| Kudos Software Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
| 1 |
Accounting policies |
|
|
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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
Equipment |
33% of reducing balance |
|
|
Stock |
|
Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
19 |
|
18 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Research & development and copyright: |
|
|
Cost |
|
At 1 April 2024 |
1,638,279 |
|
Additions |
71,403 |
|
At 31 March 2025 |
1,709,682 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2024 |
1,307,801 |
|
Provided during the year |
75,419 |
|
At 31 March 2025 |
1,383,220 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
326,462 |
|
At 31 March 2024 |
330,478 |
|
|
|
|
|
|
|
|
|
|
Research & development and copyright is being written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Equipment |
| £ |
|
Cost |
|
At 1 April 2024 |
47,375 |
|
Additions |
2,568 |
|
At 31 March 2025 |
49,943 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
36,959 |
|
Charge for the year |
4,287 |
|
At 31 March 2025 |
41,246 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
8,697 |
|
At 31 March 2024 |
10,416 |
|
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
111,721 |
|
40,608 |
|
Director's loan re J P Barrett |
|
|
|
|
- |
|
20,971 |
|
Shareholder's loan re R M Barrett |
|
|
|
- |
|
18,308 |
|
Other debtors and prepayments |
|
|
|
|
21,562 |
|
12,220 |
|
|
|
|
|
|
133,283 |
|
92,107 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Credit card accounts |
765 |
|
873 |
|
Bank loan (part) |
30,000 |
|
30,000 |
|
Trade creditors |
64,574 |
|
29,380 |
|
Corporation tax |
26,000 |
|
7,896 |
|
PAYE and national insurance |
13,580 |
|
12,118 |
|
VAT accrual |
42,435 |
|
38,086 |
|
Other creditors and accruals |
22,656 |
|
10,693 |
|
|
|
|
|
|
200,010 |
|
129,046 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loan (part) |
37,500 |
|
67,500 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
67,500 |
|
97,500 |
|
|
|
|
|
|
|
|
|
|
The company's bank borrowing is subject to a fixed and floating charge in favour of the bank, together with a limited personal guarantee from J P and Mrs R M Barrett. |
|
|
| 9 |
Pension commitments |
|
|
The company operates a defined contribution pension scheme. At the balance sheet date, unpaid contributions of £2,534.80 (2024: £0) were due to the fund. |
|
|
| 10 |
Related party transactions |
|
|
In March 2010, a capital reserve was created, when Mrs R M Barrett notified the company that she was foregoing her right to demand repayment of £225,000 of her long-term loan to the company. From that date, repayment of this amount, in whole or in part, is entirely at the discretion of the company, with Mrs Barrett receiving nothing of benefit from the company in return for the provision of the capital. Since 2010, the board have authorised the repayment of £25,000 in December 2015, £20,000 in March 2017, £30,000 in March 2019, £20,000 in February 2020, £20,000 in May 2021, £30,000 in April 2022, £15,000 in July 2023, £35,000 in April 2024 and £30,000 in November 2024.
In march 2019, Mrs Barrett's husband, J P Barrett, a director of the company, similarly notified the company that he was foregoing his right to demand repayment of £60,000 of his loan to the company, with the same conditions applying. Since that time, the board have authorised the repayment of £20,000 in February 2020, £5,000 in May 2021, £10,000 in April 2022, £20,000 in July 2023 and £5,000 in April 2024. |
|
|
| 11 |
Other information |
|
|
Kudos Software Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
First Floor Office Suite |
|
Higher Mill Lane |
|
Buckfast, Buckfastleigh |
|
Devon |
|
TQ11 0EN |