REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Resolving Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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Resolving Limited |
Resolving Limited (Registered number: 08021550) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Resolving Limited (Registered number: 08021550) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 | 1,059 | 1,059 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Share option reserves |
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Retained earnings | (12,294,537 | ) | (10,037,495 | ) |
SHAREHOLDERS' FUNDS |
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Resolving Limited (Registered number: 08021550) |
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Balance Sheet - continued |
31 December 2020 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Resolving Limited (Registered number: 08021550) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Resolving Limited is a
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Registered number: | 08021550 |
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Registered office: | Treviot House |
186-192 High Road |
Ilford |
Essex |
IG1 1LR |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
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Development costs |
Amortisation is provided on a straight line basis over 3 years in order to write off the cost less estimated residual value of the asset over its estimated useful life. |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures and fittings | - |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The profit and loss account has recorded recurring losses. However, the directors believe that sufficient financial resources are available to the company, by way of group support and investment, to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis. |
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Investments |
Fixed asset investments are stated at cost less provision for permanent diminution in value. |
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Share based payments |
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become |
unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. |
Resolving Limited (Registered number: 08021550) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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AMORTISATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Resolving Limited (Registered number: 08021550) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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9. | OTHER FINANCIAL COMMITMENTS |
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At the period end the total financial commitments was £939,981 (2019; £1,119,025) |
Resolving Limited (Registered number: 08021550) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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10. | SHARE-BASED PAYMENT TRANSACTIONS |
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Resolving Limited, issued EMI options to certain employees which provides additional remuneration for those employees who are key to the operations of the company. The options are granted with a fixed exercise price determined at the grant of the option. The options vest between 1 May 2015 to 21 January 2021 and they are exercisable within 10 years from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company. |
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The company has the following number of ordinary shares issuable under share options. |
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Share scheme |
Date of Grant |
Number of
Ordinary Shares Under Option |
Exercise Price |
Exercise Period |
Enterprise Management Incentives |
30/01/2015 -
22/01/2018 |
1,038,740 |
£0.01 |
31/01/2016 -
22/01/2028 |
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Options |
EMI Scheme |
Weighted Average
Exercise price |
Brought forward | 1,114,950 | 0.01 |
Granted in the year | nil | 0 |
Exercised in the year | nil | 0 |
Lapsed in the year | (76,210) | 0.01 |
Carried forward | 1,038,740 | 0.01 |
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The fair value of the options granted have been calculated using the Black Scholes model. The total charge for the period was £(6,143) (2019: £285,878) |