2022-02-012023-01-312023-01-31false05440833Unboxed Consulting 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Unboxed Consulting Limited

Registered Number
05440833
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

Unboxed Consulting Limited
Company Information
for the year from 1 February 2022 to 31 January 2023

Directors

M R Turrell
M R Evans

Registered Address

60-62 Commercial Street
London
E1 6LT

Registered Number

05440833 (England and Wales)
Unboxed Consulting Limited
Statement of Financial Position
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets8110,606131,429
Investments9216,387216,387
326,993347,816
Current assets
Debtors112,022,1171,898,480
Cash at bank and on hand656,256595,371
2,678,3732,493,851
Creditors amounts falling due within one year12(595,664)(448,029)
Net current assets (liabilities)2,082,7092,045,822
Total assets less current liabilities2,409,7022,393,638
Creditors amounts falling due after one year13(78,984)(105,346)
Net assets2,330,7182,288,292
Capital and reserves
Called up share capital143143
Other reserves-608,237
Profit and loss account2,330,5751,679,912
Shareholders' funds2,330,7182,288,292
The financial statements were approved and authorised for issue by the Board of Directors on 11 October 2023, and are signed on its behalf by:
M R Turrell
Director
Registered Company No. 05440833
Unboxed Consulting Limited
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
Unboxed Consulting Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3.Principal activities
The Principal activity of the company in the year under review was that of a design and ruby on rails development agency.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Computer equipment - two years and three years Fixtures & fittings - three years and ten years Vehicle - 25% reducing balance Leasehold Improvements - over the remaining lease period
Revenue recognition policy
Turnover from the rendering of services is recognised by reference to the stage of completion of the sales contract. The stage of completion of a contract is determined by comparing the performance obligations performed to date to the total estimated performance obligations included in the contract. The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period the service is rendered. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Taxation policy
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Tax credits shown in the income statement represent tax credits received by the company as a result of claims made under HMRC's R&D Tax relief schemes.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. At the statement of financial position date, the company had significant Corporation Tax trading losses carried forward. A deferred tax asset has been recognized on these losses only to the extent that the deferred tax asset extinguishes the company's deferred tax liabilities.
Research and development policy
Expenditure on research and development is written off in the year in which it is incurred. Tax credits arising from claims made under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss-making, as a Corporation Tax credit. Tax credits arising from claims made under the RDEC scheme are subject to Corporation Tax. Gross tax credits are therefore reflected ‘above the line’ in Other income with the corresponding charge to Corporation Tax reflected in the Corporation Tax charge, or credit (if loss-making). Tax credits receivable from R&D claims are recognized in the reporting period in which the qualifying expenditure is incurred.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Investments policy
Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment. Other fixed asset investments are recognised at cost less any provision for impairment.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. Share-based Payments The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
6.Critical estimates and judgements
No significant judgements or estimates have been applied in order to arrive at the figures contained within these financial statements.
7.Employee information
During the previous reporting period all of the valid share options in issue vested and were subsequently exercised. At the statement of financial position date the company had no outstanding share options in issue. No share-based payments have been recognised in the income statement for the reporting period (2021: £608,237).

20232022
Average number of employees during the year2228
8.Property, plant and equipment

Land & buildings

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 February 227,770108,5714,22464,516185,081
Additions-4008,9997,85617,255
At 31 January 237,770108,97113,22372,372202,336
Depreciation and impairment
At 01 February 225,03719,3942,24526,97653,652
Charge for year1,55411,8632,66321,99838,078
At 31 January 236,59131,2574,90848,97491,730
Net book value
At 31 January 231,17977,7148,31523,398110,606
At 31 January 222,73389,1771,97937,540131,429
Included within the net book value of Vehicles is an amount of £77,329 (2022: £89,153) attributable to assets held on finance lease agreements.
9.Fixed asset investments

Investments in groups1

Other investments2

Total

£££
Cost or valuation
At 01 February 2210216,377216,387
At 31 January 2310216,377216,387
Net book value
At 31 January 2310216,377216,387
At 31 January 2210216,377216,387

Notes

1Investments in group undertakings and participating interests
2Other investments other than loans
10.Description of financial commitments other than capital commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £80,136 (2022: £104,790) Between one and five years: £12,257 (2022: £92,703)
11.Debtors

2023

2022

££
Trade debtors / trade receivables358,84919,063
Amounts owed by group undertakings1,539,6031,539,918
Other debtors55,83156,014
Prepayments and accrued income67,834283,485
Total2,022,1171,898,480
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables16,45362,972
Bank borrowings and overdrafts10,00110,000
Taxation and social security175,656162,781
Finance lease and HP contracts16,36214,170
Other creditors17,79717,191
Accrued liabilities and deferred income359,395180,915
Total595,664448,029
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts25,00035,000
Other creditors53,98470,346
Total78,984105,346
Split across Creditors due within one year and Creditors due after one year are total bank borrowings of £35,000 (2022: £45,000) which are owed to the company's bankers under the Coronavirus Bounce Back Loan Scheme. The loan is guaranteed by the UK government under the scheme.
14.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts53,98470,346