Caseware UK (AP4) 2023.0.135 2023.0.135 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.true0falsefalse232023-07-01true 04539303 2023-07-01 2024-06-30 04539303 2022-03-31 2023-06-30 04539303 2024-06-30 04539303 2023-06-30 04539303 2022-03-31 04539303 1 2023-07-01 2024-06-30 04539303 d:Director1 2023-07-01 2024-06-30 04539303 d:Director1 2024-06-30 04539303 d:Director2 2023-07-01 2024-06-30 04539303 d:Director3 2023-07-01 2024-06-30 04539303 d:Director4 2023-07-01 2024-06-30 04539303 d:Director4 2024-06-30 04539303 d:RegisteredOffice 2023-07-01 2024-06-30 04539303 d:Agent1 2023-07-01 2024-06-30 04539303 c:OfficeEquipment 2023-07-01 2024-06-30 04539303 c:OfficeEquipment 2024-06-30 04539303 c:OfficeEquipment 2023-06-30 04539303 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04539303 c:ComputerEquipment 2023-07-01 2024-06-30 04539303 c:ComputerEquipment 2024-06-30 04539303 c:ComputerEquipment 2023-06-30 04539303 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04539303 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04539303 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 04539303 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 04539303 c:CurrentFinancialInstruments 2024-06-30 04539303 c:CurrentFinancialInstruments 2023-06-30 04539303 c:ReportableOperatingSegment1 2023-07-01 2024-06-30 04539303 c:ReportableOperatingSegment1 2022-03-31 2023-06-30 04539303 c:UKTax 2023-07-01 2024-06-30 04539303 c:UKTax 2022-03-31 2023-06-30 04539303 c:ShareCapital 2024-06-30 04539303 c:ShareCapital 2023-06-30 04539303 c:ShareCapital 2022-03-31 04539303 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04539303 c:RetainedEarningsAccumulatedLosses 2024-06-30 04539303 c:RetainedEarningsAccumulatedLosses 2022-03-31 2023-06-30 04539303 c:RetainedEarningsAccumulatedLosses 2023-06-30 04539303 c:RetainedEarningsAccumulatedLosses 2022-03-31 04539303 d:OrdinaryShareClass1 2023-07-01 2024-06-30 04539303 d:OrdinaryShareClass1 2022-03-31 2023-06-30 04539303 d:OrdinaryShareClass1 2024-06-30 04539303 d:OrdinaryShareClass1 2023-06-30 04539303 d:FRS102 2023-07-01 2024-06-30 04539303 d:Audited 2023-07-01 2024-06-30 04539303 d:FullAccounts 2023-07-01 2024-06-30 04539303 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04539303 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

img6d74.png






Financial Statements
BTCSoftware Limited
For the financial year ended 30 June 2024





































Registered number: 04539303

 
BTCSoftware Limited
 

Company Information


Directors
Stephen Murdoch (appointed 19 October 2023)
Robert McKay 
Ross Webster 
Kevin McCallum (resigned 13 October 2023)




Registered number
04539303



Registered office
Semcon House
Edgehill Drive

Warwick

CV34 6NH

England




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Audit Firm

13-18 City Quay

Dublin 2




Bankers
Lloyd’s Bank
32 Commercial Way

Woking

GU21 6ER




Solicitors
Moore Barlow
Gateway House, Tollgate

Chandler’s Ford

Eastleigh

United Kingdom





 
BTCSoftware Limited
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21

 
BTCSoftware Limited
 

Directors' report
For the financial year ended 30 June 2024

The Directors present their report and the financial statements for the financial year ended 30 June 2024.

Principal activity

The principal activity of the Company is the provision of software to the accounting profession.

Results and dividends

The profit for the financial year, after taxation, amounted to £455,513 (2023: loss £462,286).

The directors have not recommended a dividend (2023: Nil).

Directors, secretary and their interests

In accordance with Section 329 of the Companies Act 2014, the directors' and secretary's shareholdings and the movements therein during the financial year ended 30 June 2024 were as follows:

Ordinary shares
of £1 each

30/6/24

1/7/23


Stephen Murdoch (resigned 19 October 2023)
-
-
Robert McKay 
-
-
Ross Webster 
-
-
Kevin McCallum (resigned 13 October 2023)
-
-

Neither the directors nor secretary, held any shares in the company or any other group companies at any point during the current or prior years.
 
Directors

The directors, who served during the financial year, except as noted were as follows:

Stephen Murdoch
Robert McKay 
Ross Webster
Kevin McCallum

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the financial year end.

Page 1

 
BTCSoftware Limited
 

Directors' report (continued)
For the financial year ended 30 June 2024

Branches outside the state

There are no branches of the company outside the State.

Research and development

The Company has engaged in research and development with regards to product development during the financial period ended 30 June 2024 and has incurred €28,042 (2023: €Nil) in relation to these activities.

Auditor

The auditor, Grant Thorntoncontinues in office in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


Robert McKay
Director

Date: 27 February 2025
Page 2

 
BTCSoftware Limited
 

Directors' responsibilities statement
For the financial year ended 30 June 2024

The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether the financial statements have been prepared in acccordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the board and signed on its behalf.

Robert McKay
Director

Date: 27 February 2025
Page 3

 
 
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Independent auditor's report to the members of BTCSoftware Limited
 
Opinion


We have audited the financial statements of BTCSoftware Limited ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 30 June 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, BTCSoftware Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 30 June 2024 and of its financial performance for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the Directors, with respect to going concern are described in the relevant sections of this report.
Page 4

 
 
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Independent auditor's report to the members of BTCSoftware Limited (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the Directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.
Page 5

 
 
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Independent auditor's report to the members of BTCSoftware Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment laws in the UK, Data Protection and Compliance, Health and Safety Regulation in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK tax legislation and the Companies Act 2006. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6

 
 
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Independent auditor's report to the members of BTCSoftware Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’ legal correspondence and review of minutes of board meetings during the financial year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including bad debts provision, establishing useful economic lives for depreciation purposes of tangible fixed assets, impairment assessment of investments; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with  governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 
 
Jason Crawford
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Audit Firm
13 - 18 City Quay
Dublin 2
 
Date:
 27 February 2025
 
Page 7

 
BTCSoftware Limited
 

Statement of comprehensive income
For the financial year ended 30 June 2024

12 month financial period ended
30 June
15 month financial period ended
30 June
2024
2023
Note
£
£

  

Turnover
 5 
2,445,828
2,870,383

Cost of sales
  
(566,922)
(460,338)

Gross profit
  
1,878,906
2,410,045

Administrative expenses
  
(1,423,393)
(2,818,613)

Interest payable and similar expenses
 7 
-
(53,718)

Profit/(loss) before tax
  
455,513
(462,286)

Tax on profit/(loss)
 8 
-
-

Profit/(loss) for the financial year/period
  
455,513
(462,286)

All amounts relate to continuing operations.
There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 11 to 21 form part of these financial statements.
Page 8

 
BTCSoftware Limited
Registered number:04539303

Statement of financial position
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
5,226
11,779

Tangible assets
 10 
6,012
16,338

  
11,238
28,117

Current assets
  

Debtors: amounts falling due within one year
 11 
411,023
482,882

Cash at bank
 12 
430,933
410,816

  
841,956
893,698

Current liabilities
  

Creditors: amounts falling due within one year
 13 
(1,753,484)
(2,277,618)

Net current liabilities
  
 
 
(911,528)
 
 
(1,383,920)

Net liabilities
  
(900,290)
(1,355,803)


Capital and reserves
  

Called up share capital 
 14 
132
132

Profit and loss account
 15 
(900,422)
(1,355,935)

  
(900,290)
(1,355,803)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Robert McKay
Director

Date: 27 February 2025

The notes on pages 11 to 21 form part of these financial statements.
Page 9

 
BTCSoftware Limited
 

Statement of changes in equity
For the financial year ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
132
(1,355,935)
(1,355,803)


Comprehensive income for the financial year

Profit for the financial year
-
455,513
455,513


At 30 June 2024
132
(900,422)
(900,290)



Statement of changes in equity
For the financial period ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 31 March 2022
132
(893,649)
(893,517)


Comprehensive income for the financial period

Loss for the financial period
-
(462,286)
(462,286)


At 30 June 2023
132
(1,355,935)
(1,355,803)


The notes on pages 11 to 21 form part of these financial statements.
Page 10

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

1.


General information

BTCSoftware Limited is a private company limited by shares, registered in England and Wales, registration number 04539303. The registered office is Semcon House, Edgehill Drive, Warwick, CV34 6QZ, United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
BTCSoftware Limited
 

Notes to the financial statements
For the financial year ended 30 June 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Subscription services

The Company's primary revenue stream arises from subscription services, where customers access the Company's software over a specified term. Revenue from these contracts is recognized on a straight-line basis over the contract term, as the customer simultaneously receives and consumes the benefits of the service. The Company's software is provided continuously, and no significant delays or milestones exist in the performance of the service, meaning the service is rendered over time.

 
2.5

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 and only 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.

 
2.6

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.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.8

 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.

Page 12

 
BTCSoftware Limited
 

Notes to the financial statements
For the financial year ended 30 June 2024

2.Accounting policies (continued)

 
2.9

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

 Cash at bank

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
BTCSoftware Limited
 

Notes to the financial statements
For the financial year ended 30 June 2024

2.Accounting policies (continued)

 
2.13

 Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.
The following are significant management judgements in applying the accounting policies of the Company that have the most significant effect on the financial statements.

Timing of revenue recognition
The Company exercises judgment in determining when the customer has received and consumed the benefits of the service. Revenue is generally recognized over the term of the contract as the customer receives and consumes the benefits of the service. Where there is uncertainty as to the exact timing of delivery or benefits, the Company will apply its judgment to determine the most appropriate method of recognizing revenue over the term of the contract.

Page 14

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

3.Judgments in applying accounting policies (continued)

Bad debts provision
The Company estimates the bad debts provision related to its debtors based on assessment of specific accounts when the Company has information that certain counterparties are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances, including but not limited to, the length of relationship with the counterparty and the counterparty’s current credit status based on credit reports and known market factors. The Company used judgment to record specific reserves for counterparties against amounts due to reduce the expected collectible amounts. These specific reserves are re-evaluated and adjusted as additional information received impacts the amounts estimated. The amounts and timing of recorded expenses for any period would differ if different judgments were made or different estimates were utilised.

Establishing useful economic lives for depreciation purposes of tangible fixed assets
Long-lived assets, consisting primarily of tangible fixed assets, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The Directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.

Impairment
In assessing impairment, management estimates the recoverable amount of each asset or cash- generating units based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.


4.


Employees

The total employee costs during the financial year was £Nil (2023: £1,203,767) of which £Nil (2023: £Nil) related to directors remuneration.


 The average monthly number of employees, including directors, during the financial year was Nil (2023 - 23).
During the year, employees were transferred to Bright SG Limited and corresponding salaries paid on behalf of the Company were recharged accordingly.


5.


Turnover

An analysis of turnover by class of business is as follows:
12 month financial year ended
30 June
15 month financial period ended
30 June
2024
2023
£
£

Subscription revenue
2,445,828
2,870,383


Page 15

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:
12 month financial year ended
30 June
15 month financial period ended
30 June
2024
2023
£
£

Rent
28,042
4,500

Difference on foreign exchange
634
1,180

Depreciation
10,326
14,897

Amortisation - intangible fixed assets
6,552
280,269


7.


Interest payable and similar expenses

12 month financial year ended
30 June
15 month financial period ended
30 June
2024
2023
£
£


Other loan interest payable
-
53,718


8.


Taxation


12 month financial year ended
30 June
15 month financial period ended
30 June
2024
2023
£
£



Current tax on profits for the financial year/period
-
-


Tax on loss
-
-
Page 16

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024
 
8.Taxation (continued)


Factors affecting tax charge for the financial year/period

The tax assessed for the financial year/period is lower than (2023 - lower than) the blended rate of corporation tax in the UK of 25% (2023 - 20.5%) as set out below:
12 month financial year ended
30 June
15 month financial period ended
30 June
2024
2023
£
£


Profit/(loss) before tax
455,513
(462,286)


Profit/(loss) multiplied by blended rate of corporation tax in the UK of 25% (2023 - standard rate of 20.5%)
113,878
(94,769)

Effects of:


Expenses not deductible for tax purposes
-
2,903

Capital allowances for year in excess of depreciation
2,387
2,724

Unrelieved tax losses carried forward
-
89,142

Provision tax adjustment
(5,086)
-

Trading losses utillised
(99,132)
-

Other timing differences
(12,047)
-

Total tax charge for the financial year/period
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

9.


Intangible assets




Website Development costs

£



Cost


At 1 July 2023
19,659



At 30 June 2024

19,659



Amortisation


At 1 July 2023
7,880


Charge for the year
6,553



At 30 June 2024

14,433



Net book value



At 30 June 2024
5,226



At 30 June 2023
11,779



Page 18

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

10.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
22,111
60,124
82,235


Disposals
(13,700)
(30,018)
(43,718)



At 30 June 2024

8,411
30,106
38,517



Depreciation


At 1 July 2023
18,324
47,573
65,897


Charge financial period
2,102
7,446
9,548


Disposals
(13,693)
(29,247)
(42,940)



At 30 June 2024

6,733
25,772
32,505



Net book value



At 30 June 2024
1,678
4,334
6,012



At 30 June 2023
3,787
12,551
16,338


11.


Debtors

2024
2023
£
£


Trade debtors
2,417
9,738

Amounts owed by group undertakings
398,187
398,820

Other debtors
1,375
42,008

Prepayments and accrued income
9,044
32,316

411,023
482,882


Amounts owed by group undertakings are unsecured, interest free and payable on demand.

Page 19

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

12.


Cash at bank

2024
2023
£
£

Cash at bank
430,933
410,816

Less: bank overdrafts
(330)
(1,677)

430,603
409,139



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
330
1,677

Trade creditors
31,539
58,952

Amounts owed to group undertakings
983,749
1,481,559

Other taxation and social security
76,253
54,540

Accruals and deferred income
661,613
680,890

1,753,484
2,277,618


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



132 (2023 - 132) Ordinary shares of £1.00 each
132
132



15.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


16.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows nondisclosure of transactions between two or more members of a group, provided that any subsidiary which
is a party to the transaction is wholly owned by such a member. 

Page 20

 
BTCSoftware Limited
 
 
Notes to the financial statements
For the financial year ended 30 June 2024

17.


Post balance sheet events

There have been no significant events affecting the Company since the financial year end.


18.


Controlling party and ultimate controlling party

The Company is a wholly owned subsidiary of Bright SG Limited, a company incorporated in United Kingdom.
The ultimate controlling party is P3R Topco Limited, a  Company registered in Jersey, the Channel Islands.

Page 21