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COMPANY REGISTRATION NUMBER: 10925008
FINMODO LTD
Filleted Unaudited Financial Statements
31 August 2021
FINMODO LTD
Statement of Financial Position
31 August 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
4
1,140
2,275
Tangible assets
5
64
86
-------
-------
1,204
2,361
Current assets
Debtors
6
32,701
11,175
Cash at bank and in hand
43,500
8,762
--------
--------
76,201
19,937
Creditors: amounts falling due within one year
7
25,111
39,668
--------
--------
Net current assets/(liabilities)
51,090
( 19,731)
--------
--------
Total assets less current liabilities
52,294
( 17,370)
--------
--------
Net assets/(liabilities)
52,294
( 17,370)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
52,194
( 17,470)
--------
--------
Shareholder funds/(deficit)
52,294
( 17,370)
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FINMODO LTD
Statement of Financial Position (continued)
31 August 2021
These financial statements were approved by the board of directors and authorised for issue on 28 August 2022 , and are signed on behalf of the board by:
Mr K R Chaning-Pearce
Director
Company registration number: 10925008
FINMODO LTD
Notes to the Financial Statements
Year ended 31 August 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Manchester Street, London, W1U 7LP.
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 directors have confirmed availability of working capital such that the company can settle its liabilities as they fall due for at least a further twelve months from the date of approving these accounts. As a result, the going concern basis has been adopted.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the period, stated net of discounts and of Value Added Tax.
Income tax
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.
Intangible assets
Intangible assets comprise website development costs in the development phase which can be reliably measured and are expected to generate future economic benefits. 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.
Amortisation
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:
Website development costs
-
over 5 years on a straight line basis
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.
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
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Loans from directors are recorded at transaction price. Other basic financial instruments 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.
4. Intangible assets
Website development costs
£
Cost
At 1 September 2020 and 31 August 2021
5,680
-------
Amortisation
At 1 September 2020
3,405
Charge for the year
1,135
-------
At 31 August 2021
4,540
-------
Carrying amount
At 31 August 2021
1,140
-------
At 31 August 2020
2,275
-------
5. Tangible assets
Equipment
£
Cost
At 1 September 2020 and 31 August 2021
208
----
Depreciation
At 1 September 2020
122
Charge for the year
22
----
At 31 August 2021
144
----
Carrying amount
At 31 August 2021
64
----
At 31 August 2020
86
----
6. Debtors
2021
2020
£
£
Other debtors
32,701
11,175
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
19,923
Social security and other taxes
2,350
1,827
Other creditors
2,838
37,841
--------
--------
25,111
39,668
--------
--------
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2021
2020
2021
2020
£
£
£
£
Loans owed from/(to) the director
( 58,593)
(8,069)
23,678
( 34,915)
--------
-------
--------
--------
The company made interest-free advances to the director amounting to £62,309 (2020: £nil). These were repayable on demand. The company received repayments of £3,716 (2020: £8,069).