Company No: SC543952 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2020		2019
		£		£
Fixed assets
Intangible assets	3	7,071		9,428
Tangible assets	4	160,552		95,897
		167,623		105,325
Current assets
Debtors	5	1,023,509		847,431
Cash at bank and in hand		49,408		14,695
		1,072,917		862,126
Creditors
Amounts falling due within one year	6	( 511,100)		( 149,544)
Net current assets		561,817		712,582
Total assets less current liabilities		729,440		817,907
Creditors
Amounts falling due after more than one year	7	( 90,594)		0
Net assets		638,846		817,907
Capital and reserves
Called-up share capital	8	2		2
Share premium account		1,421,198		1,070,598
Profit and loss account		( 782,354 )		( 252,693 )
Total shareholders' funds		638,846		817,907

For the financial year ending 31 August 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Asura Financial Technologies Limited (registered number: SC543952) were approved and authorised for issue by the Director on 27 July 2022. They were signed on its behalf by:

David Waddington Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Asura Financial Technologies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 243 West George Street, Glasgow, G2 4QE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover from the provision of software solutions for banking and capital markets is recognised at the fair value of the consideration received, or receivable, provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Plant and machinery etc.	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		7

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 September 2019	11,785		11,785
At 31 August 2020	11,785		11,785
Accumulated amortisation
At 01 September 2019	2,357		2,357
Charge for the financial year	2,357		2,357
At 31 August 2020	4,714		4,714
Net book value
At 31 August 2020	7,071		7,071
At 31 August 2019	9,428		9,428

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 September 2019	0		113,524		113,524
Additions	79,146		25,020		104,166
At 31 August 2020	79,146		138,544		217,690
Accumulated depreciation
At 01 September 2019	0		17,627		17,627
Charge for the financial year	13,234		26,277		39,511
At 31 August 2020	13,234		43,904		57,138
Net book value
At 31 August 2020	65,912		94,640		160,552
At 31 August 2019	0		95,897		95,897

5. Debtors

	2020		2019
	£		£
Trade debtors	845,046		765,389
Corporation tax	11,979		719
Other debtors	166,484		81,323
	1,023,509		847,431

6. Creditors: amounts falling due within one year

	2020		2019
	£		£
Bank loans	39,480		0
Trade creditors	118,443		8,471
Other creditors	30,694		9,807
Corporation tax	7,501		0
Other taxation and social security	312,860		131,266
Obligations under finance leases and hire purchase contracts	2,122		0
	511,100		149,544

7. Creditors: amounts falling due after more than one year

	2020		2019
	£		£
Bank loans	90,594		0

8. Called-up share capital

	2020		2019
	£		£
Allotted, called-up and fully-paid
6,314 Ordinary shares of £ 0.000312 each (2019: 5,875 shares of £ 0.0003125 each)	2		2

During the year, 439 ordinary shares were issued for a total consideration of £350,600 resulting in an increase in share premium of £350,600

9. Financial commitments

Other financial commitments

	2020		2019
	£		£
	298,443		0

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	2020		2019
	£		£
Key management personnel	23,153		66

During the year the company granted a loan to the director. There are no fixed terms for repayment.