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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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for |
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HARNESS HANDITOUCH UK PRIVATE LIMITED |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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32 Sackville Street |
Mayfair |
London |
Greater London |
W1S 3EA |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Balance Sheet |
31 MARCH 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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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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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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( |
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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. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Balance Sheet - continued |
31 MARCH 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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Harness Handitouch UK Private Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable services rendered, |
net of discounts and Value Added Tax. |
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Revenue from the rendering of services is measured by reference to the stage of completion of the |
service transaction at the end of the reporting period provided that the outcome can be reliably |
estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent |
that expenses recognised are recoverable. |
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Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over |
the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of |
the acquired business. |
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Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of |
goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
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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. |
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Intangible assets acquired as part of a business combination are recorded at the fair value at the |
acquisition date. |
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Amortisation |
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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: |
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Goodwill - 20% straight line |
Intellectual Property - 20% straight line |
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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. The amortisation charge for intangible assets is included in cost of sales. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed 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. |
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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. |
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Depreciation |
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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: |
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Equipment - 25% straight line |
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Impairment of fixed assets |
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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. |
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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. |
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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. |
HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and investments |
in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a |
financing transaction, where the transaction is measured at the present value of the future receipts |
discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for |
objective evidence of impairment. If an asset is impaired the impairment loss is the difference between |
the carrying amount and the present value of the estimated cash flows discounted at the asset's |
original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not |
exceed what the carrying amount would have been had the impairment not previously been |
recognised. The impairment reversal is recognised in profit or loss. |
Other financial assets, including investments in equity instruments which are not subsidiaries, |
associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in |
profit or loss, except that investments in equity instruments that are not publically traded and whose |
fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset |
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are |
transferred to another party or (c) despite having retained some significant risks and rewards of |
ownership, control of the asset has been transferred to another party who has the practical ability to |
unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and preference shares that |
are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future receipts |
discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the |
extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is |
deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or |
all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and |
amortised over the period of the facility to which it relates. |
Trade payables 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 payment is |
due within one year or less. If not, they are presented as non-current liabilities. Trade payables are |
recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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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. |
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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. |
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Going concern |
The accounts have been prepared on the going concern basis. At the balance sheet date the company |
has net liabilities of £478,200 (2017: £393,636) and losses of £1,234,565 (2017: £542,482) for the |
year. The director is of the opinion that the shareholder of the company will continue to support it, and |
provide adequate funding when necessary to enable it to meet its obligations for the foreseeable |
future, being for a period of at least twelve months from the date of approval of the financial |
statements. |
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The directors have, at the time of approving the financial statements, a reasonable expectation that the |
company and the group have adequate resources to continue in operational existence for the |
foreseeable future. For this reason they continue to adopt the going concern basis of accounting in |
preparing the financial statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Intellectual |
Goodwill | Property | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
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Amortisation for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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HARNESS HANDITOUCH UK PRIVATE LIMITED (REGISTERED NUMBER: 09192382) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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6. | TANGIBLE FIXED ASSETS |
Equipment |
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COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade creditors |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Other creditors |
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Included in other creditors falling due after one year, is an amount of £124,873 (2017 - £121,840) |
which is secured by a fixed and floating charge over the assets of the company. An annual facility fee |
of 12.5% is payable on the outstanding loan balance. The remaining £612,849 (2017 - £808,080) is |
unsecured. Interest varies between Nil and 10% per annum on the outstanding loan balance. |
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10. | RELATED PARTY DISCLOSURES |
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At year end the company had £177,458 (2017 - £333,580) convertible debt outstanding with |
shareholders. Of this amount, £124,873 (2017 - 121,840) is secured as detailed in note 10. |
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Information on interest charge is disclosed within note 10. |