Company registration number 11575773 (England and Wales)
AGREED ONLINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AGREED ONLINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
AGREED ONLINE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,189
40,175
Current assets
Debtors
4
10,544
2,106
Cash at bank and in hand
204,672
22,648
215,216
24,754
Creditors: amounts falling due within one year
5
(142,087)
(129,210)
Net current assets/(liabilities)
73,129
(104,456)
Total assets less current liabilities
108,318
(64,281)
Creditors: amounts falling due after more than one year
6
(18,497)
(17,231)
Net assets/(liabilities)
89,821
(81,512)
Capital and reserves
Called up share capital
7
142
109
Share premium account
535,958
35,991
Profit and loss reserves
(446,279)
(117,612)
Total equity
89,821
(81,512)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year 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.
AGREED ONLINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 August 2023 and are signed on its behalf by:
Mr C R H Eddlestone
Director
Company registration number 11575773 (England and Wales)
AGREED ONLINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2020
2
(13,581)
(13,579)
Year ended 30 September 2021:
Loss and total comprehensive income
-
-
(104,031)
(104,031)
Issue of share capital
7
107
35,991
-
36,098
Balance at 30 September 2021
109
35,991
(117,612)
(81,512)
Year ended 30 September 2022:
Loss and total comprehensive income
-
-
(328,667)
(328,667)
Issue of share capital
7
33
499,967
-
500,000
Balance at 30 September 2022
142
535,958
(446,279)
89,821
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
1
Accounting policies
Company information
Agreed Online Limited is a private company limited by shares incorporated in England and Wales. The registered office is Somerset House, 37 Temple Street, Birmingham, B2 5DP.
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 amounts 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
Going concern
The company is reliant upon the financial support of its directors and external finance providers. The directors are not aware of any reason why this support will not be maintained for the foreseeable future. As a result, the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets 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:
Domain names
Over ten years
Website costs
Over four years
Spare Asset 3
Enter amortisation rate via StatDB - cd999272
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
Basic financial assets
Basic financial assets, which include 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. Financial assets classified as receivable within one year are not amortised.
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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 creditors, bank and other loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
2
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
3
Intangible fixed assets
Domain names
Website costs
Spare Asset 3
Total
£
£
£
£
Cost
At 1 October 2021
2,500
43,200
-
45,700
Additions
-
-
6,460
6,460
At 30 September 2022
2,500
43,200
6,460
52,160
Amortisation and impairment
At 1 October 2021
125
5,400
-
5,525
Amortisation charged for the year
250
10,800
396
11,446
At 30 September 2022
375
16,200
396
16,971
Carrying amount
At 30 September 2022
2,125
27,000
6,064
35,189
At 30 September 2021
2,375
37,800
-
40,175
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Unpaid share capital
33
33
Other debtors
10,511
2,073
10,544
2,106
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
2,664
5,580
Trade creditors
11,544
5,968
Taxation and social security
2,657
759
Other creditors
125,222
116,903
142,087
129,210
Other creditors include loans of £117,085 (2021: £40,585) from the directors.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
18,497
17,231
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors due after one year includes an amount of £5,140 which is due in more than 5 years.
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
142
109
142
109
On 21 December 2021, the company issued an additional 33 £1 ordinary shares at a premium of £15,151 per share.