Company Registration No. 13666614 (England and Wales)
CrowdComms Group Limited
Unaudited financial statements
for the Period ended 31 December 2022
Pages for filing with the registrar
CrowdComms Group Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
CrowdComms Group Limited
Statement of financial position
As at 31 December 2022
Page 1
2022
Notes
£
£
Fixed assets
Investments
4
1,065
Current assets
Debtors
6
105,000
Creditors: amounts falling due within one year
7
(105,065)
Net current liabilities
(65)
Net assets
1,000
Capital and reserves
Called up share capital
8
1,000

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial Period 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 Period 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 November 2023 and are signed on its behalf by:
Felix Stroud-Allen
Director
Company Registration No. 13666614
CrowdComms Group Limited
Notes to the financial statements
For the period ended 31 December 2022
Page 2
1
Accounting policies
Company information

CrowdComms Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is L3 The Grainstore, Shaftesbury Lane, Blandford Forum, DT11 7EG.

1.1
Reporting period

The reporting period is for the 15 months to 31 December 2022. The company was incorporated on 7 October 2021, after which there were no transactions or trading until the parent acquired all subsidiaries in February 2022. The company's reporting period was aligned with the group's 31 December period end. Therefore the current period represents the period from 7 October 2021 to 31 December 2022. As such the current period results will not be directly comparable with the future period's financial statements.

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
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.

CrowdComms Group Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 3
1.4
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 statement of financial position 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, 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.

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.

1.5
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.

CrowdComms Group Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
1
Accounting policies (continued)
Page 4
1.6
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.

2
Critical accounting 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 period was 2.

4
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
1,065
CrowdComms Group Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
4
Fixed asset investments (continued)
Page 5
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 7 October 2021
-
Additions
1,065
At 31 December 2022
1,065
Carrying amount
At 31 December 2022
1,065
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
CrowdComms Limited
L3 The Grainstore, Shaftesbury Lane, Blandford Forum, England, DT11 7EG
Ordinary
100
-
CrowdComms Ireland Limited
5 Carmody Street Business Park, Ennis, Co, Clare, V95 E205, Ireland
Ordinary
100
-
CrowdComms Pty Ltd
Unit 7 106 Old Pittwater Road, Brookvale, New South Wales, 2100, Australia
Ordinary
100
-
6
Debtors
2022
Amounts falling due within one year:
£
Amounts owed by group undertakings
105,000
CrowdComms Group Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 6
7
Creditors: amounts falling due within one year
2022
£
Amounts owed to group undertakings
65
Other creditors
105,000
105,065
8
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
A ordinary shares of £1 each
930
930
B ordinary shares of 10p each
700
70
1,630
1,000

Ordinary shares have full rights in the company with respect to voting, dividends and distributions.

 

The shares in CrowdComms Group Limited were issued on 28 February 2022 as consideration for acquiring CrowdComms Ireland Limited and CrowdComms Limited. The shares were originally issued in line with the shares that were held within those entities as shown below:

 

 

Number

£

A ordinary shares of 10p

900

90

B ordinary shares of 10p

6,000

600

C ordinary shares of 10p

1,000

100

D ordinary shares of 10p

1,000

100

E ordinary shares of 10p

100

10

 

On 17 May 2022, the shares were consolidated into A ordinary shares of £1 and B ordinary shares of 10p.

CrowdComms Group Limited
Notes to the financial statements (continued)
For the period ended 31 December 2022
Page 7
9
Related party transactions
Transactions with related parties

During the year dividends amounting to £105,000 were paid to shareholders.

 

CrowdComms Group Limited has taken the exemption in accordance with FRS102 section 33 to not disclose related party transactions with other entities where the relationship is as such that they are wholly owned. All other related party transactions during the year were of this nature.

10
Ultimate controlling party

The directors believe that there is no one ultimate controlling party.

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