SIGNATURE IT LIMITED
Directors: Mr. N. Atzmon
Mr R. Atzmon
Secretary: Mrs. C. Atzmon
Registered Office: 1A The Vale
London
NW11 8SB
Registered No: 04714209 (England & Wales)
Annual reports and financial Statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the Financial Statements 2-5
SIGNATURE IT LIMITED
Statement of financial position 31 December 2023
31.12.2023 31.12.2022
Notes £ £
Fixed Assets
Investment 4 18 18
18 18
Current Assets
Debtors 5 1,897,016 2,080,189
Cash at Bank and in Hand 9,428 24,349
1,906,444 2,104,538
Creditors: Amounts falling due
within one year 6 (135,527) (59,433)
Net current assets 1,770,917 2,045,105
Net assets £ 1,770,935 £ 2,045,123
Capital and reserve
£ £
Called up share capital 7 38,940 38,940
Share premium 4,233,671 4,233,671
Profit and loss account (2,501,676) (2,227,488)
Shareholders'reserve £ 1,770,935 £ 2,045,123
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 for the preparation of accounts.
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities.
The notes on pages 2 to 5 form an integral part of these financial statements.
The financial statements on pages 1 to 5 were approved by the Board of Directors and were signed on its behalf by:
Mr. N. Atzmon
Director 17 September 2024
Company number: 04714209
SIGNATURE IT LIMITED
Notes to the Financial Statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Signature IT Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 1A The Vale, London NW11 8SB.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Group accounts
The company and its subsidiaries are part of a small size group and therefore has taken the discretion not to prepare group accounts in accordance with Section 398 of the Companies Act 2006.
2.3 Going concern
In November 2023, the subsidiary company in Israel has experienced a serious cyber-attack which severely damaged its business. The revenues of the subsidiary company in Israel have decreased significantly due to this attack. As the company’s revenue are also significantly based on the royalties from the Israeli subsidiary company, the company will experience a major decrease in royalties (and turnover) in the next year. However, the company will see a parallel reduction in R&D costs since the Israeli subsidiary company has reduced its employees count and R&D expenditure. Based on the cut in the R&D expenses, the company will have the funds required to run the business for the next 12 months .
Taking the above into account the directors are of the opinion that the financial statements can be prepared on a going concern basis.
2.4 Turnover
Turnover represents net invoiced value of licence fees, excluding VAT.
2.5 Revenue recognition
Revenue from sales of license fees are recognised upon delivery when collection is probable and otherwise fixed or determinable; no significant obligation with regard to implementation remains; persuasive evidence of arrangements existed.
SIGNATURE IT LIMITED
Notes to the Financial Statements - 31 December 2023
2. Accounting Policies (continued)
2.6 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable are measured at transaction price.
2.9 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.10 Foreign Currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transaction in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Exchange rate differences are taken into account in arriving at the operating profit.
SIGNATURE IT LIMITED
Notes to the Financial Statements - 31 December 2023
3. Employees
2023 2022
Number of employees during the year 0 0
4. Fixed assets investment
Shares in
subsidiary
undertakings Total
£ £
Cost
At 1 January 2023 18 18
At 31 December 2023 18 18
The company investment in its subsidiary undertakings represents the cost of acquisition
of the whole of the ordinary shares of Signature IT (Israel) Limited, a company
registered in Israel which provides R&D services to its parent company and Signature IT Inc.,
a company registered in the US.
5. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 22,497 12,914
Subsidiary company 1,855,573 1,780,872
Shareholders 11,640 11,640
VAT 7,306 7,048
Corporation Tax 0 267,715
1,897,016 2,080,189
6. Creditors: Amounts falling
due within one year 31.12.2023 31.12.2022
£ £
Trade creditors 15,847 9,291
Subsidiary company 118,180 48,642
Accruals 1,500 1,500
135,527 59,433
SIGNATURE IT LIMITED
Notes to the Financial Statements - 31 December 2023
7. Called Up Share Capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
2,894,163 A Shares of £0.01 each 28,940 28,940
1,000,000 B Shares of £0.01 each 10,000 10,000
38,940 38,940
The A shares do not have voting rights and have the rights to receive dividends including liquidation dividends.
The B shares have voting rights and do not have the right to receive dividends or participate in the assets of the company.
8. Capital fund
The capital fund is relating to the share options granted to the employee. During 2020, all the options were exercised or cancelled and there are no outstanding options at the end of the year.
9. Related Parties
Control:
The shareholders of the company are: N. Atzmon (a company director) is holding 39.3% of the company and M. Oppenheimer is holding 60.43% of the company and M. Shinar 0.27% of the company.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned
within the same group in accordance with FRS 102 Section 33(1)A.
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