COMPANY REGISTRATION NUMBER:
SC712421
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 January 2026
Fixed assets
|
Intangible assets |
4 |
114,908 |
134,059 |
|
|
|
|
Current assets
|
Debtors |
5 |
17,088 |
22,635 |
|
Cash at bank and in hand |
42,202 |
16,988 |
|
-------- |
-------- |
|
59,290 |
39,623 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
710,203 |
500,796 |
|
--------- |
--------- |
|
Net current liabilities |
650,913 |
461,173 |
|
--------- |
--------- |
|
Total assets less current liabilities |
(
536,005) |
(
327,114) |
|
--------- |
--------- |
|
Net liabilities |
(
536,005) |
(
327,114) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
(
536,105) |
(
327,214) |
|
--------- |
--------- |
|
Shareholders deficit |
(
536,005) |
(
327,114) |
|
--------- |
--------- |
|
|
|
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.
For the year ending 31 January 2026 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
.
|
Statement of Financial Position (continued) |
|
31 January 2026
These financial statements were approved by the
board of directors
and authorised for issue on
7 September 2026
, and are signed on behalf of the board by:
Company registration number:
SC712421
|
Notes to the Financial Statements |
|
Year ended 31 January 2026
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 36 Huntly Street, Inverness, IV2 5PR, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company incurred losses during the current and previous year. At 31 January 2026 the company had net current liabilities of £650,913 (2025 - £461,173) and the balance sheet was in deficit by £536,005 (2025 - £327,114). The company is supported by an intercompany loan with it's parent company, sfG Software Ltd, and the director's foresee that the company will make profits going forward. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
MentorNet |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Intangible assets
|
MentorNet |
|
£ |
|
Cost |
|
|
At 1 February 2025 and 31 January 2026 |
191,513 |
|
--------- |
|
Amortisation |
|
|
At 1 February 2025 |
57,454 |
|
Charge for the year |
19,151 |
|
--------- |
|
At 31 January 2026 |
76,605 |
|
--------- |
|
Carrying amount |
|
|
At 31 January 2026 |
114,908 |
|
--------- |
|
At 31 January 2025 |
134,059 |
|
--------- |
|
|
5.
Debtors
|
2026 |
2025 |
|
£ |
£ |
|
Trade debtors |
7,440 |
4,097 |
|
Other debtors |
9,648 |
18,538 |
|
-------- |
-------- |
|
17,088 |
22,635 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2026 |
2025 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
607,015 |
401,472 |
|
Other creditors |
103,188 |
99,324 |
|
--------- |
--------- |
|
710,203 |
500,796 |
|
--------- |
--------- |
|
|
|
7.
Related party transactions
The company has taken advantage of FRS102 1AC.35 exemption available to 100% owned group companies. Accordingly, no disclosure is made of any related party transactions with the company's parent entity.
8.
Controlling party
The company is a 100% subsidiary of sfG Software Ltd, a company registered in Scotland with the registration number SC369985 and registered office at Forbes House, 36 Huntly Street, Inverness, IV3 5PR.