Influential Software Services Limited
Unaudited Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 02779820 (England and Wales)
Influential Software Services Limited
Company Information
Directors
A. Richardson
J. Simpson
Company number
02779820
Registered office
11 Hollingworth Court
Turkey Mill
Ashford Road
Maidstone
Kent
United Kingdom
ME14 5PP
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Influential Software Services Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Influential Software Services Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
163
85,202
Tangible assets
4
38,703
49,343
38,866
134,545
Current assets
Debtors
5
2,363,822
1,850,615
Cash at bank and in hand
699,473
879,968
3,063,295
2,730,583
Creditors: amounts falling due within one year
6
(2,827,483)
(2,793,382)
Net current assets/(liabilities)
235,812
(62,799)
Total assets less current liabilities
274,678
71,746
Provisions for liabilities
7
(7,354)
(9,375)
Net assets
267,324
62,371
Capital and reserves
Called up share capital
8
100
100
Capital redemption reserve
1,000
1,000
Profit and loss reserves
266,224
61,271
Total equity
267,324
62,371
Influential Software Services Limited
Balance Sheet (Continued)
As at 31 December 2021
Page 2
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 31 December 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 Act 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.
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:
A. Richardson
Director
Company Registration No. 02779820
Influential Software Services Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 3
1
Accounting policies
Company information
Influential Software Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Hollingworth Court, Turkey Mill, Ashford Road, Maidstone, Kent, United Kingdom, ME14 5PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for thetrue foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual installments over its estimated useful economic life of 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold improvements
Over the term of the lease
Plant and machinery
25% - 33% straight line
Fixtures, fittings & equipment
15% straight line
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
Influential Software Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 4
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Influential Software Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
44
47
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021
373,110
Additions
244
At 31 December 2021
373,354
Amortisation and impairment
At 1 January 2021
287,908
Amortisation charged for the year
85,283
At 31 December 2021
373,191
Carrying amount
At 31 December 2021
163
At 31 December 2020
85,202
Influential Software Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
35,623
243,146
278,769
Additions
15,692
15,692
Disposals
(35,623)
(123,965)
(159,588)
At 31 December 2021
134,873
134,873
Depreciation and impairment
At 1 January 2021
35,623
193,803
229,426
Depreciation charged in the year
24,227
24,227
Eliminated in respect of disposals
(35,623)
(121,860)
(157,483)
At 31 December 2021
96,170
96,170
Carrying amount
At 31 December 2021
38,703
38,703
At 31 December 2020
49,343
49,343
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
983,810
1,142,713
Corporation tax recoverable
60,423
18,224
Amounts owed by group undertakings
3,305
Other debtors
1,316,284
689,678
2,363,822
1,850,615
Influential Software Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 7
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
406,409
702,516
Amounts owed to group undertakings
113
943
Corporation tax
131,654
3,198
Other taxation and social security
384,771
513,688
Other creditors
1,904,536
1,573,037
2,827,483
2,793,382
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
ACAs
7,354
9,375
2021
Movements in the year:
£
Liability at 1 January 2021
9,375
Credit to profit or loss
(2,021)
Liability at 31 December 2021
7,354
The deferred tax liability set out above is expected to reverse over the life of the assets to which it applies and relates to accelerated capital allowances that are expected to mature within the same period.
8
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
100
100
Influential Software Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 8
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
117,629
179,352
Between two and five years
117,629
117,629
296,981
10
Control
The parent company is Influential (Holdings) Limited which holds 100% of the share capital. The registered address of the parent company is 11 Hollingworth Court Turkey Mill Business Park, Ashford Road, Maidstone, Kent, England, ME14 5PP.
11
Directors' transactions
Included in debtors at the year end is an amount of £185,917 (2020: £nil) due from a director, Mr J Simpson. Interest of £102 (2020: £nil) has been charged during the year, at a rate of 2.00%.
12
Related party transactions
During the year expenses of £53,796 (2020: £92,534) were recharged to Influential People Limited and purchases totalling £65,644 (2020: £43,877) were made from Influential People Limited, a fellow subsidiary company. Included in trade creditors at the year end is amount of £58,885 (2020: £36,304) due to Influential People Limited. Also included in other debtors is an amount of £3,305 (2020: £943 in other creditors) owed from Influential People Limited.
At the year end the company owed £113 (2020: £nil) to Influential (Holdings) Limited, its parent company. Interest at a rate of 10% was charged on this loan. The interest charge for the period was £Nil (2020: £9,226).
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