Softverk Limited 31/12/2024 iXBRL

Company registration number: 06409651

Softverk Limited

Unaudited filleted financial statements

31 December 2024

Softverk Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Softverk Limited

Directors and other information


	Directors	Mr H Masson
		Dr L Chao


	Secretary	G O Bjorgvinsson


	Company number	06409651


	Registered office	5 Underwood Street
		London
		N1 7LY

Softverk Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Current assets
Debtors	5	735		635
Cash at bank and in hand		1		87
		_______		_______
		736		722
Creditors: amounts falling due
within one year	6	( 3,427,458)		( 3,403,776)
		_______		_______
Net current liabilities			( 3,426,722)		( 3,403,054)
			_______		_______
Total assets less current liabilities			( 3,426,722)		( 3,403,054)

			_______		_______
Net liabilities			( 3,426,722)		( 3,403,054)
			_______		_______

Capital and reserves
Called up share capital			600,100		600,100
Share premium account			2,400,000		2,400,000
Profit and loss account			( 6,426,822)		( 6,403,154)
			_______		_______
Shareholders deficit			( 3,426,722)		( 3,403,054)
			_______		_______

For the 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 financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 29 October 2025 , and are signed on behalf of the board by:

Mr H Masson

Director

Company registration number: 06409651

Softverk Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	127,111	127,111
	_______	_______
Impairment
At 1 January 2024	127,111	127,111
	_______	_______
At 31 December 2024	127,111	127,111
	_______	_______
Carrying amount
At 31 December 2024	-	-
	_______	_______
At 31 December 2023	-	-
	_______	_______

Investments in group undertakings
	Registered country	Class of share	Percentage of shares held
Subsidiary undertakings
Softverk (Thailand) Limited	Thailand	Ordinary	98

Softverk á -slandi ehf	Iceland	Ordinary	100

Softverk (Hong Kong) Limited	Hong Kong	Ordinary	100

5. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	635	635
Other debtors	100	-
	_______	_______
	735	635
	_______	_______

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	17	-
Trade creditors	15	2,557
Other creditors	3,427,426	3,401,219
	_______	_______
	3,427,458	3,403,776
	_______	_______

7. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr H Masson	( 1,032,215)	15,020	( 1,017,195)
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr H Masson	( 1,032,115)	( 100)	( 1,032,215)
		_______	_______	_______