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false
false
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No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
595
1,544
2,139
50
712
762
1,377
545
xbrli:pure
xbrli:shares
iso4217:GBP
SC548356
2019-01-01
2019-12-31
SC548356
2019-12-31
SC548356
2018-12-31
SC548356
2018-01-01
2018-12-31
SC548356
2018-12-31
SC548356
bus:OrdinaryShareClass1
2019-01-01
2019-12-31
SC548356
bus:OrdinaryShareClass2
2019-01-01
2019-12-31
SC548356
bus:Director2
2019-01-01
2019-12-31
SC548356
core:WithinOneYear
2019-12-31
SC548356
core:WithinOneYear
2018-12-31
SC548356
core:AfterOneYear
2019-12-31
SC548356
core:ShareCapital
2019-12-31
SC548356
core:ShareCapital
2018-12-31
SC548356
core:SharePremium
2019-12-31
SC548356
core:SharePremium
2018-12-31
SC548356
core:RetainedEarningsAccumulatedLosses
2019-12-31
SC548356
core:RetainedEarningsAccumulatedLosses
2018-12-31
SC548356
bus:SmallEntities
2019-01-01
2019-12-31
SC548356
bus:AuditExemptWithAccountantsReport
2019-01-01
2019-12-31
SC548356
bus:FullAccounts
2019-01-01
2019-12-31
SC548356
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
SC548356
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
SC548356
bus:OrdinaryShareClass1
2019-12-31
SC548356
bus:OrdinaryShareClass1
2018-12-31
SC548356
bus:OrdinaryShareClass2
2019-12-31
SC548356
bus:OrdinaryShareClass2
2018-12-31
SC548356
bus:AllOrdinaryShares
2019-12-31
SC548356
bus:AllOrdinaryShares
2018-12-31
SC548356
core:ComputerEquipment
2019-01-01
2019-12-31
SC548356
core:ComputerEquipment
2018-12-31
SC548356
core:ComputerEquipment
2019-12-31
SC548356
1
2019-01-01
2019-12-31
COMPANY REGISTRATION NUMBER:
SC548356
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2019
Fixed assets
Tangible assets
|
5
|
1,377
|
545
|
|
|
|
|
Current assets
Debtors
|
6
|
412,168
|
102,220
|
Cash at bank and in hand
|
1,268,742
|
126,534
|
|
------------
|
---------
|
|
1,680,910
|
228,754
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
497,875
|
90,616
|
|
------------
|
---------
|
Net current assets
|
1,183,035
|
138,138
|
|
------------
|
---------
|
Total assets less current liabilities
|
1,184,412
|
138,683
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
13,767
|
–
|
|
------------
|
---------
|
Net assets
|
1,170,645
|
138,683
|
|
------------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
9
|
22
|
3
|
Share premium account
|
1,609,759
|
339,920
|
Profit and loss account
|
(
439,136)
|
(
201,240)
|
|
------------
|
---------
|
Shareholders funds
|
1,170,645
|
138,683
|
|
------------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2020
, and are signed on behalf of the board by:
Company registration number:
SC548356
Notes to the Financial Statements
|
|
Year ended 31 December 2019
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 27 McDonald Road, Edinburgh, EH7 4LX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Tangible 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. 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.
Depreciation
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:
|
Equipment
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
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. 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2018:
6
).
5.
Tangible assets
|
Equipment
|
|
£
|
Cost
|
|
At 1 January 2019
|
595
|
Additions
|
1,544
|
|
-------
|
At 31 December 2019
|
2,139
|
|
-------
|
Depreciation
|
|
At 1 January 2019
|
50
|
Charge for the year
|
712
|
|
-------
|
At 31 December 2019
|
762
|
|
-------
|
Carrying amount
|
|
At 31 December 2019
|
1,377
|
|
-------
|
At 31 December 2018
|
545
|
|
-------
|
|
|
6.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
276,546
|
87,451
|
Other debtors
|
135,622
|
14,769
|
|
---------
|
---------
|
|
412,168
|
102,220
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
37,254
|
60,460
|
Social security and other taxes
|
90,941
|
15,726
|
Other creditors
|
369,680
|
14,430
|
|
---------
|
--------
|
|
497,875
|
90,616
|
|
---------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Other creditors
|
13,767
|
–
|
|
--------
|
----
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2019
|
2018
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 0.00005 each
|
275,321
|
14
|
275,321
|
14
|
Ordinary A shares of £ 0.00005 each
|
159,759
|
8
|
84,897
|
4
|
|
---------
|
----
|
---------
|
----
|
|
435,080
|
22
|
360,218
|
18
|
|
---------
|
----
|
---------
|
----
|
|
|
|
|
|
Shares issued and fully paid
|
2019
|
2018
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 0.00005 each
|
275,321
|
14
|
275,321
|
14
|
Ordinary A shares of £ 0.00005 each
|
159,759
|
8
|
84,897
|
4
|
|
---------
|
----
|
---------
|
----
|
|
435,080
|
22
|
360,218
|
18
|
|
---------
|
----
|
---------
|
----
|
|
|
|
|
|
Shares issued and partly paid
10.
Events after the end of the reporting period
Subsequent to the year end the Directors are aware of uncertainties in respect of the effects of Covid-19. The Directors have assessed the company's ability to continue as a going concern and are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.