Period from 1 April 2019 to
Registration number:
Refactor Software Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Refactor Software Ltd
Company Information
Directors |
Mr T D I Vaines Mrs G H Vaines |
Company secretary |
Mr T D I Vaines |
Registered office |
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Accountants |
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Refactor Software Ltd
Balance Sheet
3 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Other financial assets |
99 |
99 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Refactor Software Ltd
Balance Sheet
3 April 2020
For the financial period ending 3 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07482486
Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Many Waters
Bridford
Exeter
EX6 7JE
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going Concern - COVID-19
The directors of Refactor Software Limited have considered the impact of COVID-19.
In the opinion of the directors, the company has sufficient working capital within existing facitilties to continue to trade for the forseeable future, and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.
Income from sale of services to customers delivered under contract is recognised in the period which the service is delivered.
Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Motor vehicles |
20% reducing balance |
Plant and machinery |
25% reducing balance |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measure reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
Tangible assets |
Office equipment |
Motor vehicles |
Properties under construction |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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- |
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Disposals |
- |
( |
- |
- |
( |
At 3 April 2020 |
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Depreciation |
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At 1 April 2019 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
At 3 April 2020 |
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- |
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Carrying amount |
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At 3 April 2020 |
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At 31 March 2019 |
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Investment properties |
2020 |
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At 1 April 2019 and 3 April 2020 |
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There has been no valuation of investment property by an independent valuer. The current value equates with original cost.
Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
Investments |
Associates |
£ |
Cost |
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At 1 April 2019 |
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Disposals |
( |
At 3 April 2020 |
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Carrying amount |
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At 3 April 2020 |
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At 31 March 2019 |
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Other financial assets (current and non-current) |
Other investments |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 April 2019 and 3 April 2020 |
99 |
99 |
Carrying amount |
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At 1 April 2019 and 3 April 2020 |
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99 |
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
- |
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Prepayments |
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Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
31 March 2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Corporation tax |
23,900 |
27,000 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Deferred income |
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- |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Included within amounts due after one year are the following amounts due after more than five years by instalments: |
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- |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Refactor Software Ltd
Notes to the Unaudited Financial Statements
Period from 1 April 2019 to 3 April 2020
Bank borrowings
Including in the total bank borrowings at the period end is £
Unit 1E Whitney Office Village |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Summary of transactions with other related parties
During the period a loan existed between Refactor Software Limited and Payrun.IO Limited. Refactor Software Limited owned 40% of the ordinary shares of Payrun.IO Limited until the shares were sold on 13 March 2020. The loan was repaid in full in the current period, prior to this the amount repayable by Payrun.IO Limited as at 31 March 2019 was £258,925. The loan was repayable upon demand and interest free.
Services totalling £18,900 (2019: £33,300) were provided to Payrun.IO during the year.
Refactor Software Limited owns 50% of the £1 ordinary shares of Synchronicity Technology Solutions Limited. Services totalling £136,954 (2019: £117,745) were provided to Synchronicity Technology Solutions Limited during the period.