Softools Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03571184 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Softools Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J Bruce

Mr M A Edwards

Mr V Lakhani

Mr T Dutton

SECRETARY:

Mrs C Shedden

REGISTERED OFFICE:

Greenlands

Henley On Thames

Oxfordshire

RG9 3AU

REGISTERED NUMBER:

03571184 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Tangible assets

4

5,179

6,906

Investments

5

10,554

554

15,733

7,460

CURRENT ASSETS

Debtors

6

502,566

369,415

Cash at bank

94,164

353,711

596,730

723,126

CREDITORS

Amounts falling due within one year

7

(419,687

)

(301,176

)

NET CURRENT ASSETS

177,043

421,950

TOTAL ASSETS LESS CURRENT LIABILITIES

192,776

429,410

CREDITORS

Amounts falling due after more than one year

8

(33,838

)

(43,788

)

PROVISIONS FOR LIABILITIES

(788

)

(1,073

)

NET ASSETS

158,150

384,549

CAPITAL AND RESERVES

Called up share capital

9

1,316

1,302

Share premium

528,209

526,841

Retained earnings

(371,375

)

(143,594

)

SHAREHOLDERS' FUNDS

158,150

384,549

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 22 March 2022 and were signed on its behalf by:

Mr A J Bruce - Director

Mr M A Edwards - Director

1.	STATUTORY INFORMATION

Softools 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.

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 that affects the position shown in the financial statements.

Turnover

The turnover shown in the profit and loss account represents amounts receivable on software and technical support, recognised over the term of the contract, exclusive of 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

-

25% on reducing balance

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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

29,839

DEPRECIATION

At 1 January 2021

22,933

Charge for year

1,727

At 31 December 2021

24,660

NET BOOK VALUE

At 31 December 2021

5,179

At 31 December 2020

6,906

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

554

Additions

10,000

At 31 December 2021

10,554

NET BOOK VALUE

At 31 December 2021

10,554

At 31 December 2020

554

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Softools SG PTE. LTD

Registered office: 160 Robinson Road, 20-03 Singapore Business Center, Singapore (068914)

Nature of business: Software developers

%

Class of shares:

holding

Ordinary

100.00

31.12.21

31.12.20

£

£

Aggregate capital and reserves

44,801

59,928

(Loss)/profit for the year

(7,100

)

1,502

Within the period, Softools SG PTE. LTD made sales totalling £Nil (2020: £67,930).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

214,568

162,274

Amounts owed by group undertakings

112,213

56,912

Other debtors

175,785

150,229

502,566

369,415

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

10,648

6,212

Trade creditors

65,447

47,536

Amounts owed to group undertakings

10,000

-

Taxation and social security

32,521

45,088

Other creditors

301,071

202,340

419,687

301,176

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

33,838

43,788

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12. 21

31.12. 20

Value:

£

£

800

Ordinary A

£1

800

800

340

B Ordinary

£1

343

343

15,947

C Ordinary

1p

159

159

1,382

D Ordinary

1p

14

-

1,316

1,302

The following shares were issued during the year;

1382 D Ordinary shares of £0.01 each were issued at a premium within the year. The total consideration for the shares issued was £1382, a premium of £0.99 per share.

10.	ULTIMATE CONTROLLING PARTY