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Registration number: 07232055

Infigo Software Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Infigo Software Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Infigo Software Limited

Company Information

Director

Mr Douglas Gibson

Registered office

Blue Spire Limited
Cawley Priory
South Pallant, Chichester
West Sussex, PO19 1SY

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Infigo Software Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Infigo Software Limited for the year ended 30 April 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Infigo Software Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Infigo Software Limited and state those matters that we have agreed to state to the Board of Directors of Infigo Software Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Infigo Software Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Infigo Software Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Infigo Software Limited. You consider that Infigo Software Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Infigo Software Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

17 January 2025

 

Infigo Software Limited

(Registration number: 07232055)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

531,093

439,386

Tangible assets

5

54,457

61,097

 

585,550

500,483

Current assets

 

Debtors

6

390,961

439,112

Cash at bank and in hand

 

67,045

120,947

 

458,006

560,059

Creditors: Amounts falling due within one year

7

(449,061)

(552,342)

Net current assets

 

8,945

7,717

Total assets less current liabilities

 

594,495

508,200

Creditors: Amounts falling due after more than one year

7

(199,728)

-

Net assets

 

394,767

508,200

Capital and reserves

 

Called up share capital

126

126

Retained earnings

394,641

508,074

Shareholders' funds

 

394,767

508,200

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 January 2025
 

.........................................
Mr Douglas Gibson
Director

 

Infigo Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Blue Spire Limited
Cawley Priory
South Pallant, Chichester
West Sussex, PO19 1SY
England and Wales

These financial statements were authorised for issue by the director on 17 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

 

Infigo Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold

20% SL

Computer Equipment

33.33% SL

Fixtures & Fittings

25% RB

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

Amortisation method and rate

Internally generated software

20% SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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 receivables.

 

Infigo Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Infigo Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 32 (2023 - 28).

4

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 May 2023

1,656,586

1,656,586

Additions acquired separately

197,598

197,598

At 30 April 2024

1,854,184

1,854,184

Amortisation

At 1 May 2023

1,217,200

1,217,200

Amortisation charge

105,891

105,891

At 30 April 2024

1,323,091

1,323,091

Carrying amount

At 30 April 2024

531,093

531,093

At 30 April 2023

439,386

439,386

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

46,380

97,498

143,878

Additions

632

21,892

22,524

Disposals

-

(18,202)

(18,202)

At 30 April 2024

47,012

101,188

148,200

Depreciation

At 1 May 2023

20,565

62,216

82,781

Charge for the year

9,403

19,565

28,968

Eliminated on disposal

-

(18,006)

(18,006)

At 30 April 2024

29,968

63,775

93,743

Carrying amount

At 30 April 2024

17,044

37,413

54,457

At 30 April 2023

25,815

35,282

61,097

Included within the net book value of land and buildings above is £17,044 (2023 - £25,815) in respect of long leasehold land and buildings.
 

 

Infigo Software Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

156,813

277,501

Prepayments

27,886

130,236

Other debtors

206,262

31,375

 

390,961

439,112

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

176,990

166,380

Trade creditors

 

99,872

139,523

Taxation and social security

 

51,223

46,946

Accruals and deferred income

 

94,650

173,242

Other creditors

 

26,326

26,251

 

449,061

552,342

8

Related party transactions

The balance at the year end due to/(from) the director was £206,262 (2023 £(39)).