Sigwatch Limited 07616335 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is The principal activity of the company is that of the provision of risk analysis and consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 07616335 2023-01-01 2023-12-31 07616335 2023-12-31 07616335 core:CurrentFinancialInstruments 2023-12-31 07616335 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07616335 core:Non-currentFinancialInstruments 2023-12-31 07616335 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07616335 core:OtherResidualIntangibleAssets 2023-12-31 07616335 core:FurnitureFittingsToolsEquipment 2023-12-31 07616335 bus:SmallEntities 2023-01-01 2023-12-31 07616335 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07616335 bus:FullAccounts 2023-01-01 2023-12-31 07616335 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07616335 bus:RegisteredOffice 2023-01-01 2023-12-31 07616335 bus:Director2 2023-01-01 2023-12-31 07616335 bus:Director3 2023-01-01 2023-12-31 07616335 bus:Director5 2023-01-01 2023-12-31 07616335 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07616335 core:ComputerSoftware 2023-01-01 2023-12-31 07616335 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 07616335 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07616335 core:OfficeEquipment 2023-01-01 2023-12-31 07616335 countries:EnglandWales 2023-01-01 2023-12-31 07616335 2022-12-31 07616335 core:OtherResidualIntangibleAssets 2022-12-31 07616335 core:FurnitureFittingsToolsEquipment 2022-12-31 07616335 2022-01-01 2022-12-31 07616335 2022-12-31 07616335 core:CurrentFinancialInstruments 2022-12-31 07616335 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07616335 core:Non-currentFinancialInstruments 2022-12-31 07616335 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07616335 core:OtherResidualIntangibleAssets 2022-12-31 07616335 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07616335

Sigwatch Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Sigwatch Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sigwatch Limited

Company Information

Directors

R Blood

S Gerloff-Blood

C Moore

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Sigwatch Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

38,718

32,505

Tangible assets

5

6,245

3,061

 

44,963

35,566

Current assets

 

Debtors

6

89,322

133,221

Cash at bank and in hand

 

339,023

146,505

 

428,345

279,726

Creditors: Amounts falling due within one year

7

(399,708)

(323,284)

Net current assets/(liabilities)

 

28,637

(43,558)

Total assets less current liabilities

 

73,600

(7,992)

Creditors: Amounts falling due after more than one year

7

(14,808)

(24,936)

Provisions for liabilities

(4,107)

-

Net assets/(liabilities)

 

54,685

(32,928)

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

54,682

(32,931)

Shareholders' funds/(deficit)

 

54,685

(32,928)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Sigwatch Limited

Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................

R Blood

Director

.........................................

C Moore

Director

Company registration number: 07616335

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of risk analysis and consultancy services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets of £54,685 at that date.

At 31 December 2023 other creditors includes an amount of £313,477 in respect of deferred subscription income which will not be repaid but which will be released to revenue the subsequent year. The directors expect continued profitability in the year ending 31 December 2024.

Based on the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises turnover from subscriptions equally over the period to which the subscriptions relate when it is probable that future economic benefits will flow to the entity.

Turnover from consultancy and research services are recognised as the services are delivered.

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

5 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 6 (2022 - 7).

4

Intangible assets

Website Development
 £

Total
£

Cost

At 1 January 2023

54,093

54,093

Additions acquired separately

20,463

20,463

At 31 December 2023

74,556

74,556

Amortisation

At 1 January 2023

21,588

21,588

Amortisation charge

14,250

14,250

At 31 December 2023

35,838

35,838

Carrying amount

At 31 December 2023

38,718

38,718

At 31 December 2022

32,505

32,505

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Office Equipment
 £

Total
£

Cost or valuation

At 1 January 2023

6,783

6,783

Additions

5,692

5,692

Disposals

(4,195)

(4,195)

At 31 December 2023

8,280

8,280

Depreciation

At 1 January 2023

3,722

3,722

Charge for the year

1,327

1,327

Eliminated on disposal

(3,014)

(3,014)

At 31 December 2023

2,035

2,035

Carrying amount

At 31 December 2023

6,245

6,245

At 31 December 2022

3,061

3,061

6

Debtors

2023
£

2022
£

Trade debtors

43,188

71,693

Other debtors

46,134

61,528

89,322

133,221

 

Sigwatch Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,143

9,894

Trade creditors

 

8,963

8,941

Taxation and social security

 

21,390

25,668

Other creditors

 

359,212

278,781

 

399,708

323,284

Note

2023
£

2022
£

Loans and borrowings

8

14,808

24,936

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

10,143

9,894

2023
£

2022
£

Non-current loans and borrowings

Bank loans

14,808

24,936

9

Gurantees, commitment and obligations

The total of future minimum lease payments not reflected on the statement of financial position amounts to £14,700 (2022: £4,536).