3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20,284 17,961 2,323 20,284 2,323 39,135 39,135 39,135 xbrli:pure xbrli:shares iso4217:GBP 08060777 2022-06-01 2023-05-31 08060777 2023-05-31 08060777 2022-05-31 08060777 2021-06-01 2022-05-31 08060777 2022-05-31 08060777 2021-05-31 08060777 core:PlantMachinery 2022-06-01 2023-05-31 08060777 bus:RegisteredOffice 2022-06-01 2023-05-31 08060777 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 08060777 bus:Director1 2022-06-01 2023-05-31 08060777 core:PlantMachinery 2022-05-31 08060777 core:PlantMachinery 2023-05-31 08060777 core:WithinOneYear 2023-05-31 08060777 core:WithinOneYear 2022-05-31 08060777 core:AfterOneYear 2023-05-31 08060777 core:AfterOneYear 2022-05-31 08060777 core:ShareCapital 2023-05-31 08060777 core:ShareCapital 2022-05-31 08060777 core:RetainedEarningsAccumulatedLosses 2023-05-31 08060777 core:RetainedEarningsAccumulatedLosses 2022-05-31 08060777 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 08060777 core:Non-currentFinancialInstruments 2023-05-31 08060777 core:Non-currentFinancialInstruments 2022-05-31 08060777 core:PlantMachinery 2022-05-31 08060777 bus:SmallEntities 2022-06-01 2023-05-31 08060777 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08060777 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 08060777 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08060777 bus:FullAccounts 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 08060777
CONTEXT BUSINESS INTELLIGENCE LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2023
CONTEXT BUSINESS INTELLIGENCE LTD.
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
CONTEXT BUSINESS INTELLIGENCE LTD.
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr V Verma
Registered office
Lynton House
7-12 Tavistock Square
London
England
WC1H 9BQ
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
CONTEXT BUSINESS INTELLIGENCE LTD.
STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,323
Investments
6
39,135
39,135
--------
--------
39,135
41,458
CURRENT ASSETS
Debtors
7
1,435,469
1,473,910
Cash at bank and in hand
280
64,729
------------
------------
1,435,749
1,538,639
CREDITORS: amounts falling due within one year
8
( 572,287)
( 460,913)
------------
------------
NET CURRENT ASSETS
863,462
1,077,726
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
902,597
1,119,184
CREDITORS: amounts falling due after more than one year
9
( 122,347)
( 192,096)
PROVISIONS
( 581)
---------
------------
NET ASSETS
780,250
926,507
---------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
780,150
926,407
---------
---------
SHAREHOLDERS FUNDS
780,250
926,507
---------
---------
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 31 May 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 .
CONTEXT BUSINESS INTELLIGENCE LTD.
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr V Verma
Director
Company registration number: 08060777
CONTEXT BUSINESS INTELLIGENCE LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 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 Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, England.
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. The principal accounting policies adopted are set out below. The financial statements are prepared in sterling, which is the functional currency of the entity. Consolidation The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Revenue recognition Turnover represents amounts receivable for services, net of VAT, provided during the period. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. 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. 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. 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. 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:
Plant and machinery - 33% straight line
Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 June 2022 and 31 May 2023
20,284
--------
Depreciation
At 1 June 2022
17,961
Charge for the year
2,323
--------
At 31 May 2023
20,284
--------
Carrying amount
At 31 May 2023
--------
At 31 May 2022
2,323
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2022 and 31 May 2023
39,135
--------
Impairment
At 1 June 2022 and 31 May 2023
--------
Carrying amount
At 31 May 2023
39,135
--------
At 31 May 2022
39,135
--------
7. Debtors
2023
2022
£
£
Trade debtors
10,999
18,801
Other debtors
1,424,470
1,455,109
------------
------------
1,435,469
1,473,910
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
333,375
338,045
---------
---------
As at 31 May 2023, other debtors represents an amount of £1,056,665 (2022: £1,073,771) owed by the company's director. The loan is repayable on demand and is considered fully recoverable.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
89,727
63,830
Trade creditors
277,752
231,584
Corporation tax
85,566
108,471
Social security and other taxes
61,766
18,696
Other creditors
57,476
38,332
---------
---------
572,287
460,913
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
122,347
192,096
---------
---------
Bank loans and overdrafts represent a Covid Bounce Back Loan and a Coronavirus Business Interruption Loan, both of which are secured by the UK Government guarantee scheme. The interest rates are fixed at 2.5% for the Bounce Back Loan and 10.10% for the Coronavirus Business Interruption Loan.
10. Director's advances, credits and guarantees
At the balance sheet date £1,056,665 (2022: £1,073,771) was due from the director in respect of an unsecured, short term loan. The loan is subject to interest at 2%. During the year £105,1000 (2022: £150,980) was advanced by the company, £143,700 (2022: £86,200) was repaid to the company and interest of £21,494 (2022: £20,419) was charged.