Angel Software Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

1.2. Significant judgements and estimations

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience that the directors have and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an outgoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where revisions affects both the current and future periods.

1.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% Straight Line Method
Plant & Machinery	15% Reducing Down Balance Method
Motor Vehicles	25% Reducing Down Balance Method
Fixtures & Fittings	25% Reducing Down Balance Method
Computer Equipment	33.33% Straight Line Method

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Angel Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

1.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.6. Financial Instruments

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

Financial Instruments are recognised in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade receivable, cash and bank balances are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market value rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

The company has no financial instruments that are classified as other financial assets.

Impairment of financial assets

Financial assets, other than those held at fair value through the income statement, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result if one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows have been affected. If an assets is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

...CONTINUED

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Angel Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

1.6. Financial Instruments - continued

Basic financial liabilities, including creditors, loans from associated companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no financial instruments that are classified as other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Angel Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

1.8. Pensions

The company operates a defined contribution pension scheme. Contributions payable to the comany's pension scheme are charged to profit or loss in the period to which they relate.

1.9. Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

1.10. Employee benefits

The costs of short - term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11. Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with that bank.

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 6 (2024: 8)

3. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 November 2024	58,955	6,350	96,899	4,808
Additions	-	-	14,055	-

As at 31 October 2025	58,955	6,350	110,954	4,808

Depreciation
As at 1 November 2024	58,605	3,035	11,813	2,520
Provided during the period	175	497	24,785	572

As at 31 October 2025	58,780	3,532	36,598	3,092

Net Book Value
As at 31 October 2025	175	2,818	74,356	1,716

As at 1 November 2024	350	3,315	85,086	2,288

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Angel Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025


	Computer Equipment	Total
	£	£
Cost
As at 1 November 2024	2,848	169,860
Additions	841	14,896

As at 31 October 2025	3,689	184,756

Depreciation
As at 1 November 2024	2,735	78,708
Provided during the period	393	26,422

As at 31 October 2025	3,128	105,130

Net Book Value
As at 31 October 2025	561	79,626

As at 1 November 2024	113	91,152

4. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	81,739	-
Prepayments and accrued income	1,058	120,662
Intercompany - Store & Work (/Storeitall)	1,255,510	1,895,510

	1,338,307	2,016,172

5. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	-	2
Corporation tax	147,860	109,540
Other taxes and social security	-	3,575
VAT	45,000	38,809
Other creditors	40,610	21,670
Intercompany - Thatcable	69,582	69,582
Accruals and deferred income	19,500	29,082
Directors' loan accounts	69,595	123,075

	392,147	395,335

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Angel Software Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

6. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,000	1,000

7. General Information

Angel Software Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03863318 . The registered office is Unit 5 Dewhurst Row, Bamber Bridge, Preston, PR5 6SW.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	3		79,626		91,152

			79,626		91,152
CURRENT ASSETS
Stocks		210,000		202,640
Debtors	4	1,338,307		2,016,172
Cash at bank and in hand		1,737,676		650,164

		3,285,983		2,868,976
Creditors: Amounts Falling Due Within One Year	5	(392,147 )		(395,335 )

NET CURRENT ASSETS (LIABILITIES)			2,893,836		2,473,641

TOTAL ASSETS LESS CURRENT LIABILITIES			2,973,462		2,564,793

PROVISIONS FOR LIABILITIES
Deferred Taxation			(7,753 )		(12,424 )

NET ASSETS			2,965,709		2,552,369

CAPITAL AND RESERVES
Called up share capital	6		1,000		1,000
Profit and Loss Account			2,964,709		2,551,369

SHAREHOLDERS' FUNDS			2,965,709		2,552,369