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Registered number: 05402052
ALACER SOFTWARE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
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ALACER SOFTWARE LIMITED
CONTENTS
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Notes to the Financial Statements
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ALACER SOFTWARE LIMITED
REGISTERED NUMBER: 05402052
BALANCE SHEET
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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ALACER SOFTWARE LIMITED
REGISTERED NUMBER: 05402052
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Company is a private company limited by shares and incorporated in England and Wales. Its registered office address is Alacer House, Buckingway Business Park, Anderson Road, Swavesey, Cambridge, CB24 4UQ.
The Company's functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the Company in respect of the provision of own hospitality software, consultancy, training and IT hardware supplied during the year, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised on the following bases:
Own hospitality software relates to the provision of software and licences. Software and licence elements are not separately identifiable and are therefore recognised rateably over the licence period with any unrecognised revenue included in deferred income in the balance sheet.
Consultancy and training services are recognised when the services have been delivered and terms of the contract have been fulfilled by the Company.
Sales of hardware are recognised when the hardware has been delivered to the customer and terms of the contract have been fulfilled by the Company.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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straight line over a period of 2 to 5 years.
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straight line over 5 years.
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Freehold property improvements
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10 to 50 years straight line
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3 to 4 years straight line
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2 to 5 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fixed asset investments are measured at cost less accumulated impairment.
Stocks are valued at the lower of cost and net realisable value after making due allowance for slow-moving stocks. Cost includes all direct costs.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.ACCOUNTING POLICIES (CONTINUED)
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Research and development costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.
Grant income is recognised in the Statement of Income and Retained Earnings as the related expenditure is incurred.
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The average monthly number of employees, including directors, during the year was 14 (2018 - 11).
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Charge for the year on owned assets
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Charge for the year on owned assets
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Fixed asset investments represents a 25% shareholding in Plot 6 Buckingway Management Limited, a dormant company.
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The bank loans are secured against the freehold property of the company. The interest rate on the loan is 3.53%.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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The bank loans are secured against the freehold property of the company. The interest rate on the loan is 3.53%.
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ALACER SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ALLOTTED, CALLED UP AND FULLY PAID
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36,000 (2018 - 36,000) Ordinary A shares of £0.01 each
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2,500 (2018 - 2,500) Ordinary B shares of £0.01 each
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1,500 (2018 - 1,500) Ordinary C shares of £0.01 each
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TRANSACTIONS WITH DIRECTORS
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Other debtors includes a balance outstanding at 31 December 2019 of £- (2018 - £25,000) due from a director.
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POST BALANCE SHEET EVENTS
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Subsequent to the year end the global health crisis caused by COVID-19 emerged which has had a significant impact on all businesses. At the year end the scale of the crisis was unknown, with the pandemic being declared after the year end. It is therefore a non-adjusting event.
The directors have assessed the potential impact of this uncertain situation on the Company with the information available and do not consider that it will adversely impact on the carrying value of reported assets. The directors continue to monitor the impact on the business and, if required, will implement appropriate mitigating actions as conditions evolve.
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