2024-01-012024-12-312024-12-31false13735137Softinway UK 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Softinway UK Ltd

Registered Number
13735137
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Softinway UK Ltd
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Mr L Moroz
Mr V Moroz
Dr V Pastrikakis

Registered Address

Pure Offices, Office 65 Pastures Avenue
St. Georges
Weston-Super-Mare
BS22 7SB

Registered Number

13735137 (England and Wales)
Softinway UK Ltd
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,6152,240
Investments4313,08331,781
315,69834,021
Current assets
Debtors57,98194,099
7,98194,099
Creditors amounts falling due within one year6(328,244)(195,368)
Net current assets (liabilities)(320,263)(101,269)
Total assets less current liabilities(4,565)(67,248)
Net assets(4,565)(67,248)
Capital and reserves
Called up share capital100100
Profit and loss account(4,665)(67,348)
Shareholders' funds(4,565)(67,248)
The financial statements were approved and authorised for issue by the Board of Directors on 19 May 2025, and are signed on its behalf by:
Mr V Moroz
Director
Registered Company No. 13735137
Softinway UK Ltd
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources, to continue in operational existence for the foreseeable future. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment25
Investments
Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year85
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 242,6642,664
Additions1,2491,249
At 31 December 243,9133,913
Depreciation and impairment
At 01 January 24424424
Charge for year874874
At 31 December 241,2981,298
Net book value
At 31 December 242,6152,615
At 31 December 232,2402,240
4.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 January 2431,78131,781
Additions1,009,9731,009,973
Revaluations13,98513,985
Disposals(742,656)(742,656)
At 31 December 24313,083313,083
Net book value
At 31 December 24313,083313,083
At 31 December 2331,78131,781

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables6,19891,231
Other debtors1,4552,571
Prepayments and accrued income328297
Total7,98194,099
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables95,65550,223
Taxation and social security9,35811,239
Other creditors1,9791,701
Accrued liabilities and deferred income221,252132,205
Total328,244195,368
7.Pension commitments
The company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,276 (2023 - £1,304) were due to the fund. They are included in other creditors.