Vouch Online Limited
Unaudited Financial Statements
For Filing with Registrar
For the period ended 31 August 2020
Company Registration No. 10678036 (England and Wales)
Vouch Online Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
Vouch Online Limited
Balance Sheet
As at 31 August 2020
Page 1
2020
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
184,053
176,795
Tangible assets
4
42,523
38,799
Current assets
Debtors
5
148,498
125,897
Cash at bank and in hand
415,711
234,520
564,209
360,417
Creditors: amounts falling due within one year
6
(268,250)
(223,650)
Net current assets
295,959
136,767
Total assets less current liabilities
522,535
352,361
Creditors: amounts falling due after more than one year
7
(47,500)
(65,133)
Provisions for liabilities
(7,372)
(7,372)
Net assets
467,663
279,856
Capital and reserves
Called up share capital
8
120
120
Share premium account
99,994
99,994
Profit and loss reserves
367,549
179,742
Total equity
467,663
279,856
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
Vouch Online Limited
Balance Sheet (Continued)
As at 31 August 2020
Page 2
For the financial period ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2021 and are signed on its behalf by:
S Tillyer
Director
Company Registration No. 10678036
Vouch Online Limited
Statement of Changes in Equity
For the period ended 31 August 2020
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2019
120
99,994
(4,472)
95,642
Period ended 31 March 2020:
Profit and total comprehensive income for the period
-
-
362,614
362,614
Dividends
-
-
(178,400)
(178,400)
Balance at 31 March 2020
120
99,994
179,742
279,856
Period ended 31 August 2020:
Profit and total comprehensive income for the period
-
-
221,557
221,557
Dividends
-
-
(33,750)
(33,750)
Balance at 31 August 2020
120
99,994
367,549
467,663
Vouch Online Limited
Notes to the Financial Statements
For the period ended 31 August 2020
Page 4
1
Accounting policies
Company information
Vouch Online Limited is a
private
company
limited by shares
incorporated
and domiciled
in
England and Wales
.
The registered office is
Vouch, Globe Works, Penistone Road, Sheffield, South Yorkshire, S6 3AE.
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 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
pound
.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors are closely monitoring the impact of the COVID-19 pandemic, and the measures taken to contain it, on the Company’s activities and have prepared forecasts taking the expected impact into account. Because of the nature of the Company’s activities and the ability of staff and partners to work remotely, whilst the ultimate impact cannot be precisely quantified the directors do not expect the pandemic to significantly affect the ability of the Company to continue in business and meet its liabilities as they fall due.
The company remains profitable and cash generative post year end and the directors are confident that this will continue for at least twelve months from the date of approval of the financial statements.
1.3
Reporting period
The company reporting date was changed to 31 August 2020 to align with the parent company of the
group. The current period is 5 months from 1 April 2020 to 31 August 2020. The comparative period
was 12 months from 1 April 2019 to 31 March 2020. Therefore comparative amounts presented in the
financial statements (including the related notes) are not entirely comparable.
1.4
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
.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
10% straight line
Vouch Online Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2020
1
Accounting policies
(Continued)
Page 5
1.6
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:
Fixtures and fittings
15% reducing balance
Office equipment
15% reducing balance
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
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial
instruments or basic financial instruments measured at fair value.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Vouch Online Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2020
1
Accounting policies
(Continued)
Page 6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Vouch Online Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2020
Page 7
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 13
(2020 - 17).
3
Intangible fixed assets
Other
£
Cost
At 1 April 2020
229,897
Additions
17,569
At 31 August 2020
247,466
Amortisation and impairment
At 1 April 2020
53,102
Amortisation charged for the period
10,311
At 31 August 2020
63,413
Carrying amount
At 31 August 2020
184,053
At 31 March 2020
176,795
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2020
8,157
44,497
52,654
Additions
2,401
4,010
6,411
At 31 August 2020
10,558
48,507
59,065
Depreciation and impairment
At 1 April 2020
1,256
12,599
13,855
Depreciation charged in the period
581
2,106
2,687
At 31 August 2020
1,837
14,705
16,542
Carrying amount
At 31 August 2020
8,721
33,802
42,523
At 31 March 2020
6,901
31,898
38,799
Vouch Online Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2020
Page 8
5
Debtors
2020
2020
Amounts falling due within one year:
£
£
Trade debtors
54,896
38,389
Other debtors
93,602
87,508
148,498
125,897
6
Creditors: amounts falling due within one year
2020
2020
£
£
Bank loans and overdrafts
2,500
5,965
Trade creditors
44,101
19,923
Corporation tax
15,026
43,877
Other taxation and social security
85,363
56,197
Other creditors
121,260
97,688
268,250
223,650
7
Creditors: amounts falling due after more than one year
2020
2020
£
£
Bank loans and overdrafts
47,500
Other creditors
65,133
47,500
65,133
8
Called up share capital
2020
2020
£
£
Ordinary share capital
Issued and fully paid
11,400 Ordinary A Shares of 1p each
114
114
600 Ordinary B Shares of 1p each
6
6
120
120
Vouch Online Limited
Notes to the Financial Statements (Continued)
For the period ended 31 August 2020
Page 9
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2020
£
£
17,500
23,750
10
Related party transactions
Transactions with related parties
Vouch Online Limited repaid a loan to Shefflets Limited during the year. Shefflets Limited are a related party by
virtue of common directors in both companies. The amount outstanding at the period end was £nil (2020 year end: £113,684)
The Company has taken advantage of the exemption granted within Section 33 of FRS 102, which does not require
d
isclosure of transactions between a subsidiary undertaking and other Group undertakings. There are no key
management personnel other than the directors.
11
Parent company
Prior to 9 July 2020 there was no one ultimate controlling party.
From 9 July 2020, the immediate parent company by virtue of its 100% paid up share capital is Oh Goodlord Ltd, a company registered in England and Wales, and with the registered address; Huguenot Place, Heneage Street, London, E1 5LN. Oh Goodlord Ltd is the ultimate controlling party.