Company registration number 03922318 (England and Wales)
BESTOUTCOME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
BESTOUTCOME LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BESTOUTCOME LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
485,889
335,390
Tangible assets
4
16,521
6,481
502,410
341,871
Current assets
Debtors
5
395,683
132,765
Cash at bank and in hand
1,083,254
909,026
1,478,937
1,041,791
Creditors: amounts falling due within one year
6
(1,199,167)
(716,470)
Net current assets
279,770
325,321
Total assets less current liabilities
782,180
667,192
Provisions for liabilities
(95,358)
(64,833)
Net assets
686,822
602,359
Capital and reserves
Called up share capital
21,000
21,000
Share premium account
23,000
23,000
Capital redemption reserve
2,780
2,780
Profit and loss reserves
640,042
555,579
Total equity
686,822
602,359
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 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.
BESTOUTCOME LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2022 and are signed on its behalf by:
Mr David Walton
Director
Company Registration No. 03922318
BESTOUTCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Bestoutcome Limited is a private company limited by shares incorporated in England and Wales. The registered office is Europa House, 11 Marsham Way, Gerrards Cross, Buckinghamshire, England, SL9 8BQ.
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
Turnover
Turnover represents net invoiced sales of consultancy and training services and project management tools in addition to the sale of software licences.
1.3
Research and development expenditure
Intangible assets such as software development are capitalised when there is a clearly defined project which the directors believe is commercially viable and technically feasible with project income expected to outweigh cost. It is measured initially at the time costs incurred and amortised over their estimated useful lives once the project has been completed. This is estimated at five years. Where the directors believe that an impairment in value has occurred, the charge is taken to profit and loss account immediately and the net book value reduced accordingly.
1.4
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:
Fixtures and fittings
25% on cost
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
BESTOUTCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.7
Share-based payments
The company has taken advantage of the exemption available within Financial Reporting Standard 102 not to recognise equity settles share based payment arrangements as an expense.
1.8
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
17
15
BESTOUTCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Intangible fixed assets
Website Development costs
Development costs
Total
£
£
£
Cost
At 1 January 2021
1,020,795
1,020,795
Additions - internally developed
356,285
356,285
Additions - separately acquired
17,650
17,650
At 31 December 2021
17,650
1,377,080
1,394,730
Amortisation and impairment
At 1 January 2021
685,405
685,405
Amortisation charged for the year
5,883
217,553
223,436
At 31 December 2021
5,883
902,958
908,841
Carrying amount
At 31 December 2021
11,767
474,122
485,889
At 31 December 2020
335,390
335,390
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2021
19,753
73,937
93,690
Additions
21,095
21,095
At 31 December 2021
19,753
95,032
114,785
Depreciation and impairment
At 1 January 2021
19,708
67,501
87,209
Depreciation charged in the year
45
11,010
11,055
At 31 December 2021
19,753
78,511
98,264
Carrying amount
At 31 December 2021
16,521
16,521
At 31 December 2020
45
6,436
6,481
BESTOUTCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
354,405
118,035
Other debtors
41,278
14,730
395,683
132,765
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
15,107
8,528
Corporation tax
19,719
41,035
Other taxation and social security
154,862
60,115
Other creditors
1,009,479
606,792
1,199,167
716,470
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
91,235
53,197
Other timing differences
4,123
11,636
95,358
64,833
2021
Movements in the year:
£
Liability at 1 January 2021
64,833
Charge to profit or loss
30,525
Liability at 31 December 2021
95,358
BESTOUTCOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
8
Share-based payment transactions
The company operates an employee share option plan, under which 155,000 (2020: 155,000) options have been granted over B Ordinary Shares of 1p each in total of two (2020: two) employees at an exercise price of 10p and 20p. All options can be exercised from 31 December 2009.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
123,500
22,938
10
Directors' transactions
The following advances and credits were made to a director in the year. Interest is charged at 2% on all overdrawn balances.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Advances and credits
2.00
213
5,000
104
5,317
213
5,000
104
5,317