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Registrar

Registration number: 02959347

Financial Software Limited
Filleted Financial Statements
for the Year Ended 31 December 2024

Financial Software Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 7

Financial Software Limited

Company Information

Directors | D M Pirrie M J Baker

Company secretary | Z Chroma

Registered office | 5th Floor 11 Ironmonger Lane London EC2V 8EY

Solicitors | Keystone Law 48 Chancery Lane London WC2A 1JF

Bankers | Natwest Bank Plc 1 Princess Street London EC2R 8BP

Auditors | Lambert Chapman LLP Chartered Accountants and Registered Statutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB

Financial Software Limited

(Registration number: 02959347)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 107,270 | 64,694
Current assets |  |  |
Debtors | 5 | 7,190,736 | 6,917,994
Cash at bank and in hand |  | 1,865,611 | 1,155,426
|  | 9,056,347 | 8,073,420
Creditors: Amounts falling due within one year | 6 | (4,687,086) | (3,594,285)
Net current assets |  | 4,369,261 | 4,479,135
Total assets less current liabilities |  | 4,476,531 | 4,543,829
Provisions for liabilities |  | (26,818) | (16,173)
Net assets |  | 4,449,713 | 4,527,656
Capital and reserves |  |  |
Called up share capital | 7 | 360 | 360
Capital redemption reserve |  | 40 | 40
Retained earnings |  | 4,449,313 | 4,527,256
Shareholders' funds |  | 4,449,713 | 4,527,656

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 14 August 2025 and signed on its behalf by:

D M Pirrie
Director

Financial Software 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.

The address of its registered office is: 5th Floor, 11 Ironmonger Lane, London, EC2V 8EY.

These financial statements were authorised for issue by the Board on 14 August 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.
These financial statements are presented in Sterling (£), which is the company's functional currency.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 29 August 2025 was Sean Wiegand FCA, who signed for and on behalf of Lambert Chapman LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of specialist investment tax management software and associated consultancy services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax.
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 the profit and loss account, 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 income tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Financial Software Limited

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

Reclassification of comparative amounts

There has been a reclassification of management charges receivable in the prior year to correctly record these transactions within turnover and other income as appropriate.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Website design | 33% reducing balance and 33% straight line
Fixtures and fittings | 33% reducing balance and 20% straight line
Computer software | 33% reducing balance and 33% straight line
Computer equipment | 33% reducing balance and 33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank current accounts.

Trade debtors

Trade debtors are amounts due from customers for the provision of specialist investment tax management software and associated consultancy services in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, 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. Trade creditors 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.

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.

Financial Software Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

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 an 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 31 (2023 - 37).

4 | Tangible assets

| Short leasehold property £ | Fixtures and fittings £ | Computer equipment and software £ | Website design £ | Total £
Cost or valuation
At 1 January 2024 | 35,333 | 19,724 | 143,044 | 102,118 | 300,219
Additions | 10,231 | 54,258 | 9,579 | - | 74,068
At 31 December 2024 | 45,564 | 73,982 | 152,623 | 102,118 | 374,287
Depreciation
At 1 January 2024 | 15,569 | 6,817 | 114,825 | 98,313 | 235,524
Charge for the year | 7,553 | 5,602 | 16,386 | 1,952 | 31,493
At 31 December 2024 | 23,122 | 12,419 | 131,211 | 100,265 | 267,017
Carrying amount
At 31 December 2024 | 22,442 | 61,563 | 21,412 | 1,853 | 107,270
At 31 December 2023 | 19,764 | 12,907 | 28,218 | 3,805 | 64,694

Financial Software Limited

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

5 | Debtors

| 2024 £ | 2023 £
Trade debtors | 1,347,041 | 247,015
Amounts owed by group undertakings | 5,231,460 | 6,133,348
Other debtors | 183,279 | 107,104
Prepayments and accrued income | 428,956 | 430,527
| 7,190,736 | 6,917,994

Debtors include group balances, whilst these amounts are due on demand, it is unlikely that they will be received in full during the coming year.

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Loans and borrowings | 2,872 | -
Trade creditors | 287,545 | 314,342
Amounts owed to group undertakings | 618,010 | 53,332
Taxation and social security | 342,277 | 284,590
Other creditors | 35,688 | 45,127
Accruals and deferred income | 3,400,694 | 2,896,894
| 4,687,086 | 3,594,285

Creditors include group balances, whilst these amounts are due on demand, it is unlikely that they will be paid in full during the coming year.

Creditors include bank overdrafts which are secured of £2,872 (2023 - £nil).

7 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary 'A' shares of £1 each | 280 | 280 | 280 | 280
Ordinary 'B' shares of £1 each | 80 | 80 | 80 | 80
| 360 | 360 | 360 | 360

Financial Software Limited

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

8 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank overdrafts | 2,872 | -

9 | 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 £323,241 (2023 - £111,891). The financial commitments not included in the balance sheet are in respect of operating leases.