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Registration number: 03624389

Sci-Net Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Sci-Net Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 11

 

Sci-Net Limited

(Registration number: 03624389)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,064,249

1,355,540

Tangible assets

6

920,111

908,277

 

2,984,360

2,263,817

Current assets

 

Debtors

7

3,328,738

2,775,482

Cash at bank and in hand

 

389,801

287,576

 

3,718,539

3,063,058

Creditors: Amounts falling due within one year

8

(1,773,005)

(2,039,164)

Net current assets

 

1,945,534

1,023,894

Total assets less current liabilities

 

4,929,894

3,287,711

Creditors: Amounts falling due after more than one year

8

(603,973)

(271,800)

Net assets

 

4,325,921

3,015,911

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

4,325,821

3,015,811

Shareholders' funds

 

4,325,921

3,015,911

 

Sci-Net Limited

(Registration number: 03624389)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 4 July 2025 and signed on its behalf by:
 

.........................................
Mr D R Fergusson
Director

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

The principal place of business is:
ERP House
Duns Tew Grange, Duns Tew Road
Middle Barton
Chipping Norton
Oxfordshire
OX7 7DQ

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.

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.

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Leasehold improvements

10% straight line

Fixtures, fittings and equipment

20% straight line

Motor vehicles

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Intangible assets

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

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

Development costs are recognised as intangible assets when the following criteria are met:

a. it is technically feasibile to complete the intangible asset so that it will be available for use or sale;
b. management intends to complete the intangible asset and use or sell it;
c. there is an ability to use or sell the intangible asset;
d. it can be demonstarted how the intangible asset will generate probable future economic benefits;
e. adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available;
f. the expenditure attributable to the intangible asset during its development can be reliably measured.

Research and development expenditure that does not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an intangible asset in a subsequent period.

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

Acquired goodwill

15 years straight line

Purchased software

10 years straight line

Internally generated software

10 years straight line

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.

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 at the transaction price. 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 at the transaction price.

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 55 (2023 - 54).

4

Profit before tax

Arrived at after charging/(crediting)

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2024
£

2023
£

Depreciation expense

148,697

150,814

Amortisation expense

210,830

113,488

5

Intangible assets

Goodwill
 £

Purchased Software
£

Internally Generated Software
£

Total
£

Cost or valuation

At 1 January 2024

270,004

60,000

1,426,872

1,756,876

Additions internally developed

-

-

919,539

919,539

At 31 December 2024

270,004

60,000

2,346,411

2,676,415

Amortisation

At 1 January 2024

148,759

26,002

226,575

401,336

Amortisation charge

9,966

6,001

194,863

210,830

At 31 December 2024

158,725

32,003

421,438

612,166

Carrying amount

At 31 December 2024

111,279

27,997

1,924,973

2,064,249

At 31 December 2023

121,245

33,998

1,200,297

1,355,540

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Short leasehold land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

1,130,968

183,509

67,000

1,381,477

Additions

-

4,562

155,969

160,531

At 31 December 2024

1,130,968

188,071

222,969

1,542,008

Depreciation

At 1 January 2024

318,522

127,878

26,800

473,200

Charge for the year

111,762

23,535

13,400

148,697

At 31 December 2024

430,284

151,413

40,200

621,897

Carrying amount

At 31 December 2024

700,684

36,658

182,769

920,111

At 31 December 2023

812,446

55,631

40,200

908,277

Included within the net book value of land and buildings above is £700,684 (2023 - £812,446) in respect of short leasehold land and buildings.
 

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,087,713

1,123,442

Related parties

12

1,577,610

1,209,376

Prepayments

 

65,772

46,988

Other debtors

 

597,643

395,676

 

3,328,738

2,775,482

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

365,178

404,894

Trade creditors

 

392,499

443,311

Taxation and social security

 

518,430

630,765

Accruals and deferred income

 

447,675

509,723

Other creditors

 

49,223

50,471

 

1,773,005

2,039,164


£327,161 (2023: £147,504) of loans due within one year are secured by director's guarantee.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

603,973

271,800


£487,298 (2023: £247,441) of loans due after more than one year are secured by director's guarantee.

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 (2023 - £1) each

1,000

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

247,441

Other borrowings

487,298

-

HP and finance lease liability 2 (1-2 yrs)

21,251

21,384

HP and finance lease liability 2 (2-5 yrs)

95,424

2,975

603,973

271,800

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

237,035

Other borrowings

327,162

147,504

HP and finance lease liability 2 (under 1yr)

38,016

20,355

365,178

404,894

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

12,567

6,874

Later than one year and not later than five years

14,644

12,030

27,211

18,904

The amount of non-cancellable operating lease payments recognised as an expense during the year was £21,822 (2023 - £30,910).

 

Sci-Net Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Related party transactions

Summary of transactions with other related parties

At the balance sheet date, the amount owed by the directors to the company, including accrued interest, was £1,577,609 (2023: £1,209,375). Interest is charged by the company at the HMRC official rate of interest.

The company's main business premises is owned by the directors. Rent amounting to £47,940 was payable to the directors in the year to 31 December 2024 (2023: £47,940).