1
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
true
false
No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
942,998
211,559
1,154,557
501,027
107,653
608,680
545,877
441,971
9,074
8,924
56
8,980
94
150
xbrli:pure
xbrli:shares
iso4217:GBP
SC380328
2022-07-01
2023-06-30
SC380328
2023-06-30
SC380328
2022-06-30
SC380328
2021-07-01
2022-06-30
SC380328
2022-06-30
SC380328
2021-06-30
SC380328
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-07-01
2023-06-30
SC380328
bus:OrdinaryShareClass1
2022-07-01
2023-06-30
SC380328
bus:OrdinaryShareClass3
2022-07-01
2023-06-30
SC380328
bus:Director2
2022-07-01
2023-06-30
SC380328
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
SC380328
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-30
SC380328
core:WithinOneYear
2023-06-30
SC380328
core:WithinOneYear
2022-06-30
SC380328
core:AfterOneYear
2023-06-30
SC380328
core:AfterOneYear
2022-06-30
SC380328
core:ShareCapital
2023-06-30
SC380328
core:ShareCapital
2022-06-30
SC380328
core:SharePremium
2023-06-30
SC380328
core:SharePremium
2022-06-30
SC380328
core:OtherReservesSubtotal
2022-06-30
SC380328
core:RetainedEarningsAccumulatedLosses
2023-06-30
SC380328
core:RetainedEarningsAccumulatedLosses
2022-06-30
SC380328
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
SC380328
bus:SmallEntities
2022-07-01
2023-06-30
SC380328
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
SC380328
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
SC380328
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
SC380328
bus:FullAccounts
2022-07-01
2023-06-30
SC380328
bus:OrdinaryShareClass1
2023-06-30
SC380328
bus:OrdinaryShareClass1
2022-06-30
SC380328
bus:OrdinaryShareClass3
2023-06-30
SC380328
bus:OrdinaryShareClass3
2022-06-30
SC380328
bus:AllOrdinaryShares
2023-06-30
SC380328
bus:AllOrdinaryShares
2022-06-30
SC380328
core:ComputerEquipment
2022-07-01
2023-06-30
SC380328
core:ComputerEquipment
2023-06-30
SC380328
core:ComputerEquipment
2022-06-30
SC380328
core:AfterOneYear
2022-07-01
2023-06-30
SC380328
core:AllAssociates
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
SC380328
Filleted Unaudited Financial Statements |
|
Year ended 30 June 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 7 |
|
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Intangible assets |
5 |
|
545,877 |
441,971 |
Tangible assets |
6 |
|
94 |
150 |
|
|
--------- |
--------- |
|
|
545,971 |
442,121 |
|
|
|
|
|
Current assets
Debtors |
7 |
30,382 |
|
22,194 |
Cash at bank and in hand |
– |
|
21,632 |
|
-------- |
|
-------- |
|
30,382 |
|
43,826 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
715,708 |
|
668,171 |
|
--------- |
|
--------- |
Net current liabilities |
|
685,326 |
624,345 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
(
139,355) |
(
182,224) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
7,886 |
13,149 |
|
|
--------- |
--------- |
Net liabilities |
|
(
147,241) |
(
195,373) |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
10 |
|
238,889 |
238,889 |
Share premium account |
|
29,889 |
29,889 |
Other reserves |
|
– |
2,826 |
Profit and loss account |
|
(
416,019) |
(
466,977) |
|
|
--------- |
--------- |
Shareholders deficit |
|
(
147,241) |
(
195,373) |
|
|
--------- |
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
14 November 2023
, and are signed on behalf of the board by:
Company registration number:
SC380328
Notes to the Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The director has assessed the company's ability to continue as a going concern and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company had negative net current assets of £139,355 as at the 30th June 2023. Included within other creditors is £588,973 owed to the shareholders, the shareholders will continue to provide financial support to the company for 12 months following the approval of the financial statements and will not recall the loan to the detriment of the company's ability to trade. As such, the director believes that it is appropriate to prepare the financial statements on the going concern basis. Deferred government grants Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Platform Development |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Intangible assets
Cost |
|
At 1 July 2022 |
942,998 |
Additions |
211,559 |
|
------------ |
At 30 June 2023 |
1,154,557 |
|
------------ |
Amortisation |
|
At 1 July 2022 |
501,027 |
Charge for the year |
107,653 |
|
------------ |
At 30 June 2023 |
608,680 |
|
------------ |
Carrying amount |
|
At 30 June 2023 |
545,877 |
|
------------ |
At 30 June 2022 |
441,971 |
|
------------ |
|
|
6.
Tangible assets
Cost |
|
|
At 1 July 2022 and 30 June 2023 |
9,074 |
9,074 |
|
------- |
------- |
Depreciation |
|
|
At 1 July 2022 |
8,924 |
8,924 |
Charge for the year |
56 |
56 |
|
------- |
------- |
At 30 June 2023 |
8,980 |
8,980 |
|
------- |
------- |
Carrying amount |
|
|
At 30 June 2023 |
94 |
94 |
|
------- |
------- |
At 30 June 2022 |
150 |
150 |
|
------- |
------- |
|
|
|
7.
Debtors
Trade debtors |
– |
26 |
Other debtors |
30,382 |
22,168 |
|
-------- |
-------- |
|
30,382 |
22,194 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
Bank loans and overdrafts |
21,994 |
– |
Trade creditors |
86,514 |
32,994 |
Social security and other taxes |
1,313 |
4,400 |
Other creditors |
605,887 |
630,777 |
|
--------- |
--------- |
|
715,708 |
668,171 |
|
--------- |
--------- |
|
|
|
The loan is secured by a floating charge over the assets of the company.
9.
Creditors:
amounts falling due after more than one year
Bank loans and overdrafts |
7,886 |
13,149 |
|
------- |
-------- |
|
|
|
The loan is secured by a floating charge over the assets of the company.
10.
Called up share capital
Issued, called up and fully paid
A Ordinary shares of £ 0.01 each |
21,500,000 |
215,000 |
21,500,000 |
215,000 |
C Ordinary shares of £ 0.01 each |
2,388,888 |
23,889 |
2,388,888 |
23,889 |
|
------------- |
--------- |
------------- |
--------- |
|
23,888,888 |
238,889 |
23,888,888 |
238,889 |
|
------------- |
--------- |
------------- |
--------- |
|
|
|
|
|
11.
Related party transactions
At 30 June 2023 £225,334 (2022: £229,734) was due to a shareholder in the company. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors. At 30 June 2023 £0 (2022: £6,750) was due to Geographe Bay Consulting Limited. The directors of Geographe Bay Consulting Limited are also shareholders of Iwise2ebusiness Ltd . This loan is interest free and repayable on demand. This balance is disclosed within Other creditors. At 30 June 2023 £154,904 (2022: £161,301 ) was due to the Director. This loan is interest free and repayable on demand. This balance is disclosed within other creditors. At 30 June 2023 £208,734 (2022: £216,623 ) was due to a former Director. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors.