Company Registration No. 12502787 (England and Wales)
ROOMGO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROOMGO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ROOMGO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
217
587
Current assets
Debtors
6
65,456
63,127
Cash at bank and in hand
239,983
362,664
305,439
425,791
Creditors: amounts falling due within one year
7
(1,474,499)
(1,332,694)
Net current liabilities
(1,169,060)
(906,903)
Total assets less current liabilities
(1,168,843)
(906,316)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,168,943)
(906,416)
Total equity
(1,168,843)
(906,316)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
R D N Hunt
Director
Company Registration No. 12502787
ROOMGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Roomgo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2.06, Colony One Silk Street, Ancoats Urban Village, Manchester, M4 6AG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which assumes the company will be able to meet its liabilities as and when the fall due for the foreseeable future.true
The company recognised a loss for the year of £262,527 and net liabilities of £1,168,843. However, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and the company's parent has confirmed their intention to provide financial support to enable the company to settle its liabilities as they fall due for at least 12 months from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements based on the continued support from its parent company.
1.3
Turnover
Turnover represents the value of subscription services provided to subscribers in the normal course of business, and is shown net of VAT.
Revenue received in advance for subscription fees is deferred over the period of the subscription.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ROOMGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ROOMGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Amortisation and impairment of goodwill
The company acquired the trade and assets of a business trading as "Roomgo" on 24 July 2020 from a third party. On acquisition the company recognised £745,000 of goodwill. The brought forward goodwill is £nil (2022: £nil).
The directors have considered the period of amortisation for the goodwill and have concluded that the estimated useful life of the goodwill is 10 years based on the forecasts for the trade acquired. Based on the performance of the trade acquired the goodwill was impaired in a prior year. Managements assessment of the goodwill is unchanged.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
ROOMGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
745,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
745,000
Carrying amount
At 31 December 2023
At 31 December 2022
5
Tangible fixed assets
Computer Equipment
£
Cost
At 1 January 2023 and 31 December 2023
1,481
Depreciation and impairment
At 1 January 2023
894
Depreciation charged in the year
370
At 31 December 2023
1,264
Carrying amount
At 31 December 2023
217
At 31 December 2022
587
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,085
4,745
Other debtors
34
34
Prepayments
15,673
15,684
22,792
20,463
ROOMGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
42,664
42,664
Total debtors
65,456
63,127
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,391
16,114
Amounts owed to group undertakings
1,405,784
1,250,981
Taxation and social security
5,071
3,708
Other creditors
1,508
2,752
Accruals and deferred income
46,745
59,139
1,474,499
1,332,694
8
Parent company
Flatshare Limited is the parent company of the only group for which consolidated financial statements are drawn up and of which Roomgo Limited is a member. Flatshare Limited is a company incorporated in England and Wales, whose registered office is Suite 2.06, Colony One Silk Street, Ancoats Urban Village, Manchester, United Kingdom, M4 6AG.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Russell Nathan.
The auditor was HW Fisher LLP.