Claro Software Limited - Period Ending 2017-12-31

Claro Software Limited - Period Ending 2017-12-31


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Registration number: 05153389

Claro Software Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2016 to 31 December 2017

 

Claro Software Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Claro Software Limited

Company Information

Directors

Dr A King

Mrs M McArdle

Mr F M Thulien

Mr S A H Holbye

Registered office

Buckingham House
Glovers Court
Preston
Lancashire
PR1 3LS

Accountants

Cox Chartered Accountants
PO Box 176
Poulton-Le-Fylde
Lancashire
FY6 6DX

 

Claro Software Limited

(Registration number: 05153389)
Balance Sheet as at 31 December 2017

Note

31 December
2017
£

31 October
2016
£

Fixed assets

 

Intangible assets

4

-

363

Tangible assets

5

35,084

59,936

 

35,084

60,299

Current assets

 

Stocks

6

-

4,410

Debtors

7

763,191

476,300

Cash at bank and in hand

 

692,021

434,797

 

1,455,212

915,507

Creditors: Amounts falling due within one year

8

(1,122,117)

(610,602)

Net current assets

 

333,095

304,905

Total assets less current liabilities

 

368,179

365,204

Provisions for liabilities

(6,631)

(11,828)

Net assets

 

361,548

353,376

Capital and reserves

 

Called up share capital

800

800

Capital redemption reserve

200

200

Profit and loss account

360,548

352,376

Total equity

 

361,548

353,376

 

Claro Software Limited

(Registration number: 05153389)
Balance Sheet as at 31 December 2017

For the financial period ending 31 December 2017 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 24 September 2018 and signed on its behalf by:
 

.........................................

Dr A King

Director

 

Claro Software Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Buckingham House
Glovers Court
Preston
Lancashire
PR1 3LS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The Company transitioned from previously extant UK GAAP to FRS 102 Section 1A – small entities as at 1 November 2015.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into 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 at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Claro Software Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% on cost

Fixtures, fittings & equipment

33% on cost

Amortisation

Amortisation 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 rate

Developer licenses

3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Claro Software Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 13 (2016 - 10).

 

Claro Software Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 November 2016

51,294

51,294

At 31 December 2017

51,294

51,294

Amortisation

At 1 November 2016

50,931

50,931

Amortisation charge

363

363

At 31 December 2017

51,294

51,294

Carrying amount

At 31 December 2017

-

-

At 31 October 2016

363

363

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2016

117,039

90,327

207,366

Additions

2,653

-

2,653

Disposals

(11,157)

-

(11,157)

At 31 December 2017

108,535

90,327

198,862

Depreciation

At 1 November 2016

107,551

39,880

147,431

Charge for the period

5,961

21,543

27,504

Eliminated on disposal

(11,157)

-

(11,157)

At 31 December 2017

102,355

61,423

163,778

Carrying amount

At 31 December 2017

6,180

28,904

35,084

At 31 October 2016

9,488

50,448

59,936

 

Claro Software Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

6

Stocks

31 December
2017
£

31 October
2016
£

Finished goods and goods for resale

-

4,410

7

Debtors

Note

31 December
2017
£

31 October
2016
£

Trade debtors

 

725,063

386,604

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

50,822

Other debtors

 

38,128

38,874

 

763,191

476,300

8

Creditors

Creditors: amounts falling due within one year

Note

31 December
2017
£

31 October
2016
£

Due within one year

 

Trade creditors

 

19,213

246,941

Amounts owed to group undertakings and undertakings in which the company has a participating interest

200,229

-

Other creditors

 

503,819

135,897

Corporation tax

 

132,492

125,521

Taxation and social security

 

266,364

102,243

 

1,122,117

610,602

9

Dividends

   

31 December
2017

 

31 October
2016

   

£

 

£

Total Interim dividends of £687.50 (2016 - £500.00) per ordinary share

 

550,000

 

400,000

On 9 July 2018 an interim dividend of £55,000 was declared.