Clevermed Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03899440 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

CLEVERMED LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Badger

J Stephenson

C Koiak

SECRETARY:

REGISTERED OFFICE:

86-90 Paul St.

3rd Floor

London

EC2A 4NE

REGISTERED NUMBER:

03899440 (England and Wales)

ACCOUNTANTS:

Mc Creath & Co Limited

Bank House

20A Strathearn Road

Edinburgh

EH9 2AB

FIXED ASSETS

Tangible assets

4

45,703

51,720

CURRENT ASSETS

Debtors

5

7,292,291

2,263,406

Cash at bank and in hand

2,221,244

1,119,507

9,513,535

3,382,913

CREDITORS

Amounts falling due within one year

6

8,890,466

2,710,181

NET CURRENT ASSETS

623,069

672,732

TOTAL ASSETS LESS CURRENT LIABILITIES

668,772

724,452

PROVISIONS FOR LIABILITIES

6,535

9,014

NET ASSETS

662,237

715,438

CAPITAL AND RESERVES

Called up share capital

75

75

Capital redemption reserve

25

25

Retained earnings

662,137

715,338

SHAREHOLDERS' FUNDS

662,237

715,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 15 December 2022 and were signed on its behalf by:

P Badger - Director

J Stephenson - Director

C Koiak - Director

1.	STATUTORY INFORMATION

Clevermed 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 (£).

The company's principal place of business is Level 6 Edinburgh Quay, 133 Fountainbridge, Edinburgh, EH3 9QG.

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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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 33% straight line

Computer equipment 33% straight line

Tenants improvements 33% straight line

Motor Vehicles 25% straight line

Taxation

Taxation for the year 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 year 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Amounts recoverable on contracts

Amounts recoverable on contracts are stated at the value of turnover attributed to the stage of completion on each individual contract less payments on account received and receivable.

Revenue recognition

The Company follows the principles of FRS 102 Section 1A, 'Revenue Recognition', in determining appropriate revenue recognition policies. In principle revenue is recognised to the extent that it is probable that the economic benefits associated with the transaction will flow into the organisation.

Revenue is derived from sales of, and distribution agreements relating to, software licences and professional services (including installation). Revenue is recognised when;

(i) persuasive evidence of an arrangement exists,

(ii) the customer has access and right to use our software,

(iii) the sales price can be reasonably measured, and

(iv) collectability is reasonably assured.

Paid for development work is generally provided on a fixed price basis and as such revenue is recognised based on the percentage completion or delivery of the relevant project. Where percentage completion is used it is estimated based on the total number of hours performed on the project compared to the total number of hours expected to complete the project. Where contracts underlying these projects contain material obligations, revenue is deferred and only recognised when all the obligations under the engagement have been fulfilled.

Revenue from standard licensed products which are not modified to meet the specific requirements of each customer is recognised from the point at which the customer has access and right to use the software. This right to use software will be for the period covered under contract and, as a result, the annuity-based revenue model recognises the licensed software revenue over the life of this contract. This policy is consistent with the Company's products providing customers with a service through the delivery of, and access to, software solutions (Software-as-a-Service ("SaaS")), and results in revenue being recognised over the period that these services are delivered to customers.

Occasionally the business may choose to grant a perpetual licence to use the same SaaS products and where this is the case revenue is again recognised from the point at which the customer has access and right to use the software and over an annuity period of 5 years.

Revenue from all professional services is recognised as the applicable services are provided. Where professional services engagements contain material obligations, revenue is recognised when all the obligations under the engagement have been fulfilled. Where professional services engagements are provided on a fixed price basis, revenue is recognised based on the percentage completion of the relevant engagement. Percentage completion is estimated based on the total number of hours performed on the project compared to the total number of hours expected to complete the project.

Any Software and professional services sold via a distribution agreement will normally follow the above recognition policies.

Should any contracts contain non-standard clauses, revenue recognition will be in accordance with the underlying contractual terms which will normally result in recognition of revenue being deferred until all material obligations are satisfied.

The excess of amounts invoiced over revenue recognised are included in deferred income. If the amount of revenue recognised exceeds the amount invoiced the excess is included within accrued income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2021 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

696,178

Additions

28,362

Disposals

(50,050

)

At 31 March 2022

674,490

DEPRECIATION

At 1 April 2021

644,457

Charge for year

34,380

Eliminated on disposal

(50,050

)

At 31 March 2022

628,787

NET BOOK VALUE

At 31 March 2022

45,703

At 31 March 2021

51,721

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

6,421,538

1,664,641

Amounts recoverable on contract

445,199

77,254

Directors' current accounts

258,151

346,726

Tax

76,671

105,458

Prepayments

90,732

69,327

7,292,291

2,263,406

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

102,926

194,838

Taxation and social security

1,194,822

348,769

Other creditors

7,592,718

2,166,574

8,890,466

2,710,181

7.	LEASING AGREEMENTS

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

2022

2021

£

£

Within one year

127,744

170,250

Between one and five years

404,522

340,500

532,266

510,750

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

P Badger

Balance outstanding at start of year

346,726

348,978

Amounts advanced

291,425

323,060

Amounts repaid

(380,000

)

(325,312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

258,151

346,726

Where the loan balance owed by the Director to the Company exceeds £10,000 the company charges interest at the official rate of interest approved by HM Revenue and Customs.