Company Registration No. 09414951 (England and Wales)
CUSTOMSELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CUSTOMSELL LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
CUSTOMSELL LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,008
Investments
5
14,200
-
15,208
Current assets
Debtors
7
1,801
125,748
Cash at bank and in hand
26,729
214,405
28,530
340,153
Creditors: amounts falling due within one year
8
(501,607)
(23,461)
Net current (liabilities)/assets
(473,077)
316,692
Total assets less current liabilities
(473,077)
331,900
Creditors: amounts falling due after more than one year
9
-
(466,668)
Net liabilities
(473,077)
(134,768)
Capital and reserves
Called up share capital
11
2
2
Share premium account
1,341,885
1,341,885
Other reserves
64,708
268,722
Profit and loss reserves
(1,879,672)
(1,745,377)
Total equity
(473,077)
(134,768)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CUSTOMSELL LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2021
30 September 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2022 and are signed on its behalf by:
Mr D M Stearn
Director
Company Registration No. 09414951
CUSTOMSELL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2020
2
1,141,885
164,262
(1,130,130)
176,019
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
-
(615,247)
(615,247)
Issue of share capital
11
200,000
-
-
200,000
Share based payments
12
-
-
104,460
104,460
Balance at 31 December 2020
2
1,341,885
268,722
(1,745,377)
(134,768)
Period ended 30 September 2021:
Loss and total comprehensive income for the period
-
-
-
(134,295)
(134,295)
Share based payments
12
-
-
(204,014)
(204,014)
Balance at 30 September 2021
2
1,341,885
64,708
(1,879,672)
(473,077)
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 4 -
1
Accounting policies
Company information
Customsell Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Kemp House, 160 City Road, London, EC1V 2NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Research and development expenditure
Research
and development
expenditure is written off against profits in the year in which it is incurred.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.3% per annum straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in
associates
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in
bank only.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
corporation tax recoverable, other debtors,
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
convertible loans,
trade creditors, and other creditors
, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.9
Compound instruments
The component parts of compound instruments issued by the
company
are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.14
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black-Scholes
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
3
4
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
4,398
Additions
1,249
Disposals
(5,647)
At 30 September 2021
Depreciation and impairment
At 1 January 2021
3,390
Depreciation charged in the period
720
Eliminated in respect of disposals
(4,110)
At 30 September 2021
Carrying amount
At 30 September 2021
At 31 December 2020
1,008
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
14,200
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 & 30 September 2021
14,200
Impairment
At 1 January 2021
-
Impairment losses
14,200
At 30 September 2021
14,200
Carrying amount
At 30 September 2021
-
At 31 December 2020
14,200
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 9 -
6
Subsidiaries
Details of the company's subsidiaries at 30 September 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Kastomsel DOOEL Skopje
bul. Kuzman Josifovski Pitu 15-2/2, 1000 Skopje
Ordinary
100.00
During the
period
, the subsidiary Kastomsel DOOEL S
k
opje
ceased trading
.
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
120,193
Other debtors
1,801
5,555
1,801
125,748
8
Creditors: amounts falling due within one year
2021
2020
£
£
Convertible loans
493,668
Trade creditors
270
160
Taxation and social security
9,493
Other creditors
7,669
13,808
501,607
23,461
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Convertible loans
466,668
CUSTOMSELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 10 -
10
Share-based payment transactions
The following information relates to share-based payment transactions granted on or after the transition date to FRS 102 of 1 February 2015:
Number of share options
Weighted average exercise price
2021
2020
2021
2020
Number
Number
£
£
Outstanding at 1 January 2021
169,149
182,207
0.00019
0.00020
Granted
3,340
0.00001
0.00001
Cancelled
(35,809)
0.00001
Expired
(133,340)
(16,398)
(0.00001)
(0.00020)
Outstanding at 30 September 2021
169,149
-
0.00019
Exercisable at 30 September 2021
-
-
Inputs were as follows:
2021
2020
Weighted average share price
1.80
2.13
Weighted average exercise price
0.00023
0.00020
Expected volatility
10.00
10.00
Expected life
-
3.00
Risk free rate
1.03
0.94
During the year, the company recognised a
profit and loss credit
of £204,014 (2020:
charge of
£104,460) which related to equity settled share based payment transactions.
Due to the company ceasing to trade
any remaining
share options have been cancelled.
11
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,092,049 Ordinary shares (2020:1,092,049) of 0.00018182p each
2
2
425,225 Series Seed shares (2020:425,225) of 0.0001074p each
-
-
2
2
2021-09-30
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false
22 February 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
Mr D M Stearn
Mr A D Kramer
Mr W M Mcquillan
Ms T Z Mikuz
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