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REGISTERED NUMBER: 05953015 (England and Wales)















TRUSTID LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRUSTID LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Battley
L A Blackham
A M Chadwick
A J Machin
D J Park
J R Plimmer
M W Green-Armytage





REGISTERED OFFICE: The Blade
Abbey Street
Reading
RG1 3BA





REGISTERED NUMBER: 05953015 (England and Wales)





ACCOUNTANTS: Clarke Nicklin LLP
Chartered Accountants
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 68,883 56,186
Investments 5 121,613 121,613
190,496 177,799

CURRENT ASSETS
Debtors 6 1,125,946 955,525
Cash at bank 474,925 1,134,327
1,600,871 2,089,852
CREDITORS
Amounts falling due within one year 7 3,830,424 3,636,331
NET CURRENT LIABILITIES (2,229,553 ) (1,546,479 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,039,057

)

(1,368,680

)

CREDITORS
Amounts falling due after more than one
year

8

30,093

35,649
NET LIABILITIES (2,069,150 ) (1,404,329 )

CAPITAL AND RESERVES
Called up share capital 10 711 633
Share premium 11 3,434,048 2,650,316
Other reserves 11 92,735 91,805
Retained earnings 11 (5,596,644 ) (4,147,083 )
SHAREHOLDERS' FUNDS (2,069,150 ) (1,404,329 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2024 and were signed on its behalf by:





A J Machin - Director


TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

TrustID Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about TrustID Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
ln the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Income Statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Income Statement over the remaining vesting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 95 (2022 - 55 ) .

TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 91,539 7,256 354,484 453,279
Additions 29,427 19,735 - 49,162
At 31 December 2023 120,966 26,991 354,484 502,441
DEPRECIATION
At 1 January 2023 41,941 668 354,484 397,093
Charge for year 27,855 8,610 - 36,465
At 31 December 2023 69,796 9,278 354,484 433,558
NET BOOK VALUE
At 31 December 2023 51,170 17,713 - 68,883
At 31 December 2022 49,598 6,588 - 56,186

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 121,613
NET BOOK VALUE
At 31 December 2023 121,613
At 31 December 2022 121,613

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Red and White Solutions Limited
Registered office: The Blade, Abbey Street, Reading, RG1 3BA, United Kingdom
Nature of business: Identity document verification services
%
Class of shares: holding
Ordinary 100.00

TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 501,621 576,343
Amounts owed by group undertakings 80,000 -
Other debtors 11,752 14,122
Corporation tax 320,445 221,616
Prepayments and accrued income 212,128 143,444
1,125,946 955,525

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,555 5,555
Other loans 135,000 235,000
Trade creditors 197,325 158,914
Social security and other taxes 330,495 501,641
Other creditors 11,570 26,311
Accruals and deferred income 3,150,479 2,708,910
3,830,424 3,636,331

Included in Other creditors are unpaid pension contributions of £10,264 (2022: £23,339)

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 30,093 35,649

Bank loans include £7,871 (2022: £13,426) which is repayable in instalments after more than 5 years.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 193,940 90,591
Between one and five years 493,339 687,279
687,279 777,870

TRUSTID LIMITED (REGISTERED NUMBER: 05953015)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
710,985 Ordinary £0.00 1 711 633

78,381 Ordinary shares of £0.001 each were allotted as fully paid at a premium of 9.999 per share during the year.

A share option scheme was entered into during 2014 in order to incentivise and retain key employees of the company. The options vest after defined targets are met but will lapse after ten years or if the holder ceases to be an employee. There were no (2022: nil) Ordinary shares granted under options during the year. No (2022: nil) options were exercised during the year, and 119,734 (2022: 120,734) options remained outstanding at 31 December 2023. The weighted average exercise price is £2.00.

There were 6 (2022: 7) employees of the group benefiting from the scheme in the year.

The directors were not able to observe an open market value for the share options granted within the scheme, instead they estimated the share price based upon the issue price of shares from 2015. £930 (2022: £2,080) was charged to the income statement during the year.

11. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 January 2023 (4,147,083 ) 2,650,316 91,805 (1,404,962 )
Deficit for the year (1,449,561 ) (1,449,561 )
Cash share issue - 783,732 - 783,732
Share option charge - - 930 930
At 31 December 2023 (5,596,644 ) 3,434,048 92,735 (2,069,861 )

12. RELATED PARTY DISCLOSURES

During the year, consultancy fees were paid to certain directors of £78,500 (2022: £43,000) in aggregate.

Additionally, directors and their relatives loaned the company £150,000 during 2022 of which £100,000 was outstanding at the year end (2022:£150,000). The loans are repayable within 12 months and accrue interest at 15% (2022: 10%)per annum.

13. ULTIMATE CONTROLLING PARTY

There is no overall ultimate controlling party.