5
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-03-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,624
1,785
3,409
1,433
389
1,822
1,587
191
773
773
773
xbrli:pure
xbrli:shares
iso4217:GBP
11348822
2022-03-01
2023-02-28
11348822
2023-02-28
11348822
2022-02-28
11348822
2021-03-01
2022-02-28
11348822
2022-02-28
11348822
bus:Director1
2022-03-01
2023-02-28
11348822
core:WithinOneYear
2023-02-28
11348822
core:WithinOneYear
2022-02-28
11348822
core:ShareCapital
2023-02-28
11348822
core:ShareCapital
2022-02-28
11348822
core:RetainedEarningsAccumulatedLosses
2023-02-28
11348822
core:RetainedEarningsAccumulatedLosses
2022-02-28
11348822
core:CostValuation
core:Non-currentFinancialInstruments
2023-02-28
11348822
core:Non-currentFinancialInstruments
2023-02-28
11348822
core:Non-currentFinancialInstruments
2022-02-28
11348822
bus:SmallEntities
2022-03-01
2023-02-28
11348822
bus:Audited
2022-03-01
2023-02-28
11348822
bus:AbridgedAccounts
2022-03-01
2023-02-28
11348822
bus:SmallCompaniesRegimeForAccounts
2022-03-01
2023-02-28
11348822
bus:PrivateLimitedCompanyLtd
2022-03-01
2023-02-28
11348822
core:OfficeEquipment
2022-03-01
2023-02-28
11348822
core:OfficeEquipment
2022-02-28
11348822
core:OfficeEquipment
2023-02-28
COMPANY REGISTRATION NUMBER:
11348822
Filleted Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 28 February 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
28 February 2023
Fixed assets
Tangible assets |
5 |
1,587 |
191 |
Investments |
6 |
773 |
773 |
|
------- |
---- |
|
2,360 |
964 |
|
|
|
|
Current assets
Debtors |
1,787,849 |
1,559,045 |
Cash at bank and in hand |
78,517 |
116,158 |
|
------------ |
------------ |
|
1,866,366 |
1,675,203 |
|
|
|
Creditors: amounts falling due within one year |
763,695 |
634,152 |
|
------------ |
------------ |
Net current assets |
1,102,671 |
1,041,051 |
|
------------ |
------------ |
Total assets less current liabilities |
1,105,031 |
1,042,015 |
|
------------ |
------------ |
Net assets |
1,105,031 |
1,042,015 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
1,104,931 |
1,041,915 |
|
------------ |
------------ |
Shareholders funds |
1,105,031 |
1,042,015 |
|
------------ |
------------ |
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
28 February 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
17 August 2023
, and are signed on behalf of the board by:
Company registration number:
11348822
Notes to the Abridged Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales (Company number
11348822
) . The address of the registered office is C/- Sable Accounting, 13th Floor, One Croydon, 12-16 Addiscombe Road, Croydon, CR0 0XT. The trading address is The Concourse, Suite 1, Waterloo Station.
2.
Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered relating to business and domestic software development, stated net of discounts and of Value Added Tax. Revenue is recognised when the time is worked on the customer or when software costs are incurred by the company.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
33% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. The Company only enters into basic financial instrument contracts that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans with related parties. 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
4
).
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 March 2022 |
1,624 |
Additions |
1,785 |
|
------- |
At 28 February 2023 |
3,409 |
|
------- |
Depreciation |
|
At 1 March 2022 |
1,433 |
Charge for the year |
389 |
|
------- |
At 28 February 2023 |
1,822 |
|
------- |
Carrying amount |
|
At 28 February 2023 |
1,587 |
|
------- |
At 28 February 2022 |
191 |
|
------- |
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 March 2022 and 28 February 2023 |
773 |
|
---- |
Impairment |
|
At 1 March 2022 and 28 February 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 28 February 2023 |
773 |
|
---- |
At 28 February 2022 |
773 |
|
---- |
|
|
Investment in subsidiary
Name: Dotmodus Inc Address: 16724 Strasbourg Lane, Delray Beach, Florida, US, 33446 Share class: Ordinary Holding: 100% Name: Dotmodus Inc Address: 310 Alder Road, Dover, Kent, Delaware, US, 19904 Share class: Ordinary Holding: 50.01%
7.
Pension scheme
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The amount of pension contributions outstanding at 28 February 2023 amounted to £2,503 (2022: £661).
8.
Summary audit opinion
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditors' report was
unqualified
The senior statutory auditor was
Mark Rogers FCCA
The auditor was
HJS (Reading) Limited
18 March 2023
9.
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. Sales to related parties:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Group companies |
– |
1,118 |
|
|
|
|
Purchases from related parties:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Group companies |
588,000 |
3,709 |
|
|
|
|
Amounts owed to related parties:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Group companies |
204,000 |
100,000 |
|
|
|
|
Included in other debtors is an advance during the year to a director amounting to £4,055 (2022-£4,055). Management fees paid to a director amounted to £76,871, of which £7,013 was outstanding at year-end.
10.
Controlling party
The immediate parent company is Dotmodus (Pty) Ltd formerly Business Process Modelling Methods Ltd and the ultimate controlling party is Dynamic Technologies Holdings (Pty) Ltd , both companies are incorporated in South Africa. The largest and smallest group which the company is consolidated into is Dynamic Technologies Holdings (Pty) Ltd. The business address for both is: 2 Venus Street, Melrose estate, Johannesburg, South Africa.