Registration number:
Sigwatch Limited
|
|
Sigwatch Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Sigwatch Limited
Company Information
Directors |
R Blood S Gerloff-Blood |
Registered office |
|
Accountants |
|
Sigwatch Limited
Statement of Financial Position as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
3 |
3 |
|
Profit and loss account |
(128,429) |
(74,627) |
|
Shareholders' deficit |
(128,426) |
(74,624) |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Sigwatch Limited
Statement of Financial Position as at 31 December 2021
Approved and authorised by the
.........................................
R Blood
Director
Company registration number: 07616335
Sigwatch Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company during the year was that of the provision of risk analysis and consultancy services.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a loss for the year ended 31 December 2021 and had net liabilities of £128,426 at that date.
The directors have considered the potential long-term effects of the COVID-19 pandemic, and the directors' view is that the impact will be manageable.
Turnover increased in 2021 as the pandemic restrictions reduced. The increase in turnover for the year was offest by increased costs as additional sales staff were hired. The increase in turnover has continued in 2022 and the directors expect to return to profitability in the year ending 31 December 2022.
Based on the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises turnover from subscriptions equally over the period to which the subscriptions relate when it is probable that future economic benefits will flow to the entity.
Turnover from consultancy and research services are recognised as the services are delivered.
Sigwatch Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development |
5 year straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Sigwatch Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Staff numbers |
The average number of persons employed by the company during the year, was
Sigwatch Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Intangible assets |
Website Development |
Total |
|
Cost |
||
At 1 January 2021 |
|
|
Additions acquired separately |
|
|
At 31 December 2021 |
|
|
Amortisation |
||
At 1 January 2021 |
|
|
Amortisation charge |
|
|
At 31 December 2021 |
|
|
Carrying amount |
||
At 31 December 2021 |
|
|
At 31 December 2020 |
|
|
Tangible assets |
Office Equipment |
Total |
|
Cost or valuation |
||
At 1 January 2021 |
|
|
Additions |
|
|
At 31 December 2021 |
|
|
Depreciation |
||
At 1 January 2021 |
|
|
Charge for the year |
|
|
At 31 December 2021 |
|
|
Carrying amount |
||
At 31 December 2021 |
|
|
At 31 December 2020 |
|
|
Sigwatch Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Note |
2021 |
2020 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
34,830 |
43,685 |
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Sigwatch Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Gurantees, commitment and obligations |
The total of future minimum lease payments not reflected on the statement of financial position amounts to £22,680 (2020: £nil).