounting to £2,813,740 (2022: £2,549,624) Included within creditors are amounts owed to related parties amounting to £2,871,016 (2022: £781,617) Included within debtors is a loan from a former director still owed to the company for £550,000
13.
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 owned by Mr R Booth. The parent company Red Seven Technology Group Limited has prepared consolidated financial statements, its registered office is New Bridgewater House, Mayfield Avenue, Worsley, Manchester, M28 3FJ. On 6 December 2023 the Group was purchased by Dura Software UK Ltd.