RESOLUTION LIFE IP LIMITED

Company Registration Number:
13405754 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

RESOLUTION LIFE IP LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

RESOLUTION LIFE IP LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

J S Moss
N S Sangha
J C R Hele


The director shown below has held office during the period of
1 January 2022 to 29 September 2022

S R J Woods


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
22 September 2023

And signed on behalf of the board by:
Name: N S Sangha
Status: Director

RESOLUTION LIFE IP LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 7 months to 31 December 2021


£

£
Turnover: 0
Cost of sales: 0
Gross profit(or loss): 0
Distribution costs: 0
Administrative expenses: ( 23,020 ) 0
Other operating income: 0
Operating profit(or loss): (23,020) 0
Interest receivable and similar income: 0
Interest payable and similar charges: 0
Profit(or loss) before tax: (23,020) 0
Profit(or loss) for the financial year: (23,020) 0

RESOLUTION LIFE IP LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 7 months to 31 December 2021


£

£
Fixed assets
Intangible assets: 3 4,254,015 2,179,788
Total fixed assets: 4,254,015 2,179,788
Current assets
Debtors: 4 437,958
Total current assets: 437,958
Creditors: amounts falling due within one year: 5 ( 4,714,992 ) ( 2,179,788 )
Net current assets (liabilities): (4,277,034) (2,179,788)
Total assets less current liabilities: (23,019) 1
Total net assets (liabilities): (23,019) 1
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (23,020 ) 0
Total Shareholders' funds: ( 23,019 ) 1

The notes form part of these financial statements

RESOLUTION LIFE IP LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 26 September 2023
and signed on behalf of the board by:

Name: N S Sangha
Status: Director

The notes form part of these financial statements

RESOLUTION LIFE IP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Other accounting policies

    Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the Company.Monetary assets and liabilities denominated in a currency other than the functional currency of the Company are revalued into sterling, at the prevailing exchange rate on the balance sheet date.Revenues and expenses denominated in a currency other than the functional currency of the Company, are valued at the exchange rate on the date on which the underlying revenue or expense transaction occurred.Exchange gains and losses are taken to the profit and loss account.Cash flow statementThe Company as a small entity has taken advantage of the exemption in section 1A of FRS 102 from the requirement to prepare a statement of cash flows.Judgements and key sources of estimation uncertaintyAreas where such judgements, estimates and assumptions have been made include the recoverability of receivables. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Intangible assetsInternally developed software is capitalised only if the identifiable asset is commercially and technically feasible, can be completed, its costs can be measured reliably and will generate probable future economic benefits. In addition to the internal costs (including all attributable direct costs), but not the cost incurred during the research phase, total costs also include externally contracted development work. Such capitalised intangibles are recognised at cost less accumulated amortisation over a useful life of 3 to 5 years. In-process capitalised development costs are tested annually for impairment.Impairment of fixed assetsA 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.For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Company are assigned to those units.Financial instrumentsA financial asset or a financial liability is recognised only when the Company becomes a party to the contractual provisions of the instrument.Basic financial instruments 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.Trade receivablesTrade receivables are measured at fair value on initial recognition. Appropriate allowances for estimated irrecoverable amounts are recognised in profit and loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.Trade payablesTrade payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.Financial liabilities and equityFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

RESOLUTION LIFE IP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 7 months to 31 December 2021
    Average number of employees during the period 0 0

RESOLUTION LIFE IP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2022 2,179,788 2,179,788
Additions 2,074,227 2,074,227
Disposals
Revaluations
Transfers
At 31 December 2022 4,254,015 4,254,015
Amortisation
At 1 January 2022 0 0
Charge for year 0 0
On disposals 0 0
Other adjustments 0 0
At 31 December 2022 0 0
Net book value
At 31 December 2022 4,254,015 4,254,015
At 31 December 2021 2,179,788 2,179,788

RESOLUTION LIFE IP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 7 months to 31 December 2021
£ £
Other debtors 437,958
Total 437,958

RESOLUTION LIFE IP LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 7 months to 31 December 2021
£ £
Accruals and deferred income 7,974
Other creditors 4,707,018 2,179,788
Total 4,714,992 2,179,788