ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

SORT TECHNOLOGY LTD - Company Information

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Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3112022-01-01falseTechnology development1falsetrue 09543029 2022-01-01 2022-12-31 09543029 2021-01-01 2021-12-31 09543029 2022-12-31 09543029 2021-12-31 09543029 c:Director2 2022-01-01 2022-12-31 09543029 d:CurrentFinancialInstruments 2022-12-31 09543029 d:CurrentFinancialInstruments 2021-12-31 09543029 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09543029 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09543029 d:ShareCapital 2022-12-31 09543029 d:ShareCapital 2021-12-31 09543029 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09543029 d:RetainedEarningsAccumulatedLosses 2022-12-31 09543029 d:RetainedEarningsAccumulatedLosses 2021-12-31 09543029 c:OrdinaryShareClass1 2022-01-01 2022-12-31 09543029 c:OrdinaryShareClass1 2022-12-31 09543029 c:OrdinaryShareClass1 2021-12-31 09543029 c:FRS102 2022-01-01 2022-12-31 09543029 c:Audited 2022-01-01 2022-12-31 09543029 c:FullAccounts 2022-01-01 2022-12-31 09543029 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09543029 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09543029










SORT TECHNOLOGY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022
 
SORT TECHNOLOGY LIMITED
REGISTERED NUMBER: 09543029

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Current assets
  

Debtors: amounts falling due within one year
 4 
-
7,330

Cash at bank and in hand
 5 
310
1,378

  
310
8,708

Creditors: amounts falling due within one year
 6 
(1,328)
(7,640)

Net current (liabilities)/assets
  
 
 
(1,018)
 
 
1,068

Net (liabilities)/assets
  
(1,018)
1,068


Capital and reserves
  

Called up share capital 
 7 
95
95

Profit and loss account
 8 
(1,113)
973

  
(1,018)
1,068


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 comprehensive income 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 on 25 September 2023.




K Ahmed
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
SORT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The Company is a private Company limited by shares and registered in England. The Company's registration number is 09543029. The Company's registered office is Burdsall House, Derby Conference Centre, Derby, DE24 8UX. The principal activity of the company is software and website development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Company's functional and presentational currency is GBP. 
The Company has prepared it's financial statements to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors intend for the Company to cease trading within the next 12 months and therefore have considered the preparation of the accounts on a going concern basis to be inappropriate. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

 
2.3

Taxation

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.

 
2.4

Debtors

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.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Creditors

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.

 
2.7

Financial instruments

Page 2
 
SORT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Financial instruments (continued)

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Debtors

2022
2021
£
£

Amounts owed by group undertakings
-
7,301

Prepayments and accrued income
-
29

-
7,330


Amounts owed by group undertakings are interest free and repayable on demand.


5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
310
1,378



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
-
1,320

Amounts owed to group undertakings
-
5,000

Accruals and deferred income
1,328
1,320

1,328
7,640


Amounts owed to group undertakings are interest free and repayable on demand.

Page 3
 
SORT TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



9,500 (2021 - 9,500) Ordinary shares of £0.01 each
95
95



8.


Reserves

Profit and loss account

Represents cumulative retained profits and losses.


9.


Controlling party

The immediate parent Company is Sort Group Limited which owns 100% of the share capital of the Company. The ultimate controlling party is Kevin Tunnicliffe by virtue of his majority shareholding in Sort Group Limited.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to Note 2.2 in the financial statements which explains that the directors intend for the company to cease trading within the next 12 months and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 26 September 2023 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.

Page 4