Company Registration No. 07660386 (England and Wales)
CrowdComms Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
CrowdComms Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
CrowdComms Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
682,477
901,363
Tangible assets
5
277,124
258,247
959,601
1,159,610
Current assets
Debtors
7
1,368,947
1,614,603
Cash at bank and in hand
349,263
414,799
1,718,210
2,029,402
Creditors: amounts falling due within one year
8
(759,112)
(974,648)
Net current assets
959,098
1,054,754
Total assets less current liabilities
1,918,699
2,214,364
Creditors: amounts falling due after more than one year
9
(70,833)
(120,833)
Provisions for liabilities
(175,680)
(234,589)
Net assets
1,672,186
1,858,942
Capital and reserves
Called up share capital
10
900
900
Profit and loss reserves
1,671,286
1,858,042
Total equity
1,672,186
1,858,942

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CrowdComms Limited
Statement of financial position (continued)
As at 31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Felix Stroud-Allen
Director
Company Registration No. 07660386
CrowdComms Limited
Statement of changes in equity
For the year ended 31 December 2023
3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
900
2,203,966
2,204,866
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
209,076
209,076
Dividends
-
(555,000)
(555,000)
Balance at 31 December 2022
900
1,858,042
1,858,942
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(186,756)
(186,756)
Balance at 31 December 2023
900
1,671,286
1,672,186
CrowdComms Limited
Notes to the financial statements
For the year ended 31 December 2023
4
1
Accounting policies
Company information

CrowdComms Limited is a private company limited by shares incorporated in England and Wales. The registered office is L3 The Grainstore, Shaftesbury Lane, Blandford Forum, DT11 7EG.

1.1
Reporting period

The directors have elected to revert back to a 12 month accounting period ended 31 December 2023. The comparatives presented within these accounts are therefore not directly comparable as they cover an 18 month period.

1.2
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation, based on the cashflow forecasts up to the year ended 31 December 2025, that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from a contract to provide services is recognised when a non-refundable and non-cancellable contract is in place, that being at date of invoice, as turnover can be measured reliably and it is probable that the company will receive the consideration due under the contract.

CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

a) Research and development costs

 

In 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 is 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. The capitalised development costs are subsequently amortised to ‘administrative expenses’ on a straight line basis over their expected useful economic lives. Amortisation begins when the intangible asset is available for use, ie when it is in the location and condition necessary for it to be usable in the manner intended by management.

 

The expected useful economic life of development costs are estimated based on business plans which set out the development plan and time to market for the associated project.

 

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.

Amortisation 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:

Development costs
25% reducing balance
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Leasehold improvements
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance

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.

1.7
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 statement of financial position 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, 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.

CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
7
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
8
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
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
Critical accounting 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.

Research and Development

The directors are required to judge the viability of the research and development expenditure capitalised, to ensure that it will generate future economic benefit. Research and development costs are based on management’s best estimates, with the directors allocating time to research, design or development based on their experience in the industry. It is expected that all intangible assets capitalised will generate future economic benefit.

CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
9
3
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
19,990
11,211
Depreciation of owned tangible fixed assets
69,964
77,826
Amortisation of intangible assets
218,886
152,532
Operating lease charges
13,000
13,000
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was 57 (2022: 61).

5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
23,180
402,709
425,889
Additions
-
0
88,841
88,841
At 31 December 2023
23,180
491,550
514,730
Depreciation and impairment
At 1 January 2023
13,146
154,496
167,642
Depreciation charged in the year
2,240
67,724
69,964
At 31 December 2023
15,386
222,220
237,606
Carrying amount
At 31 December 2023
7,794
269,330
277,124
At 31 December 2022
10,034
248,213
258,247
CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
10
6
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
1,101,923
Amortisation and impairment
At 1 January 2023
200,560
Amortisation charged for the year
218,886
At 31 December 2023
419,446
Carrying amount
At 31 December 2023
682,477
At 31 December 2022
901,363
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,147,258
1,036,239
Corporation tax recoverable
123,709
154,977
Amounts owed by group undertakings
22,324
226,493
Other debtors
75,656
196,894
1,368,947
1,614,603
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
179,811
456,326
Amounts owed to group undertakings
22,566
-
0
Corporation tax
214
25
Other taxation and social security
306,495
192,164
Other creditors
200,026
276,133
759,112
974,648
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,833
120,833
CrowdComms Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
11
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 10p each
900
900
90
90
Ordinary B of 10p each
6,000
6,000
600
600
Ordinary C of 10p each
1,000
1,000
100
100
Ordinary D of 10p each
1,000
1,000
100
100
Ordinary E of 10p each
100
100
10
10
9,000
9,000
900
900
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
67,626
7,978
12
Related party transactions

During the period, two directors incurred expenses on behalf of the company amounting to £11,228 (2022: £2,628). The company incurred expenses on behalf of the director of £Nil (2022: £24). At the period end, the directors were owed by the company £100,315 (2022: £440 debtor).

 

During the period the company incurred expenses from a related party amounting to £90,843 (2022:£109,011) for consultancy services.

 

The company has taken advantage of the exemption in FRS 102 section 33 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary within the group.

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