Company Registration No. 06848158 (England and Wales)
ID Comms Limited
Unaudited accounts
for the year ended 31 December 2023
ID Comms Limited
Unaudited accounts
Contents
ID Comms Limited
Company Information
for the year ended 31 December 2023
Directors
Mr D Indo
Mr T J Denford
Mr P James Leary
Company Number
06848158 (England and Wales)
Registered Office
60 Cannon Street
London
EC4N 6NP
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
ID Comms Limited
Statement of financial position
as at 31 December 2023
Intangible assets
261,085
37,790
Cash at bank and in hand
370,148
167,057
Creditors: amounts falling due within one year
(243,746)
(421,387)
Net current assets
818,395
1,461,086
Total assets less current liabilities
1,226,537
1,498,976
Creditors: amounts falling due after more than one year
(14,807)
(24,946)
Net assets
1,211,730
1,474,030
Called up share capital
250
250
Share premium
24,656
24,656
Profit and loss account
1,186,824
1,449,124
Shareholders' funds
1,211,730
1,474,030
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by
Mr D Indo
Director
Company Registration No. 06848158
ID Comms Limited
Notes to the Accounts
for the year ended 31 December 2023
ID Comms Limited is a private company, limited by shares, registered in England and Wales, registration number 06848158. The registered office is 60 Cannon Street, London, EC4N 6NP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company is a parent company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
The accounts are presented in £ sterling and rounded to the nearest £.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with
the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
ID Comms Limited
Notes to the Accounts
for the year ended 31 December 2023
Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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 Amortization method and rate
Intellectual Property 20% Straight line
Investments in subsidiaries are held at cost less impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term debtors are measured at transaction price, less any impairment.
All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to
future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares
recognised as liabilities are recognised as expenses and classified within interest payable.
ID Comms Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 31 December 2023
450,914
Charge for the year
56,958
At 31 December 2023
189,829
At 31 December 2023
261,085
At 31 December 2022
37,790
5
Investments
Subsidiary undertakings
Valuation at 1 January 2023
100
Valuation at 31 December 2023
147,057
The company's investments consist of the following 100% owned subsidiaries:
- Media Performance Systems Ltd
- ID Comms Inc
Amounts falling due within one year
Trade debtors
558,294
279,086
Amounts due from group undertakings etc.
75,675
410,188
Accrued income and prepayments
52,059
1,025,912
ID Comms Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,140
19,892
Trade creditors
42,867
43,958
Taxes and social security
39,379
115,230
Other creditors
59,653
62,949
Deferred income
81,285
153,284
The company's outstanding bank loan is secured by a fixed and floating charge over the company's assets.
8
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
2,500 Ordinary shares of £0.10 each
250
250
10
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
10,373
16,480
Later than one year and not later than five years
6,054
16,428
11
Transactions with related parties
The Company has taken the exemption under FRS102 section 33.1A not to disclose transactions and balances with other group companies, on the basis that the subsidiary companies are wholly owned.
12
Average number of employees
During the year the average number of employees was 14 (2022: 14).