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COMPANY REGISTRATION NUMBER: 09428979
Getagent Ltd
Filleted Unaudited Financial Statements
28 February 2023
Getagent Ltd
Financial Statements
Year ended 28 February 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Getagent Ltd
Officers and Professional Advisers
The board of directors
C F Short
A P Thum-Bonanno
E E Freyfogle
A Martin
Registered office
346 Old Street
London
EC1V 9NQ
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Getagent Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Getagent Ltd
Year ended 28 February 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Getagent Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
37,335
40,919
Current assets
Debtors
6
1,427,833
1,441,406
Cash at bank and in hand
2,026,075
3,150,095
------------
------------
3,453,908
4,591,501
Creditors: amounts falling due within one year
7
1,176,362
939,701
------------
------------
Net current assets
2,277,546
3,651,800
------------
------------
Total assets less current liabilities
2,314,881
3,692,719
------------
------------
Net assets
2,314,881
3,692,719
------------
------------
Capital and reserves
Called up share capital
134
131
Share premium account
6,088,053
5,087,972
Share-based payments reserve
54,860
37,700
Profit and loss account
( 3,828,166)
( 1,433,084)
------------
------------
Shareholders funds
2,314,881
3,692,719
------------
------------
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 comprehensive income has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Getagent Ltd
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
A P Thum-Bonanno
Director
Company registration number: 09428979
Getagent Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 346 Old Street, London, EC1V 9NQ.
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.
Research and development expenditure
Research and development expenditure is written off in the period in which it is incurred.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements .
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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 .
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Office Equipment
-
33% straight line
Computer Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 69 (2022: 49 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 March 2022
13,048
50,326
63,374
Additions
4,439
21,868
26,307
--------
--------
--------
At 28 February 2023
17,487
72,194
89,681
--------
--------
--------
Depreciation
At 1 March 2022
1,835
20,620
22,455
Charge for the year
5,829
24,062
29,891
--------
--------
--------
At 28 February 2023
7,664
44,682
52,346
--------
--------
--------
Carrying amount
At 28 February 2023
9,823
27,512
37,335
--------
--------
--------
At 28 February 2022
11,213
29,706
40,919
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
983,668
688,884
Other debtors
444,165
752,522
------------
------------
1,427,833
1,441,406
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
711,345
616,398
Social security and other taxes
398,625
293,528
Other creditors
66,392
29,775
------------
---------
1,176,362
939,701
------------
---------
8. Share-based payments
The company has a share options scheme for 7 (2022 : 6) employees (none of whom are directors ).
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2023
2022
No.
WAEP
No.
WAEP
Outstanding at 1 March 2022
3,670
26.00
3,670
26.00
Granted during the year
971
26.00
26.00
Exercised during the year
26.00
26.00
-------
-------
-------
-------
Outstanding at 28 February 2023
4,641
26.00
3,670
26.00
-------
-------
-------
-------
Exercisable at 28 February 2023
4,641
26.00
3,670
26.00
-------
-------
-------
-------
The total expense recognised in profit or loss for the year is as follows:
2023
2022
£
£
Equity-settled share-based payments
17,160
6,006
--------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
480,000
480,000
Later than 1 year and not later than 5 years
480,000
---------
---------
480,000
960,000
---------
---------