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Company registration number: 05003777
Trendsignal Limited
Filleted financial statements
31 December 2023
Trendsignal Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Trendsignal Limited
Directors and other information
Directors JJL Miller
AM Buthee
MS Miller
Secretary JJL Miller
Company number 05003777
Registered office Cranfield Innovation Centre
University Way
Cranfield
Milton Keynes
MK43 0BT
Auditor Clifford Towers
9 High Street
Stony Stratford
Milton Keynes
MK11 1AA
Trendsignal Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trendsignal Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 25,087 28,863
Tangible assets 6 38,641 43,826
_______ _______
63,728 72,689
Current assets
Debtors 7 192,562 287,228
Cash at bank and in hand 1,062,050 1,277,043
_______ _______
1,254,612 1,564,271
Creditors: amounts falling due
within one year 8 ( 159,514) ( 266,870)
_______ _______
Net current assets 1,095,098 1,297,401
_______ _______
Total assets less current liabilities 1,158,826 1,370,090
Provisions for liabilities ( 822) ( 1,307)
_______ _______
Net assets 1,158,004 1,368,783
_______ _______
Capital and reserves
Called up share capital 9 1,000 1,000
Profit and loss account 10 1,157,004 1,367,783
_______ _______
Shareholders funds 1,158,004 1,368,783
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
JJL Miller
Director
Company registration number: 05003777
Trendsignal Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 1,000 1,489,855 1,490,855
(Loss)/profit for the year 95,428 95,428
_______ _______ _______
Total comprehensive income for the year - 95,428 95,428
Dividends paid and payable ( 217,500) ( 217,500)
_______ _______ _______
Total investments by and distributions to owners - ( 217,500) ( 217,500)
_______ _______ _______
At 31 December 2022 and 1 January 2023 1,000 1,367,783 1,368,783
(Loss)/profit for the year ( 199,779) ( 199,779)
_______ _______ _______
Total comprehensive income for the year - ( 199,779) ( 199,779)
Dividends paid and payable ( 11,000) ( 11,000)
_______ _______ _______
Total investments by and distributions to owners - ( 11,000) ( 11,000)
_______ _______ _______
At 31 December 2023 1,000 1,157,004 1,158,004
_______ _______ _______
Trendsignal Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Cranfield Innovation Centre, University Way, Cranfield, Milton Keynes, MK43 0BT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from licences is recognised once the deposit is received following which the customer is allowed digital access to the product.
Revenue from rebates is recognised as a percentage of the subscription income after deduction for any sales incentives and the relevant exchange rate applied.
Revenue from affiliate fees is recognised based on the number of new customers introduced that fund a new account.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 59,242 59,242
Additions 7,939 7,939
_______ _______
At 31 December 2023 67,181 67,181
_______ _______
Amortisation
At 1 January 2023 30,379 30,379
Charge for the year 11,715 11,715
_______ _______
At 31 December 2023 42,094 42,094
_______ _______
Carrying amount
At 31 December 2023 25,087 25,087
_______ _______
At 31 December 2022 28,863 28,863
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 66,949 33,919 100,868
Additions 5,941 - 5,941
Disposals ( 19,832) - ( 19,832)
_______ _______ _______
At 31 December 2023 53,058 33,919 86,977
_______ _______ _______
Depreciation
At 1 January 2023 54,215 2,827 57,042
Charge for the year 2,647 8,479 11,126
Disposals ( 19,832) - ( 19,832)
_______ _______ _______
At 31 December 2023 37,030 11,306 48,336
_______ _______ _______
Carrying amount
At 31 December 2023 16,028 22,613 38,641
_______ _______ _______
At 31 December 2022 12,734 31,092 43,826
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 157,648 268,839
Other debtors 34,914 18,389
_______ _______
192,562 287,228
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 37,772 44,229
Corporation tax - 10,543
Social security and other taxes 83,828 125,017
Other creditors 37,914 87,081
_______ _______
159,514 266,870
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 0.01 each 100,000 1,000 100,000 1,000
_______ _______ _______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses .
11. Other financial commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £11,860 (2022: £ 47,440 ).
12. Summary audit opinion
The auditor's report dated 25 September 2024 was unqualified.
The senior statutory auditor was Simon Towers BSc FCA for and on behalf of Clifford Towers
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
JJL Miller ( 1,900) ( 1,984) ( 3,884)
MS Miller 19 - 19
_______ _______ _______
( 1,881) ( 1,984) ( 3,865)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
JJL Miller ( 750) ( 1,150) ( 1,900)
MS Miller 19 - 19
_______ _______ _______
( 731) ( 1,150) ( 1,881)
_______ _______ _______
Amounts advanced or credited are interest free and repayable on demand.
14. Controlling party
Throughout the year the company was controlled by JJL Miller , who is a director and owns 63% of the issued share capital of the company.