Purpose Software Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06144592 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2018 to 31 December 2018

for

Purpose Software Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S R Dreier

Mr P M Rodseth

REGISTERED OFFICE:

Swan House

Peregrine Business Park

Gomm Road

High Wycombe

Buckinghamshire

HP13 7DL

REGISTERED NUMBER:

06144592 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Intangible assets

4

200,001

240,001

Tangible assets

5

14,692

22,155

214,693

262,156

CURRENT ASSETS

Debtors

6

205,001

292,313

Cash at bank and in hand

108,144

200,359

313,145

492,672

CREDITORS

Amounts falling due within one year

7

(845,138

)

(1,066,369

)

NET CURRENT LIABILITIES

(531,993

)

(573,697

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(317,300

)

(311,541

)

PROVISIONS FOR LIABILITIES

(2,216

)

-

NET LIABILITIES

(319,516

)

(311,541

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(320,516

)

(312,541

)

(319,516

)

(311,541

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 May 2019 and were signed on its behalf by:

Mr S R Dreier - Director

1.	STATUTORY INFORMATION

Purpose Software Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with the provisions of Section 1A

"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in

the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been

prepared under the historical cost convention.

The directors consider that, notwithstanding the company's negative net assets position, it is

appropriate to prepare the accounts on a going concern basis as the company will be able to

continue to meet its liabilities as they fall due for the foreseeable future, that is at least 12 months

from the date of approval of the financial statements.This is due to the continuing support of the

parent company.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects

both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Sale of goods

- the Company has transferred the significant risk and rewards of ownership to the buyer.

- the Company retains neither continuing managerial involvement to the degree usually associated

with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is possible that the Company will receive the consideration due under the transaction: and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the

Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Bicycle

-

25% on cost

Computer equipment

-

20% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method,

except for investments in non-convertible preference and non-puttable preference and ordinary

shares, which are measured at fair value, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and thereafter at fair value, with changes

recognised in profit and loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the period end and that

are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 17 (2018 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2018

and 31 December 2018

800,000

50,629

850,629

AMORTISATION

At 1 April 2018

559,999

50,629

610,628

Charge for period

40,000

-

40,000

At 31 December 2018

599,999

50,629

650,628

NET BOOK VALUE

At 31 December 2018

200,001

-

200,001

At 31 March 2018

240,001

-

240,001

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

142,986

Additions

9,988

At 31 December 2018

152,974

DEPRECIATION

At 1 April 2018

120,831

Charge for period

17,451

At 31 December 2018

138,282

NET BOOK VALUE

At 31 December 2018

14,692

At 31 March 2018

22,155

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.3.18

£

£

Trade debtors

178,373

231,979

Other debtors

26,628

60,334

205,001

292,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.3.18

£

£

Trade creditors

30,559

51,786

Taxation and social security

78,082

81,622

Other creditors

736,497

932,961

845,138

1,066,369

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.18

31.3.18

£

£

Within one year

42,500

36,120

Between one and five years

92,083

105,350

134,583

141,470

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Asolvi AS.