Company registration number 05710565 (England and Wales)
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
901,986
898,902
Tangible assets
5
4,863
3,584
Investments
6
854,796
1,073,833
1,761,645
1,976,319
Current assets
Debtors
7
993,706
606,488
Cash at bank and in hand
82,163
265,926
1,075,869
872,414
Creditors: amounts falling due within one year
8
(1,002,072)
(960,121)
Net current assets/(liabilities)
73,797
(87,707)
Total assets less current liabilities
1,835,442
1,888,612
Creditors: amounts falling due after more than one year
9
(161,817)
(216,575)
Net assets
1,673,625
1,672,037
Capital and reserves
Called up share capital
11
4,359
4,199
Share premium account
26,641
10,787
Profit and loss reserves
1,642,625
1,657,051
Total equity
1,673,625
1,672,037
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 2022 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.
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
A Ebner Brown
Director
Company Registration No. 05710565
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Polarisoft The Anywhere Company Limited (Formerly Polarisoft Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Harmsworth House, 13-15 Bouverie Street, London, United Kingdom, EC4Y 8DP.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business 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:
Software
5 year straight line
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:
Plant and equipment
25% reducing balance
Computers
3 year straight line
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.
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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 loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
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.
1.11
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.12
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.
1.13
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
11
12
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2022
2,619,520
Additions
455,010
At 31 December 2022
3,074,530
Amortisation and impairment
At 1 January 2022
1,720,618
Amortisation charged for the year
451,926
At 31 December 2022
2,172,544
Carrying amount
At 31 December 2022
901,986
At 31 December 2021
898,902
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
68,821
Additions
4,822
Disposals
(22,629)
At 31 December 2022
51,014
Depreciation and impairment
At 1 January 2022
65,237
Depreciation charged in the year
3,311
Eliminated in respect of disposals
(22,397)
At 31 December 2022
46,151
Carrying amount
At 31 December 2022
4,863
At 31 December 2021
3,584
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
6
Fixed asset investments
2022
2021
£
£
Investments
854,796
1,073,833
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2022
1,000
1,072,833
1,073,833
Additions
-
13,021
13,021
Valuation changes
-
(98,532)
(98,532)
Disposals
-
(133,526)
(133,526)
At 31 December 2022
1,000
853,796
854,796
Carrying amount
At 31 December 2022
1,000
853,796
854,796
At 31 December 2021
1,000
1,072,833
1,073,833
At 31 December 2022 the cost of the investments held was £885,086 (2021: £963,659).
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
406,529
77,569
Amounts owed by group undertakings
561,387
464,812
Other debtors
25,790
64,107
993,706
606,488
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
125,524
45,775
Taxation and social security
153,778
106,956
Other creditors
722,770
807,390
1,002,072
960,121
POLARISOFT THE ANYWHERE COMPANY LIMITED (FORMERLY POLARISOFT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
161,817
216,575
10
Share-based payment transactions
The company has issued share options under the Enterprise Management Incentive scheme. At 31 December 2022, 611,500 (2021: 627,514) share options were in place to acquire ordinary shares of £0.01 each, with the options vesting equally over period lengths ranging between sixteen to twenty-three months.
There were Nil (2021: 292,500) share options issued in the year ended 31 December 2022. The number of options that had fully vested during the year was 35,000 (2021: 320,753) of which 16,014 (2021: 8,239) were exercised during the year ended 31 December 2022 leaving 331,500 (2021: 312,514) options fully vested at the year end.
The exercise price of all options outstanding at the year end was £1. The fair value of the option price used was £1 per share at 31 December 2022.
A share based payment charge to the profit and loss account of £152,384 (2021:£62,534) has been recognised at 31 December 2022 in respect of equity settled schemes. The company did not enter in to any share-based payment transactions with parties other than employees during the current period.
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary Shares of 1p each
436,000
419,986
4,359
4,199
During the year 16,014 ordinary shares of 1p each were issued for consideration of £16,014 (201: 8,239 ordinary shares of 1p each issued for consideration of £8,239).
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