Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Directors

The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 November 2023

And signed on behalf of the board by:
Name: Robert Cannon
Status: Director

Profit And Loss Account

for the Period Ended 31 March 2023

Balance sheet

As at 31 March 2023

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2023

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Tangible fixed assets depreciation policy

  Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:Asset class Depreciation method and rateLeasehold improvements 20% straight lineComputer equipment 33.3% straight lineOffice equipment 25% straight linePlant & machinery 25% reducing balance

  Intangible fixed assets amortisation policy

  AmortisationAmortisation is provided on intangible assets so as to write off the cost, less any estimated residual value,over their useful life as follows:Asset class Amortisation method and rateDevelopment 5 years straight lineDomain name 5 years straight line

  Other accounting policies

  Statement of complianceThese financial statements have been prepared in accordance with Financial Reporting Standard 102Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom andRepublic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the smallcompanies' regime).Basis of preparationThese financial statements have been prepared using the historical cost convention except that asdisclosed in the accounting policies certain items are shown at fair value.These financial statements have been presented in Pounds Sterling as this is the company’s functionalcurrency, being the currency of the primary economic environment in which the company operates.Going concernDespite the company being in a net liabilities position, the company has the full support of its parentcompany and the directors have a reasonable expectation that the company has adequate resources tocontinue in operational existence for the foreseeable future, therefore, they continue to adopt the goingconcern basis for the accounts in preparing the annual financial statements.Revenue recognitionRevenue is recognised from the sale of goods and services from the company’s ordinary activities.Revenue is stated after sales discounts and other sales taxes, and is net of VAT.Revenue for the sale of services is recognised when the amount of revenue can be measured reliably; itis probable that the economic benefits associated with the transaction will be received by the companyand the stage of completion at the balance sheet date can be measured reliably.From 1st April 2019, Magnum Software Development Limited agreed to support the company by ensuringit registers a profit before tax and the additional revenue received is included within these accounts. Thisagreement can be cancelled without notice after 30th September 2023.Foreign currency transactions and balancesTransactions in foreign currencies are initially recorded at the functional currency rate prevailing at thedate of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslatedinto the respective functional currency of the entity at the rates prevailing on the reporting period date.Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated atthe rate on the date when the fair value is re-measured.Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.TaxThe current income tax charge is calculated on the basis of tax rates and laws that have been enacted orsubsequently enacted by the balance sheet date in the countries where the company operates andgenerates income.Full provision is made for deferred tax assets and liabilities arising from all timing differences between therecognition of gains and losses in the financial statements and recognition in the tax computation.A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will besuitable taxable profits from which the future reversal of the underlying timing differences can bededucted.Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time thetiming differences are expected to reverse. Deferred tax assets and liabilities are not discountedDefined contribution pension obligationA defined contribution plan is a pension plan under which fixed contributions are paid into a pension fundand the company has no legal or constructive obligation to pay further contributions even if the fund doesnot hold sufficient assets to pay all employees the benefits relating to employee service in the current andprior periods.Contributions to defined contribution plans are recognised as employee benefit expense when they aredue. If contribution payments exceed the contribution due for service, the excess is recognised as aprepayment.Financial instrumentsFinancial assets and liabilities are recognised when the company becomes party to the contractualprovisions of the financial instrument. The company holds only basic financial instruments, whichcomprise cash and cash equivalents, trade and other debtors, amounts due from and to fellow groupundertakings and trade and other creditors.Cash and cash equivalents including cash in hand, deposits held with banks, other short-term highlyliquid investments with original maturities of three months or less.Trade and other debtors are initially recognised at the transaction price, including any transaction costs,and are subsequently measured at amortised cost using the effective interest method, less any provisionfor impairment. Amounts that are receivable within one year are measured at the undiscounted amount ofthe amount expected to be receivable, net of any impairment. At the end of each reporting year, thecompany assesses whether there is objective evidence that any financial asset amount may be impaired.A provision for impairment is established when there is objective evidence that the company will not beable to collect all amounts due according to the original terms of the financial assets. The amount of theprovision is the difference between the asset’s carrying amount and the present value of the estimatedfuture cash flows. The amount of the provision is recognised immediately in profit or loss.Trade and other creditors are initially measured at the transaction price, including any transaction costs,and are subsequently measured at amortised cost using the effective interest method. Amounts that arepayable within one year are measured at the undiscounted amount of the amount expected to bepayable.

Notes to the Financial Statements

for the Period Ended 31 March 2023

• 2. Employees

  	2023	2022
  Average number of employees during the period	44	38