| Hubstar Software Limited |
| Registered number: |
11185462 |
| Balance Sheet |
| as at 31 December 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
2,496,587 |
|
|
2,496,587 |
|
| Current assets |
| Debtors |
4 |
|
1,798,486 |
|
|
1,056,247 |
|
| Creditors: amounts falling due within one year |
5 |
|
(270,522) |
|
|
(69,769) |
|
| Net current assets |
|
|
|
1,527,964 |
|
|
986,478 |
|
| Total assets less current liabilities |
|
|
|
4,024,551 |
|
|
3,483,065 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(514,275) |
|
|
(487,379) |
|
|
|
| Net assets |
|
|
|
3,510,276 |
|
|
2,995,686 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,000 |
|
|
1,000 |
| Capital contribution |
6 |
|
|
3,690,000 |
|
|
3,000,000 |
| Profit and loss account |
|
|
|
(180,724) |
|
|
(5,314) |
|
| Shareholder's funds |
|
|
|
3,510,276 |
|
|
2,995,686 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| S VATIDIS |
| Director |
| Approved by the board on 29 September 2023 |
|
| Hubstar Software Limited |
| Notes to the Accounts |
| for the year ended 31 December 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Group accounts |
|
The company has taken advantage of the exemptions allowed under sections 384 and 399(2A) of the Companies Act 2006 to prepare group accounts as the company and the group qualifies as a small group under section 383 of that Act. According the accounts only reflect the results of the company and not the group as a whole. |
|
|
Going concern |
|
The company is dependent on loans from the director to provide working capital and to enable it to pay its liabilities as they fall due. The director has confirmed that he will continue to provide this support for the foreseeable future and will not seek repayment of the amounts due to him until there are alternative sources of finance available. As such, £3,690,000 of these loans, which are interest free are under FRS102 classed as capital contributions and presented as such. On this basis and in conjunction with their forecasts for the coming twelve months the director is satisfied that the company is a going concern and accordingly the accounts have been prepared on that basis. |
|
|
Investments |
|
Investments in subsidiaries are measured at cost less any accumulated impairment losses. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2022 |
2,496,587 |
|
|
At 31 December 2022 |
2,496,587 |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,798,486 |
|
1,056,247 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Director's loan account |
270,522 |
|
69,769 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Other creditors |
514,275 |
|
487,379 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Capital contribution |
2022 |
|
2021 |
| £ |
£ |
|
At 1 January 2022 |
3,000,000 |
|
- |
|
Contribution received in year |
690,000 |
|
3,000,000 |
|
|
|
|
|
|
|
|
3,690,000 |
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
The company has received long term loans from the sole shareholder of the company, which have been used to purchase the subsidiary and to provide long term finance to it. These loans are unsecured, interest free and with no repayment terms. In view of the long term nature of these loans and the fact that they will not be repaid unless there is a sale of the business, the shareholder has agreed that £3,690,000 (2021:£3,000,000) of these loans are in fact a contribution to capital and as such under FRS102 substance of transactions should be classed as equity rather than loans due after more than one year. |
|
|
| 8 |
Contingent asset |
|
|
The company has corporation tax losses carried forward of £180,723, on which there is a potential deferred tax asset of £45,181. No provision has been made in respect of this contingent asset as the timing of when it may crystalise is uncertain and depends on the Company making sufficient taxable profits to cover these losses. |
|
|
| 9 |
Related party transactions |
|
|
The company has received an interest free unsecured loan from the Director of £270,522 (2021: £69,769). There are no fixed repayment terms for this loan. |
|
|
| 10 |
Controlling party |
|
|
The Company is under the control of S Vatidis. |
|
|
| 11 |
Other information |
|
|
Hubstar Software Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Regent House |
|
316 Beulah Hill |
|
London |
|
SE19 3HF |
