GASSOFT LIMITED


Directors	Jonathan Stephen Henry Arthur Kane
	Daniel Raymond Sedgwick


Registered Address	39 Northgate
	White Lund
	Morecambe
	LA3 3PA


Registered Number	08260003 (England and Wales)

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	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 policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue is from the sale of software subscriptions.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account and commences once the intangible assets are brought into use.

	Goodwill
	Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

	Research and development
	All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.

	Development costs
	Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in the profit and loss account over its estimated useful life of 5 years.

	Development costs not treated as realised loss
	In accordance with Section 844 of the Companies Act 2006, the net book value of software development costs of £208,724 (2024: £123,776) has not been treated as a realised loss for distribution purposes. The directors consider that special circumstances apply as the development costs relate to software that has achieved contractually guaranteed commercial subscriptions that fully validate the assets carrying value.

Development costs not treated as realised loss

In accordance with Section 844 of the Companies Act 2006, the net book value of software development costs of £208,724 (2024: £123,776) has not been treated as a realised loss for distribution purposes. The directors consider that special circumstances apply as the development costs relate to software that has achieved contractually guaranteed commercial subscriptions that fully validate the assets carrying value.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Fixtures and fittings	5
	Office Equipment	5

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	3		3

3.	Intangible assets

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 November 24	21,000	199,001	220,001
Additions	-	77,449	77,449
At 31 October 25	21,000	276,450	297,450
Amortisation and impairment
At 01 November 24	21,000	75,225	96,225
Charge for year	-	(7,499)	(7,499)
At 31 October 25	21,000	67,726	88,726
Net book value
At 31 October 25	-	208,724	208,724
At 31 October 24	-	123,776	123,776

4.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 November 24	4,022	5,051	9,073
Additions	-	1,140	1,140
At 31 October 25	4,022	6,191	10,213
Depreciation and impairment
At 01 November 24	4,022	3,630	7,652
Charge for year	-	639	639
At 31 October 25	4,022	4,269	8,291
Net book value
At 31 October 25	-	1,922	1,922
At 31 October 24	-	1,421	1,421

5.	Stocks

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	6,879	-
Other debtors	145,569	135,783
Prepayments and accrued income	230	-
Total	152,678	135,783

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	912	240
Taxation and social security	68,749	80,016
Other creditors	55,216	28,893
Accrued liabilities and deferred income	3,264	2,575
Total	128,141	111,724

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	52,661	-
Total	52,661	-

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Daniel Raymond Sedgwick	135,783	142,860	133,074	145,569
	135,783	142,860	133,074	145,569


	The above loan is unsecured, interest free and repayable on demand.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		208,724		123,776
Tangible assets	4		1,922		1,421
			210,646		125,197
Current assets
Debtors	6	152,678		135,783
Cash at bank and on hand		24,850		17,036
		177,528		152,819
Creditors amounts falling due within one year	7	(128,141)		(111,724)
Net current assets (liabilities)			49,387		41,095
Total assets less current liabilities			260,033		166,292
Provisions for liabilities	8		(52,661)		-
Net assets			207,372		166,292
Capital and reserves
Called up share capital			200		200
Share premium			49,940		49,940
Profit and loss account			157,232		116,152
Shareholders' funds			207,372		166,292