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COMPANY REGISTRATION NUMBER: 12290905
Emitwise Limited
Filleted Unaudited Financial Statements
31 October 2023
Emitwise Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Emitwise Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
134,747
133,242
Current assets
Debtors
6
945,156
1,334,314
Cash at bank and in hand
5,857,882
3,686,431
------------
------------
6,803,038
5,020,745
Creditors: amounts falling due within one year
7
17,499,144
12,836,616
-------------
-------------
Net current liabilities
10,696,106
7,815,871
-------------
------------
Total assets less current liabilities
( 10,561,359)
( 7,682,629)
-------------
------------
Net liabilities
( 10,561,359)
( 7,682,629)
-------------
------------
Capital and reserves
Profit and loss account
( 10,561,359)
( 7,682,629)
-------------
------------
Shareholders deficit
( 10,561,359)
( 7,682,629)
-------------
------------
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 October 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 .
Emitwise Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr M C Gasparotti
Director
Company registration number: 12290905
Emitwise Limited
Notes to the Financial Statements
Year ended 31 October 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 Us & Co Monument, 7 Harp Lane, London, EC3R 6DP, United Kingdom.
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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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.
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.
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
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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 36 (2022: 49 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 November 2022
8,636
193,609
202,245
Additions
46,420
46,420
-------
---------
---------
At 31 October 2023
8,636
240,029
248,665
-------
---------
---------
Depreciation
At 1 November 2022
3,294
65,709
69,003
Charge for the year
1,335
43,580
44,915
-------
---------
---------
At 31 October 2023
4,629
109,289
113,918
-------
---------
---------
Carrying amount
At 31 October 2023
4,007
130,740
134,747
-------
---------
---------
At 31 October 2022
5,342
127,900
133,242
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
143,120
120,364
Other debtors
802,036
1,213,950
---------
------------
945,156
1,334,314
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
212,951
73,319
Amounts owed to group undertakings and undertakings in which the company has a participating interest
16,835,255
12,212,673
Social security and other taxes
108,534
258,625
Other creditors
342,404
291,999
-------------
-------------
17,499,144
12,836,616
-------------
-------------
8. Directors' advances, credits and guarantees
During the year a director received advances of £4,191 (2022: £nil) and repayments of £2,576 (2022: £nil) were made. No interest was charged on this loan. At the year end the director owed the company £4,191 (2022: £2,576). During the year a director received advances of £4,000 (2022: £nil) and repayments of £nil (2022: £nil) were made. No interest was charged on this loan. At the year end the director owed the company £4,138 (2022: £138). During the year a director received advances of £4,000 (2022: £nil) and repayments of £nil (2022: £nil) were made. No interest was charged on this loan. At the year end the director owed the company £4,000 (2022: £nil).
9. Related party transactions
At the year end the company owed £16,835,255 (2022: £12,212,673) to its parent company.
10. Share capital
There is £0.01 of Ordinary Share capital in issue, as the financial statements are prepared to the nearest whole £1 the share capital of £0.01 does not appear in Statement Of Financial Position.
11. Controlling party
The company is a wholly owned subsidiary of Emitwise INC . a company incorporated in Delaware US.