11
false
false
false
false
false
false
false
false
false
false
true
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false
false
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false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
171,667
261,430
433,097
50,912
125,713
176,625
256,472
120,755
17,387
221
17,608
14,627
1,957
17,608
2,760
xbrli:pure
xbrli:shares
iso4217:GBP
06771616
2023-04-01
2024-07-31
06771616
2024-07-31
06771616
2023-03-31
06771616
2022-03-31
2023-03-31
06771616
2023-03-31
06771616
2022-03-30
06771616
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-04-01
2024-07-31
06771616
bus:Director8
2023-04-01
2024-07-31
06771616
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-31
06771616
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-07-31
06771616
core:WithinOneYear
2024-07-31
06771616
core:WithinOneYear
2023-03-31
06771616
core:ShareCapital
2024-07-31
06771616
core:ShareCapital
2023-03-31
06771616
core:RetainedEarningsAccumulatedLosses
2024-07-31
06771616
core:RetainedEarningsAccumulatedLosses
2023-03-31
06771616
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-31
06771616
bus:Director1
2023-04-01
2024-07-31
06771616
bus:SmallEntities
2023-04-01
2024-07-31
06771616
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-07-31
06771616
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-07-31
06771616
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-07-31
06771616
bus:FullAccounts
2023-04-01
2024-07-31
06771616
core:ComputerEquipment
2023-04-01
2024-07-31
06771616
core:ComputerEquipment
2023-03-31
06771616
core:ComputerEquipment
2024-07-31
06771616
1
2023-04-01
2024-07-31
COMPANY REGISTRATION NUMBER:
06771616
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 July 2024
|
31 Jul 24 |
31 Mar 23 |
|
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
|
Intangible assets |
5 |
|
256,472 |
120,755 |
|
Tangible assets |
6 |
|
– |
2,760 |
|
|
---------- |
---------- |
|
|
256,472 |
123,515 |
|
|
|
|
|
Current assets
|
Debtors |
7 |
994,382 |
|
265,015 |
|
Cash at bank and in hand |
22,686 |
|
47,982 |
|
------------- |
|
---------- |
|
1,017,068 |
|
312,997 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
3,486,717) |
|
(
3,190,555) |
|
------------- |
|
------------- |
|
Net current liabilities |
|
(
2,469,649) |
(
2,877,558) |
|
|
------------- |
------------- |
|
Total assets less current liabilities |
|
(
2,213,177) |
(
2,754,043) |
|
|
------------- |
------------- |
|
Net liabilities |
|
(
2,213,177) |
(
2,754,043) |
|
|
------------- |
------------- |
|
|
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 July 2024
|
31 Jul 24 |
31 Mar 23 |
|
Note |
£ |
£ |
£ |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1,000 |
1,000 |
|
Profit and loss account |
|
(
2,214,177) |
(
2,755,043) |
|
|
------------- |
------------- |
|
Shareholder deficit |
|
(
2,213,177) |
(
2,754,043) |
|
|
------------- |
------------- |
|
|
|
|
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 period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 May 2025
, and are signed on behalf of the board by:
Company registration number:
06771616
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 1 APRIL 2023 TO 31 JULY 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is X92 Cody Technology Park, Old Ively Road, Farnborough, GU14 0LX.
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
and are prepared in sterling
, which is the functional currency of the entity.
Going concern
The company's balance sheet shows a deficit of £2,213,177 (2023 - £2,754,043) however this includes significant loans from related companies whose Directors remain committed to supporting this company. The Directors have considered the future viability of the company and believe that the use of the going concern basis is appropriate in the preparation of these accounts.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements No judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements. - Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Software development |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer equipment |
- |
33% straight line |
|
|
|
|
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.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
11
(2023:
8
).
5.
Intangible assets
|
Software development |
|
£ |
|
Cost |
|
|
At 1 April 2023 |
171,667 |
|
Additions |
261,430 |
|
---------- |
|
At 31 July 2024 |
433,097 |
|
---------- |
|
Amortisation |
|
|
At 1 April 2023 |
50,912 |
|
Charge for the period |
125,713 |
|
---------- |
|
At 31 July 2024 |
176,625 |
|
---------- |
|
Carrying amount |
|
|
At 31 July 2024 |
256,472 |
|
---------- |
|
At 31 March 2023 |
120,755 |
|
---------- |
|
|
6.
Tangible assets
|
Computer equipment |
Total |
|
£ |
£ |
|
Cost |
|
|
|
At 1 April 2023 |
17,387 |
17,387 |
|
Additions |
221 |
221 |
|
--------- |
--------- |
|
At 31 July 2024 |
17,608 |
17,608 |
|
--------- |
--------- |
|
Depreciation |
|
|
|
At 1 April 2023 |
14,627 |
14,627 |
|
Charge for the period |
1,957 |
1,957 |
|
Impairment losses |
1,024 |
1,024 |
|
--------- |
--------- |
|
At 31 July 2024 |
17,608 |
17,608 |
|
--------- |
--------- |
|
Carrying amount |
|
|
|
At 31 July 2024 |
– |
– |
|
--------- |
--------- |
|
At 31 March 2023 |
2,760 |
2,760 |
|
--------- |
--------- |
|
|
|
7.
Debtors
|
31 Jul 24 |
31 Mar 23 |
|
£ |
£ |
|
Trade debtors |
213,511 |
193,325 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
400,000 |
– |
|
Other debtors |
380,871 |
71,690 |
|
---------- |
---------- |
|
994,382 |
265,015 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Jul 24 |
31 Mar 23 |
|
£ |
£ |
|
Trade creditors |
56,735 |
48,256 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
1,828,949 |
2,364,873 |
|
Social security and other taxes |
523,367 |
375,520 |
|
Other creditors |
1,077,666 |
401,906 |
|
------------- |
------------- |
|
3,486,717 |
3,190,555 |
|
------------- |
------------- |
|
|
|
Included in other creditors is an amount of £512,125 due to investors. This is secured by way of a fixed and floating charge covering all property or undertaking of the company.
Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
Included within other creditors are accrued costs of sale totalling £549,754 (2023 - £401,674).
9.
Related party transactions
The company has taken advantage of the exemption in FRS 102 for disclosure of transactions between group companies. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
10.
Controlling party
The company's immediate parent company is
Regent Marketing Limited
. At the year end the ultimate parent undertaking was Inchora Limited
. Copies of the Inchora Limited financial statements can be obtained from the Company Secretary at The Stables, Peper Harow, Godalming, GU8 6BQ. The ultimate controlling party is C Wallis
.