Registered number
05778639
Siftware Ltd
Filleted Accounts
30 April 2024
Siftware Ltd
Registered number: 05778639
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 289,827 292,270
Investments 4 31,401 25,657
321,228 317,927
Current assets
Debtors 5 72,146 69,523
Cash at bank and in hand 100,411 71,175
172,557 140,698
Creditors: amounts falling due within one year 6 (133,984) (96,413)
Net current assets 38,573 44,285
Total assets less current liabilities 359,801 362,212
Creditors: amounts falling due after more than one year 7 (163,010) (182,640)
Net assets 196,791 179,572
Capital and reserves
Called up share capital 10 10
Profit and loss account 196,781 179,562
Shareholder's funds 196,791 179,572
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Beale
Director
Approved by the board on 2 December 2024
Siftware Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 282,500 39,427 321,927
At 30 April 2024 282,500 39,427 321,927
Depreciation
At 1 May 2023 - 29,657 29,657
Charge for the year - 2,443 2,443
At 30 April 2024 - 32,100 32,100
Net book value
At 30 April 2024 282,500 7,327 289,827
At 30 April 2023 282,500 9,770 292,270
4 Investments
Other
investments
£
Cost
At 1 May 2023 25,657
Additions 5,744
At 30 April 2024 31,401
5 Debtors 2024 2023
£ £
Trade debtors 64,258 60,422
Other debtors 7,888 9,101
72,146 69,523
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 615 737
Trade creditors 46,517 29,349
Taxation and social security costs 63,165 49,578
Other creditors 23,687 16,749
133,984 96,413
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 161,232 183,365
Other creditors 1,778 (725)
163,010 182,640
8 Other information
Siftware Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Powys House
Market Square
Llanrhayader-ym-Mochnant
Powys
SY10 0JG
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