MAGNUM SOFTWARE DEVELOPMENT LIMITED

Company Registration Number:
07543861 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The company's principal activity is the development of software

Additional information

Directors of the company The directors who held office during the year were as follows: O I D Clark C R Harrel (appointed 13 March 2024) Small companies provision statement This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006



Directors

The director shown below has held office during the whole of the period from
1 April 2023 to 31 March 2024

O I D Clark


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
23 October 2024

And signed on behalf of the board by:
Name: O I D Clark
Status: Director

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 0 2,557,198
Cost of sales: ( 161,562 ) ( 287,555 )
Gross profit(or loss): (161,562) 2,269,643
Distribution costs: 0 0
Administrative expenses: ( 11,011 ) ( 2,269,643 )
Other operating income: 0 0
Operating profit(or loss): (172,573) 0
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (172,573) 0
Tax: 0 0
Profit(or loss) for the financial year: (172,573) 0

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 0 5,269
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 5,269
Current assets
Stocks:   0 0
Debtors: 4 0 9,950,045
Cash at bank and in hand: 323,820 273,020
Investments:   0 0
Total current assets: 323,820 10,223,065
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 323,835 ) ( 13,285,199 )
Net current assets (liabilities): (15) (3,062,134)
Total assets less current liabilities: (15) ( 3,056,865)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (15) (3,056,865)
Capital and reserves
Called up share capital: 1 100
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (16 ) (3,056,965 )
Total Shareholders' funds: ( 15 ) (3,056,865)

The notes form part of these financial statements

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 23 October 2024
and signed on behalf of the board by:

Name: O I D Clark
Status: Director

The notes form part of these financial statements

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts. The company generates revenue from the development of software. Revenue is recognised in profit or loss when the sale is made.

    Intangible fixed assets amortisation policy

    Intangible assets Intangible assets comprise development expenditure. Intangible assets are initially recognised at cost, which is the purchase price plus any directly attributable costs. Subsequently intangible assets are measured at cost less any accumulated amortisation and impairment losses. The Company recognises an intangible asset in respect of development expenditure when it can demonstrate: a) the technical feasibility of completing the intangible asset so that it will be available for use or sale; b) its intention to complete the intangible asset and use or sell it; c) its ability to use or sell the intangible asset; d) how the intangible asset will generate probable future economic benefits. Among other things, the company can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset; e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and f) its ability to measure reliably the expenditure attributable to the intangible asset during its development. All expenditure not meeting the criteria set out above is expensed in the period in which it is incurred. Intangible assets are tested for impairment where indication of impairment exists at the reporting date. Amortisation Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Asset Class Development: Amortisation method and rate: 5 years straight line

    Other accounting policies

    Statement of compliance These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). Basis of preparation These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. These financial statements have been presented in Pounds Sterling as this is the company’s functional currency, being the currency of the primary economic environment in which the company operates. Going concern The company's trade and assets were transferred to a fellow group undertaking during the year. Not withstanding this, the directors have received written confirmation that the wider group of which the company is part will provide any liquidity required to meet the company's liabilities as they fall due to the extent that the company does not have the financial resources to meet them itself. Having reviewed the financial position of the wider group, the directors have a reasonable expectation that such support can be provided and, therefore, that the company has adequate resources to continue to meet its liabilities as they fall due for the foreseeable future. Consequently, the directors continue to adopt the going concern basis in preparing these financial statements. Tax The tax expense for the year comprises current and deferred tax. Tax currently payable, relating to UK corporation tax, is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted as at the reporting date Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date. Transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future give rise to a deferred tax liability or asset. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in years different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted as at the reporting date, that are expected to apply to the reversal of the timing difference. The tax expense is recognised in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense. Deferred income tax assets are recognised only to the extent that, on the basis of all available evidence, it is deemed probable that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Current and deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and there is the intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial instruments Financial assets and liabilities are recognised when the group becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, amounts due to and from fellow group undertakings, and trade and other creditors. Cash and cash equivalents including cash in hand, deposits held with banks, other short-term highly liquid investments with original maturities of three months or less. Trade and other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the amount expected to be receivable, net of any impairment. At each reporting period, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in profit or loss. Trade and other creditors are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the amount expected to be payable.

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2023 60,557 60,557
Additions
Disposals ( 60,557 ) ( 60,557 )
Revaluations
Transfers
At 31 March 2024 0 0
Amortisation
At 1 April 2023 55,288 55,288
Charge for year 3,342 3,342
On disposals ( 58,630 ) ( 58,630 )
Other adjustments
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 5,269 5,269

Intangible assets refer to capitalised development costs

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 0 9,950,045
Total 0 9,950,045
Debtors due after more than one year: 0 0

The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 197
Other creditors 323,835 13,285,002
Total 323,835 13,285,199

The amounts owed to group undertakings are unsecured, interest free and repayable on demand.

MAGNUM SOFTWARE DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Financial Commitments

Glas Trust Corporation Limited has security over the assets and trade of Magnum Software Development Limited in relation to the £90 million bank loan held by Midcap Invest UK 1 Bidco Limited.