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Registration number: 04008943

Applause IT Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Applause IT Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Applause IT Limited

(Registration number: 04008943)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

20,640

Tangible assets

5

4,850

9,280

 

4,850

29,920

Current assets

 

Debtors

6

36,522

102,295

Cash at bank and in hand

 

126,174

367,100

 

162,696

469,395

Creditors: Amounts falling due within one year

7

(51,568)

(74,398)

Net current assets

 

111,128

394,997

Total assets less current liabilities

 

115,978

424,917

Creditors: Amounts falling due after more than one year

7

(13,333)

(33,333)

Net assets

 

102,645

391,584

Capital and reserves

 

Called up share capital

8

204

204

Capital redemption reserve

63

63

Retained earnings

102,378

391,317

Shareholders' funds

 

102,645

391,584

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2025 and signed on its behalf by:
 

.........................................
M R Scotney
Director

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2nd Floor
Brindley Place
Birmingham
B1 2JB

These financial statements were authorised for issue by the Board on 16 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Having considered all available information about the future, which is at least, but is not limited to, 12 months from the date when these financial statements are authorised for issue, management have concluded that it is appropriate to prepare these financial statements on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts 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 change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% per annum on net book value

Office equipment

33% per annum on net book value

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

25% per annum on net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 9 (2023: 16).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

30,960

30,960

At 30 September 2024

30,960

30,960

Amortisation

At 1 October 2023

10,320

10,320

Amortisation charge

20,640

20,640

At 30 September 2024

30,960

30,960

Carrying amount

At 30 September 2024

-

-

At 30 September 2023

20,640

20,640

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

62,178

62,178

Disposals

(40,032)

(40,032)

At 30 September 2024

22,146

22,146

Depreciation

At 1 October 2023

52,898

52,898

Charge for the year

3,230

3,230

Eliminated on disposal

(38,832)

(38,832)

At 30 September 2024

17,296

17,296

Carrying amount

At 30 September 2024

4,850

4,850

At 30 September 2023

9,280

9,280

6

Debtors

Current

2024
£

2023
£

Trade debtors

36,522

78,172

Prepayments

-

24,123

 

36,522

102,295

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

20,000

20,000

Trade creditors

 

9,468

26,573

Taxation and social security

 

15,926

16,241

Accruals and deferred income

 

2,700

2,747

Other creditors

 

3,474

8,837

 

51,568

74,398

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,333

33,333

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A share of £0.01 each

10,200

102

10,200

102

Ordinary B share of £0.01 each

10,200

102

10,200

102

20,400

204

20,400

204

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,333

33,333

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

20,000

 

Applause IT Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £6.47 (2023 - £12.20) per each Ordinary A share

66,000

124,440

Interim dividend of £6.47 (2023 - £12.20) per each Ordinary B share

66,000

124,440

132,000

248,880

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £70,845 (2023 - £61,785).