Company Registration No. 11575773 (England and Wales)
AGREED ONLINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
AGREED ONLINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
AGREED ONLINE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
40,175
20,500
Current assets
Debtors
4
2,106
2,632
Cash at bank and in hand
22,648
13,007
24,754
15,639
Creditors: amounts falling due within one year
5
(129,210)
(27,785)
Net current liabilities
(104,456)
(12,146)
Total assets less current liabilities
(64,281)
8,354
Creditors: amounts falling due after more than one year
6
(17,231)
(21,933)
Net liabilities
(81,512)
(13,579)
Capital and reserves
Called up share capital
7
109
2
Share premium account
35,991
Profit and loss reserves
(117,612)
(13,581)
Total equity
(81,512)
(13,579)
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 2021 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 2021
30 September 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
Mr C R H Eddlestone
Director
Company Registration No. 11575773
AGREED ONLINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2019
1
(375)
(374)
Period ended 30 September 2020:
Loss and total comprehensive income for the period
-
-
(13,206)
(13,206)
Issue of share capital
7
1
-
1
Balance at 30 September 2020
2
(13,581)
(13,579)
Year ended 30 September 2021:
Loss and total comprehensive income for the year
-
-
(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)
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 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
Whilst the directors have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
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
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.
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
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:
2021
2020
Number
Number
Total
2
2
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
3
Intangible fixed assets
Domain names
Website costs
Total
£
£
£
Cost
At 1 October 2020
2,500
18,000
20,500
Additions
-
25,200
25,200
At 30 September 2021
2,500
43,200
45,700
Amortisation and impairment
At 1 October 2020
Amortisation charged for the year
125
5,400
5,525
At 30 September 2021
125
5,400
5,525
Carrying amount
At 30 September 2021
2,375
37,800
40,175
At 30 September 2020
2,500
18,000
20,500
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Unpaid share capital
33
Other debtors
2,073
2,219
Prepayments and accrued income
413
2,106
2,632
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
5,580
1,567
Trade creditors
5,968
1,033
Taxation and social security
759
Other creditors
116,903
25,185
129,210
27,785
Other creditors include loans of £40,585 (2020: £24,585) from the directors.
AGREED ONLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
17,231
21,933
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
3,133
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
109
2
109
2
During the year the company issued 98 £1 ordinary shares at par and a further 9 £1 ordinary shares at a premium of £3,999 per share.
On 21 December 2021, the company issued an additional 33 £1 ordinary shares at a premium of £15,151 per share.