Silverfin false false 31/03/2025 01/04/2024 31/03/2025 C J Ellis 16/01/2014 I M Maclachlan 01/10/2019 K Naismith 16/10/2013 I C Ritchie 16/12/2005 30 July 2025 The principal activity of the Company during the financial year continued to be that of development, maintenance and commercial licencing of computer software. SC102278 2025-03-31 SC102278 bus:Director1 2025-03-31 SC102278 bus:Director2 2025-03-31 SC102278 bus:Director3 2025-03-31 SC102278 bus:Director4 2025-03-31 SC102278 2024-03-31 SC102278 core:CurrentFinancialInstruments 2025-03-31 SC102278 core:CurrentFinancialInstruments 2024-03-31 SC102278 core:Non-currentFinancialInstruments 2025-03-31 SC102278 core:Non-currentFinancialInstruments 2024-03-31 SC102278 core:ShareCapital 2025-03-31 SC102278 core:ShareCapital 2024-03-31 SC102278 core:SharePremium 2025-03-31 SC102278 core:SharePremium 2024-03-31 SC102278 core:CapitalRedemptionReserve 2025-03-31 SC102278 core:CapitalRedemptionReserve 2024-03-31 SC102278 core:OtherCapitalReserve 2025-03-31 SC102278 core:OtherCapitalReserve 2024-03-31 SC102278 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC102278 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC102278 core:ComputerSoftware 2024-03-31 SC102278 core:OtherResidualIntangibleAssets 2024-03-31 SC102278 core:ComputerSoftware 2025-03-31 SC102278 core:OtherResidualIntangibleAssets 2025-03-31 SC102278 core:LeaseholdImprovements 2024-03-31 SC102278 core:PlantMachinery 2024-03-31 SC102278 core:FurnitureFittings 2024-03-31 SC102278 core:LeaseholdImprovements 2025-03-31 SC102278 core:PlantMachinery 2025-03-31 SC102278 core:FurnitureFittings 2025-03-31 SC102278 bus:OrdinaryShareClass1 2025-03-31 SC102278 2024-04-01 2025-03-31 SC102278 bus:FilletedAccounts 2024-04-01 2025-03-31 SC102278 bus:SmallEntities 2024-04-01 2025-03-31 SC102278 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 SC102278 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC102278 bus:Director1 2024-04-01 2025-03-31 SC102278 bus:Director2 2024-04-01 2025-03-31 SC102278 bus:Director3 2024-04-01 2025-03-31 SC102278 bus:Director4 2024-04-01 2025-03-31 SC102278 core:ComputerSoftware 2024-04-01 2025-03-31 SC102278 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-04-01 2025-03-31 SC102278 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 SC102278 core:LeaseholdImprovements core:TopRangeValue 2024-04-01 2025-03-31 SC102278 core:PlantMachinery core:TopRangeValue 2024-04-01 2025-03-31 SC102278 core:FurnitureFittings core:TopRangeValue 2024-04-01 2025-03-31 SC102278 2023-04-01 2024-03-31 SC102278 core:OtherResidualIntangibleAssets 2024-04-01 2025-03-31 SC102278 core:LeaseholdImprovements 2024-04-01 2025-03-31 SC102278 core:PlantMachinery 2024-04-01 2025-03-31 SC102278 core:FurnitureFittings 2024-04-01 2025-03-31 SC102278 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 SC102278 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 SC102278 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC102278 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC102278 (Scotland)

COMPUTER APPLICATION SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

COMPUTER APPLICATION SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025

Contents

COMPUTER APPLICATION SERVICES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025
COMPUTER APPLICATION SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 947,339 905,304
Tangible assets 4 44,108 63,074
991,447 968,378
Current assets
Stocks 50,000 50,000
Debtors 5 683,511 344,324
Cash at bank and in hand 306,789 235,983
1,040,300 630,307
Creditors: amounts falling due within one year 6 ( 1,694,361) ( 1,504,086)
Net current liabilities (654,061) (873,779)
Total assets less current liabilities 337,386 94,599
Creditors: amounts falling due after more than one year 7 0 ( 9,241)
Net assets 337,386 85,358
Capital and reserves
Called-up share capital 8 3,896 3,626
Share premium account 489,729 0
Capital redemption reserve 33,818 33,818
Other reserves ( 5,875 ) ( 5,875 )
Profit and loss account 10 ( 184,182 ) 53,789
Total shareholders' funds 337,386 85,358

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Computer Application Services Limited (registered number: SC102278) were approved and authorised for issue by the Board of Directors on 30 July 2025. They were signed on its behalf by:

K Naismith
Director
COMPUTER APPLICATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
COMPUTER APPLICATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Computer Application Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 3/2 Quantum Court, Heriot-Watt Research Park South, Edinburgh, EH14 4AP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the development and maintenance of computer software, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability or an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black-Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 33 % reducing balance
Other intangible assets 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Own shares held by employee benefit trust

Transactions of the company-sponsored employee benefit trust are treated as being those of the company as the company has de facto control of the assets and liabilities of the trust and are therefore reflected in the company's financial statements. In particular, the trust's purchases and sales of the shares in the company are debited and credited equally in equity.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 34

3. Intangible assets

Computer software Other intangible assets Total
£ £ £
Cost
At 01 April 2024 2,667,872 8,300 2,676,172
Additions 390,724 0 390,724
At 31 March 2025 3,058,596 8,300 3,066,896
Accumulated amortisation
At 01 April 2024 1,762,568 8,300 1,770,868
Charge for the financial year 348,689 0 348,689
At 31 March 2025 2,111,257 8,300 2,119,557
Net book value
At 31 March 2025 947,339 0 947,339
At 31 March 2024 905,304 0 905,304

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2024 121,045 86,053 13,938 221,036
Additions 0 5,898 0 5,898
At 31 March 2025 121,045 91,951 13,938 226,934
Accumulated depreciation
At 01 April 2024 90,768 53,293 13,901 157,962
Charge for the financial year 12,104 12,723 37 24,864
At 31 March 2025 102,872 66,016 13,938 182,826
Net book value
At 31 March 2025 18,173 25,935 0 44,108
At 31 March 2024 30,277 32,760 37 63,074

5. Debtors

2025 2024
£ £
Trade debtors 445,698 244,299
Other debtors 237,813 100,025
683,511 344,324

6. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 64,918 179,424
Other taxation and social security 216,268 169,109
Obligations under finance leases and hire purchase contracts (secured) 9,344 8,388
Other creditors 1,403,831 1,147,165
1,694,361 1,504,086

The hire purchase liability is secured over the asset to which it relates.

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 9,241

The hire purchase liability is secured over the asset to which it relates.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
3,896,100 Ordinary shares of £ 0.001 each (2024: 3,625,830 shares of £ 0.001 each) 3,896 3,626

In the financial year 2025, 270,270 class Ordinary shares were allotted with an aggregate nominal value of £270.27 and consideration of £500,000 was received.

9. Financial commitments

Commitments

2025 2024
£ £
Total future minimum lease payments under non-cancellable operating lease 1,279 0

10. Share-based payment transactions

2025
£
Opening Number of options 322,580
Granted 0
Lapsed (12,500)
Exercised (3,000)
307,080

The estimated fair value of the options outstanding in the year was calculated by applying the Black Scholes Model. The expense recognised for share based payments in respect of employee services received during the period to 31 March 2025 is £1,821 (2024: £55,351).

The model inputs were as follows:

- Weighted average share price: £1.30
- Expected Volatility: 40%
- Risk free interest rate: 0.9%
- Option life: 10 years

The options are exercisable during the period of the option as outlined in the option rules.

The only condition vesting is remaining an employee. On ceasing to be an employee, all unexercised options lapse.