sfG Software Ltd Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false false false false false No description of principal activity 2017-02-01 Sage Accounts Production Advanced 2018 - FRS 173,536 40,552 214,088 119,110 36,953 156,063 58,025 54,426 xbrli:pure xbrli:shares iso4217:GBP SC369985 2017-02-01 2018-01-31 SC369985 2018-01-31 SC369985 2017-01-31 SC369985 2016-02-01 2017-01-31 SC369985 2017-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-02-01 2018-01-31 SC369985 core:PlantMachinery 2017-02-01 2018-01-31 SC369985 core:FurnitureFittings 2017-02-01 2018-01-31 SC369985 bus:Director1 2017-02-01 2018-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-01-31 SC369985 core:PlantMachinery 2017-01-31 SC369985 core:FurnitureFittings 2017-01-31 SC369985 core:PlantMachinery 2018-01-31 SC369985 core:FurnitureFittings 2018-01-31 SC369985 core:WithinOneYear 2018-01-31 SC369985 core:WithinOneYear 2017-01-31 SC369985 core:RestatedAmount 2017-01-31 SC369985 core:ShareCapital 2018-01-31 SC369985 core:ShareCapital 2017-01-31 SC369985 core:RetainedEarningsAccumulatedLosses 2018-01-31 SC369985 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2017-01-31 SC369985 core:BetweenOneFiveYears 2018-01-31 SC369985 core:BetweenOneFiveYears 2017-01-31 SC369985 core:MoreThanFiveYears 2018-01-31 SC369985 core:MoreThanFiveYears 2017-01-31 SC369985 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-01-31 SC369985 core:PlantMachinery 2017-01-31 SC369985 core:FurnitureFittings 2017-01-31 SC369985 bus:SmallEntities 2017-02-01 2018-01-31 SC369985 bus:AuditExemptWithAccountantsReport 2017-02-01 2018-01-31 SC369985 bus:FullAccounts 2017-02-01 2018-01-31 SC369985 bus:SmallCompaniesRegimeForAccounts 2017-02-01 2018-01-31 SC369985 bus:PrivateLimitedCompanyLtd 2017-02-01 2018-01-31 SC369985 core:ComputerEquipment 2017-02-01 2018-01-31 SC369985 core:ComputerEquipment 2017-01-31 SC369985 core:ComputerEquipment 2018-01-31 SC369985 1 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel1 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel1 core:RenderingOrReceivingServices 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel1 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel2 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel2 core:RenderingOrReceivingServices 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel2 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel3 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel3 core:SaleOrPurchaseGoods 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel3 core:SaleOrPurchaseGoods 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel4 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel4 core:SaleOrPurchaseGoods 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel4 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel5 2017-02-01 2018-01-31 SC369985 core:EntityControlledByKeyManagementPersonnel5 2018-01-31 SC369985 core:EntityWithJointControlOrSignificantInfluence1 2017-02-01 2018-01-31 SC369985 core:EntityWithJointControlOrSignificantInfluence1 2018-01-31

COMPANY REGISTRATION NUMBER: SC369985

sfG Software Ltd

Filleted Unaudited Financial Statements

31 January 2018

sfG Software Ltd

Financial Statements

Year ended 31 January 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

sfG Software Ltd

Statement of Financial Position

31 January 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	58,025	54,426
Tangible assets	6	38,190	34,934
		--------	--------
		96,215	89,360

Current assets

Stocks		1,276	3,445
Debtors	7	94,683	66,742
Cash at bank and in hand		317,819	229,035
		---------	---------
		413,778	299,222

Creditors: amounts falling due within one year	8	136,082		92,060
		---------		---------
Net current assets			277,696	207,162
			---------	---------
Total assets less current liabilities			373,911	296,522
			---------	---------
Net assets			373,911	296,522
			---------	---------

Capital and reserves

Called up share capital	251,714	251,714
Profit and loss account	122,197	44,808
	---------	---------
Shareholders funds	373,911	296,522
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

sfG Software Ltd

Statement of Financial Position (continued)

31 January 2018

These financial statements were approved by the board of directors and authorised for issue on 16 October 2018 , and are signed on behalf of the board by:

Mr R Murray

Director

Company registration number: SC369985

sfG Software Ltd

Notes to the Financial Statements

Year ended 31 January 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intellectual Property	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer Hardware	-	33% straight line
Fixtures and Fittings	-	33% straight line
Computer Software	-	10% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 February 2017	173,536
Additions	40,552
	---------
At 31 January 2018	214,088
	---------
Amortisation
At 1 February 2017	119,110
Charge for the year	36,953
	---------
At 31 January 2018	156,063
	---------
Carrying amount
At 31 January 2018	58,025
	---------
At 31 January 2017	54,426
	---------

The development cost capitalised meet the recognition requirements detailed in the accounting policies note.

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 February 2017	15,602	6,225	35,842	57,669
Additions	3,570	–	14,785	18,355
	--------	-------	--------	--------
At 31 January 2018	19,172	6,225	50,627	76,024
	--------	-------	--------	--------
Depreciation
At 1 February 2017	15,252	5,443	2,040	22,735
Charge for the year	1,305	782	13,012	15,099
	--------	-------	--------	--------
At 31 January 2018	16,557	6,225	15,052	37,834
	--------	-------	--------	--------
Carrying amount
At 31 January 2018	2,615	–	35,575	38,190
	--------	-------	--------	--------
At 31 January 2017	350	782	33,802	34,934
	--------	-------	--------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	94,074	66,424
Other debtors	609	318
	--------	--------
	94,683	66,742
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	33,262	30,939
Corporation tax	1,244	–
Social security and other taxes	22,754	25,905
Other creditors	78,822	35,216
	---------	--------
	136,082	92,060
	---------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	18,291	9,198
Later than 1 year and not later than 5 years	73,162	36,792
Later than 5 years	51,823	35,259
	---------	--------
	143,276	81,249
	---------	--------

10. Related party transactions

During the year a partnership in which a director is a partner , received £ 24,300 (2017 - £31,532) for consultancy services provided to the company at normal commercial rates. At 31 January 2018, included in trade creditors is £ 11,053 (2017 - £10,886) due to this partnership. During the year a business owned by a director , received £ 53,408 (2017 - £59,233) for consultancy services provided to the company at normal commercial rates. At 31 January 2018, included in trade creditors is £ 12,098 (2017 - £7,494) due to that business. During the year the company invoiced a company, which has common directors, £ 67,832 (2017 - £81,459) for computer equipment, IT support and software maintenance at normal commercial rates. Included in debtors at 31 January 2018 is £ 7,115 (2017 - £9,958) due from this company. During the year the company invoiced a company, which has common directors, £ 7,606 (2017 - £1,990) for computer equipment, IT support and software maintenance at normal commercial rates. Included in debtors at 31 January 2018 is £ 438 (2017 - £48) due from this company. During the year the company invoiced a company, which has common directors , £ 198 (2017 - £191) for IT support and software maintenance at normal commercial rates. Included in debtors at 31 January 2018 is £ 84 (2017 - £147) due from this company. During the year the company invoiced a company, which has common directors, £1,534 (2017 - £nil) for IT support and software maintenance at normal commercial rates. Included in debtors at 31 January 2018 is £252 (2017 - £nil) due from this company. A company in which sfG Software Ltd has common directors, owed the company £5,000 (2017 - £5,000). This loan is unsecured, interest free and has no fixed terms of repayment. A company in which sfG Software Ltd owned 50% of the share capital, and which had common directors, owed the company £nil (2017 - £nil). Bad debts of £nil (2017 - £1,218) were written off as the company was in liquidation.