The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and 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)

The directors believe that the company is experiencing good levels of sales growth and that it is well placed to manage its business risks successfully. Additionally, the company has significant cash reserves and is in a net asset position at the year end. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the fair value of consideration received or receivable for the provision of its SaaS solutions, excluding value added tax and trade discounts, and is recognised in accordance with the substance of the company's contractual arrangements.
Revenue from subscription-based software services is recognised evenly over the period of the service contract. Where services are invoiced in advance, the income is deferred and recognised as turnover over the period to which it relates.
Other income, including one-off implementation or setup fees, is recognised when the related performance obligations have been satisfied and the company has the right to consideration.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.

Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Interest receivable arises primarily from bank deposits and is recognised in the profit and loss account on an accruals basis using the effective interest method. Interest is recognised when it is probable that the economic benefits will flow to the company and the amount can be measured reliably.

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


a) Trade and other debtors


Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.


b) Trade and other creditors


Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities that meet the conditions for classification as basic financial instruments under Section 11 of FRS 102 are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.


c) Cash and cash equivalents


Cash and cash equivalents include cash in hand, deposits held at call with banks, together with other short-term highly liquid investments that are readily convertible into known amounts of cash having maturities of 3 months or less from inception and which are subject to an insignificant risk of change in value. Bank overdrafts are shown within borrowings, in current liabilities on the balance sheet.


d) Simple Agreement for Future Equity (SAFE)


SAFEs are non-basic financial instruments under Section 12 of FRS 102 and are measured at fair value, with changes in fair value recognised in profit or loss. They are presented within creditors: amounts falling due within one year, as the company has no unconditional right to defer settlement for at least twelve months after the reporting date.


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. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.