Company Registration No. 10717369 (England and Wales)
Regency Soft Services Limited (formerly SJA Group Limited)
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Regency Soft Services Limited (formerly SJA Group Limited)
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 11
Regency Soft Services Limited (formerly SJA Group Limited)
Statement of financial position
As at 31 March 2024
1
2024
2023 Unaudited
Notes
£
£
£
£
Fixed assets
Tangible assets
7
3,915
4,199
Current assets
Debtors
8
2,765,999
2,273,910
Cash at bank and in hand
2,162,684
252,867
4,928,683
2,526,777
Creditors: amounts falling due within one year
9
(2,859,946)
(1,445,513)
Net current assets
2,068,737
1,081,264
Total assets less current liabilities
2,072,652
1,085,463
Creditors: amounts falling due after more than one year
10
(107,000)
Net assets
2,072,652
978,463
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
2,072,552
978,363
Total equity
2,072,652
978,463
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Rejaul Islam
Director
Company Registration No. 10717369
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information
Regency Soft Services Limited (formerly SJA Group Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 77 Station Road, Sidcup, Kent, United Kingdom, DA15 7DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
The company has prepared cash flow forecasts covering a 12 month period from the date of approval of these financial statements. In preparing these forecasts, the company has considered the principal areas of uncertainty within the forecasts and the underlying assumptions, in particular those relating to market risks, cost management and working capital management. Specifically, the forecasts also consider as far as possible the impact of the current cost of living crisis and macro-economic factors. The directors acknowledge there are potentially significant sensitivities to the cash flow forecast given the current trading conditions and factors outside of the company's control. These forecasts show that the company continues to have sufficient levels of cash for the forecast period.true
Accordingly, the financial statements have been prepared on a going concern basis.
1.3
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion of contractual obligations when the costs incurred can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.
Revenue from annual contracts are recognised on a monthly basis in arrears for services completed in that specific month.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Crypto currencies
No amortisation
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% straight line
Motor vehicles
25% straight line
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverability of trade debtors
The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of customers.
Recoverability of intercompany balances
Management regularly assess balances due between group entities and whether these are recoverable. Where it is considered that the future cash flows of these debts are less than the carrying amount in the individual company financial statements, appropriate provisions are made against these balances to reflect the recoverability of the asset.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023 Unaudited
Number
Number
Total
258
218
4
Directors' remuneration
2024
2023 Unaudited
£
£
Remuneration paid to directors
81,250
150,000
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
5
Taxation
2024
2023 Unaudited
£
£
Current tax
UK corporation tax on profits for the current period
328,996
130,764
Adjustments in respect of prior periods
(125,862)
(128,778)
Total current tax
203,134
1,986
Deferred tax
Origination and reversal of timing differences
(581)
Total tax charge
202,553
1,986
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023 Unaudited
£
£
Profit before taxation
1,296,742
827,851
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023 Unaudited: 19.00%)
324,186
157,292
Tax effect of expenses that are not deductible in determining taxable profit
8,336
Tax effect of income not taxable in determining taxable profit
(1,832)
Adjustments in respect of prior years
(125,862)
(128,788)
Other non-reversing timing differences
(26,518)
Movement in deferred tax not recognised
(2,275)
Taxation charge for the year
202,553
1,986
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Intangible fixed assets
Crypto currencies
£
Cost
At 1 April 2023
30,000
Disposals
(30,000)
At 31 March 2024
Amortisation and impairment
At 1 April 2023
30,000
Disposals
(30,000)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
7
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
9,700
9,700
Additions
1,721
1,721
At 31 March 2024
1,721
9,700
11,421
Depreciation and impairment
At 1 April 2023
5,501
5,501
Depreciation charged in the year
61
1,944
2,005
At 31 March 2024
61
7,445
7,506
Carrying amount
At 31 March 2024
1,660
2,255
3,915
At 31 March 2023
4,199
4,199
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
8
Debtors
2024
2023 Unaudited
Amounts falling due within one year:
£
£
Trade debtors
2,038,086
1,146,419
Amounts owed by group undertakings
105,745
81,411
Other debtors
207,759
1,046,080
2,351,590
2,273,910
Deferred tax asset
581
2,352,171
2,273,910
2024
2023 Unaudited
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
413,828
Total debtors
2,765,999
2,273,910
The deferred tax asset set out above is expected to reverse within 12 months and relates short term timing differences.
9
Creditors: amounts falling due within one year
2024
2023 Unaudited
£
£
Bank loans
48,000
Trade creditors
174,838
169,279
Amounts owed to group undertakings
99,827
Corporation tax
328,996
270,284
Other taxation and social security
629,452
533,403
Other creditors
1,626,833
424,547
2,859,946
1,445,513
As at the year end the company has outstanding fixed and floating charges held against their assets.
Amounts owed to group undertakings are subject to interest at 0% and repayable on demand.
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
10
Creditors: amounts falling due after more than one year
2024
2023 Unaudited
£
£
Bank loans and overdrafts
107,000
11
Called up share capital
2024
2023 Unaudited
2024
2023 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jamie Cassell
Statutory Auditors:
Saffery LLP
Date of audit report:
12 March 2025
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023 Unaudited
£
£
38,427
58,477
Regency Soft Services Limited (formerly SJA Group Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2024
11
14
Related party transactions
The Company has taken advantage of the exemption under FRS 102 paragraph 33 from disclosing transactions with companies wholly owned within the wider group.
As at the year ended 31 March 2024 the company was owed £82,810 (2023: £69,651) from a connected company controlled by a common director.
As at the year ended 31 March 2024 the company was owed £11,863 (2023: £9,000) from a connected company controlled by a common director.
As at the year ended 31 March 2024 the company was owed £23,838 (2023: £5,700 owed to) from a connected company controlled by a common director.
15
Parent company
The ultimate parent undertaking is Piccadilly Holdco Limited, a company registered in England and Wales. Its registered address is 77 Station Road, Sidcup, Kent, United Kingdom, DA15 7DN.
The ultimate controlling party is Key Capital Partners.
2024-03-312023-04-01false12 March 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedSam PrettAdrian DeaneRejaul IslamPhilip Dalefalsefalse107173692023-04-012024-03-31107173692024-03-31107173692023-03-3110717369core:ComputerEquipment2024-03-3110717369core:MotorVehicles2024-03-3110717369core:ComputerEquipment2023-03-3110717369core:MotorVehicles2023-03-3110717369core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110717369core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110717369core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3110717369core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110717369core:CurrentFinancialInstruments2024-03-3110717369core:CurrentFinancialInstruments2023-03-3110717369core:ShareCapital2024-03-3110717369core:ShareCapital2023-03-3110717369core:RetainedEarningsAccumulatedLosses2024-03-3110717369core:RetainedEarningsAccumulatedLosses2023-03-3110717369bus:Director32023-04-012024-03-3110717369core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110717369core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110717369core:ComputerEquipment2023-04-012024-03-3110717369core:MotorVehicles2023-04-012024-03-31107173692022-04-012023-03-3110717369core:UKTax2023-04-012024-03-3110717369core:UKTax2022-04-012023-03-311071736912023-04-012024-03-311071736912022-04-012023-03-3110717369core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110717369core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3110717369core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110717369core:ComputerEquipment2023-03-3110717369core:MotorVehicles2023-03-31107173692023-03-3110717369core:Non-currentFinancialInstruments2024-03-3110717369core:Non-currentFinancialInstruments2023-03-3110717369core:WithinOneYear2024-03-3110717369core:WithinOneYear2023-03-3110717369bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110717369bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110717369bus:FRS1022023-04-012024-03-3110717369bus:Audited2023-04-012024-03-3110717369bus:Director12023-04-012024-03-3110717369bus:Director22023-04-012024-03-3110717369bus:Director42023-04-012024-03-3110717369bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP