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Registration number: 07616335

Sigwatch Limited

Unaudited Annual Report and Financial Statements

for the Year Ended 31 December 2021

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Sigwatch Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sigwatch Limited

Company Information

Directors

R Blood

S Gerloff-Blood

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Sigwatch Limited

Statement of Financial Position as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

30,005

24,134

Tangible assets

5

2,300

1,271

 

32,305

25,405

Current assets

 

Debtors

6

99,910

49,873

Cash at bank and in hand

 

72,307

68,694

 

172,217

118,567

Creditors: Amounts falling due within one year

7

(298,118)

(174,911)

Net current liabilities

 

(125,901)

(56,344)

Total assets less current liabilities

 

(93,596)

(30,939)

Creditors: Amounts falling due after more than one year

7

(34,830)

(43,685)

Net liabilities

 

(128,426)

(74,624)

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 7 September 2022 and signed on its behalf by:
 

.........................................

R Blood

Director

Company registration number: 07616335

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company during the year was that of the provision of risk analysis and consultancy services.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 6 (2020 - 4).

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Website Development
 £

Total
£

Cost

At 1 January 2021

28,760

28,760

Additions acquired separately

12,885

12,885

At 31 December 2021

41,645

41,645

Amortisation

At 1 January 2021

4,626

4,626

Amortisation charge

7,014

7,014

At 31 December 2021

11,640

11,640

Carrying amount

At 31 December 2021

30,005

30,005

At 31 December 2020

24,134

24,134

5

Tangible assets

Office Equipment
 £

Total
£

Cost or valuation

At 1 January 2021

4,199

4,199

Additions

1,575

1,575

At 31 December 2021

5,774

5,774

Depreciation

At 1 January 2021

2,928

2,928

Charge for the year

546

546

At 31 December 2021

3,474

3,474

Carrying amount

At 31 December 2021

2,300

2,300

At 31 December 2020

1,271

1,271

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Trade debtors

85,538

42,271

Other debtors

14,372

7,602

99,910

49,873

7

Creditors

Note

2021
£

2020
£

Due within one year

Bank loans and overdrafts

8

9,651

6,315

Trade creditors

 

3,324

2,198

Taxation and social security

 

16,818

8,545

Other creditors

 

268,325

157,853

 

298,118

174,911

Due after one year

Loans and borrowings

8

34,830

43,685

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,651

6,315

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

34,830

43,685

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

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).