0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 775,000 775,000 775,000 xbrli:pure xbrli:shares iso4217:GBP 03473312 2023-01-01 2023-12-31 03473312 2023-12-31 03473312 2022-12-31 03473312 2022-01-01 2022-12-31 03473312 2022-12-31 03473312 2021-12-31 03473312 bus:Director1 2023-01-01 2023-12-31 03473312 core:WithinOneYear 2023-12-31 03473312 core:WithinOneYear 2022-12-31 03473312 core:AfterOneYear 2023-12-31 03473312 core:AfterOneYear 2022-12-31 03473312 core:UKTax 2022-01-01 2022-12-31 03473312 core:ShareCapital 2023-12-31 03473312 core:ShareCapital 2022-12-31 03473312 core:RevaluationReserve 2023-12-31 03473312 core:RevaluationReserve 2022-12-31 03473312 core:RetainedEarningsAccumulatedLosses 2023-12-31 03473312 core:RetainedEarningsAccumulatedLosses 2022-12-31 03473312 core:LandBuildings 2023-12-31 03473312 core:LandBuildings 2022-12-31 03473312 bus:SmallEntities 2023-01-01 2023-12-31 03473312 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03473312 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03473312 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03473312 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03473312
Softwear Limited
Filleted Unaudited Financial Statements
31 December 2023
Softwear Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
775,000
775,000
Current assets
Debtors
6
1,038,881
1,044,960
Cash at bank and in hand
11,076
7,464
------------
------------
1,049,957
1,052,424
Creditors: amounts falling due within one year
7
693,134
669,472
------------
------------
Net current assets
356,823
382,952
------------
------------
Total assets less current liabilities
1,131,823
1,157,952
Creditors: amounts falling due after more than one year
8
547,239
561,409
Provisions
Taxation including deferred tax
( 59,240)
( 59,240)
------------
------------
Net assets
525,344
537,303
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
348,470
348,470
Profit and loss account
176,872
188,831
---------
---------
Shareholders funds
525,344
537,303
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Softwear Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr B. Feldman
Director
Company registration number: 03473312
Softwear Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover in the accounts consists solely of rents receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost. No depreciation is provided for in respect of leasehold property.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
3,912
----
-------
Tax on (loss)/profit
3,912
----
-------
5. Tangible assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
775,000
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
775,000
---------
At 31 December 2022
775,000
---------
The freehold property of the company was revalued by the director as at the 31st December 2016 based upon the expected market value of the property at that date. The director does not believe there to be a change in value to date.
6. Debtors
2023
2022
£
£
Amounts owed by related undertakings
1,027,764
1,027,764
Other debtors
11,117
17,196
------------
------------
1,038,881
1,044,960
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,846
13,858
Amounts owed to related undertakings
644,033
635,533
Corporation tax
7,833
7,833
Other creditors
27,422
12,248
---------
---------
693,134
669,472
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
547,239
561,409
---------
---------
9. Related party transactions
The company was under the control of Mr B & Mrs E.Feldman throughout the current and previous year. Amounts due from and due to associated companies are shown separately in the debtors and creditors notes to the accounts.