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Company No: 08628175 (England and Wales)

CAPTINI LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CAPTINI LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CAPTINI LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
CAPTINI LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 21,398 0
Tangible assets 4 310 585
Investments 5 132 132
21,840 717
Current assets
Stocks 6 5,000 17,550
Debtors 7 458,532 347,314
Cash at bank and in hand 8 71,742 263,828
535,274 628,692
Creditors: amounts falling due within one year 9 ( 274,055) ( 211,959)
Net current assets 261,219 416,733
Total assets less current liabilities 283,059 417,450
Creditors: amounts falling due after more than one year 10 ( 14,167) ( 18,063)
Net assets 268,892 399,387
Capital and reserves
Called-up share capital 11 214 214
Share premium account 2,113,586 2,113,586
Profit and loss account ( 1,844,908 ) ( 1,714,413 )
Total shareholders' funds 268,892 399,387

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Captini Limited (registered number: 08628175) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Stephen J Wright
Director

23 January 2025

CAPTINI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CAPTINI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Captini Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is C/O Simons Muirhead & Burton Llp, 87-91 Newman Street, London, W1T 3EY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. In order to support the business, the directors have agreed to reduce their remuneration significantly over the course of four years. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historical cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 4

3. Intangible assets

Computer software Development costs Other intangible assets Total
£ £ £ £
Cost
At 01 January 2023 1,600 134,091 0 135,691
Additions 0 0 21,398 21,398
At 31 December 2023 1,600 134,091 21,398 157,089
Accumulated amortisation
At 01 January 2023 1,600 134,091 0 135,691
At 31 December 2023 1,600 134,091 0 135,691
Net book value
At 31 December 2023 0 0 21,398 21,398
At 31 December 2022 0 0 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 53,984 53,984
At 31 December 2023 53,984 53,984
Accumulated depreciation
At 01 January 2023 53,399 53,399
Charge for the financial year 275 275
At 31 December 2023 53,674 53,674
Net book value
At 31 December 2023 310 310
At 31 December 2022 585 585

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 132
At 31 December 2023 132
Carrying value at 31 December 2023 132
Carrying value at 31 December 2022 132

6. Stocks

2023 2022
£ £
Stocks 5,000 17,550

7. Debtors

2023 2022
£ £
Trade debtors 31,262 42,131
Amounts owed by group undertakings 12,034 22,157
Other debtors 415,236 283,026
458,532 347,314

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 71,742 263,828

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 15,911
Trade creditors 106,301 87,314
Accruals 4,213 5,835
Taxation and social security 147,334 99,989
Other creditors 6,207 2,910
274,055 211,959

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,167 18,063

There are no amounts included above in respect of which any security has been given by the small entity.

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
214,061 Ordinary shares of £ 0.001 each 214 214

12. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The Pension cost charge represents contributions payable by the company to the fund and amounted to £713 (2022 - £959).

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 150 239

13. Contingencies

Contingent liabilities

A substantial informal claim has been made against the company by an ex-landlord, which the directors consider to be without merit, and no accrual has been made in these financial statements.

14. Related party transactions

The Company advanced £124,679 to the directors who repaid £25,934 during the year, leaving a balance at the end of £272,344 owed by the directors (2022 : £173,599). Interest has been charged at HMRC's official rates and this balance is unsecured.