Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 94,966 | 77,808 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 2,814,867 | 3,479,745 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 1,162,761 | 679,985 | ||
| Total assets less current liabilities | 1,257,727 | 757,793 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Connected ID Limited (registered number:
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A Learned
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Connected ID Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Digital Id Highbank Court, 3 High Bank Side, Stockport, SK1 1HG, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue for the sale of goods is recognised at the point in which the risks and rewards of ownership are transferred to the customer. Revenue for the provision of services is recognised when the services are delivered.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Trademarks, patents and licences |
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| Land and buildings | not depreciated |
| Vehicles |
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| Office equipment |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Trademarks, patents and licences |
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| £ | £ | ||
| Cost | |||
| At 01 September 2023 |
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| At 31 August 2024 |
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| Accumulated amortisation | |||
| At 01 September 2023 |
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| Charge for the financial year |
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| At 31 August 2023 |
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| Land and buildings | Vehicles | Office equipment | Total | ||||
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| Cost | |||||||
| At 01 September 2023 |
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| Additions |
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| Disposals |
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| At 31 August 2024 |
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| Accumulated depreciation | |||||||
| At 01 September 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 31 August 2024 |
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| Net book value | |||||||
| At 31 August 2024 |
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| At 31 August 2023 |
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| Leased assets included above: | |||||||
| Net book value | |||||||
| At 31 August 2024 | 0 | 15,497 | 0 | 15,497 | |||
| At 31 August 2023 | 0 | 21,496 | 0 | 21,496 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by related parties |
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| Prepayments and accrued income |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Other loans |
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| Accruals and deferred income |
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| Corporation tax |
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| Other taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Other loans |
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| Obligations under finance leases and hire purchase contracts |
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Hire purchase and finance lease liabilities are secured against the assets to which they relate.
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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During the year the company advanced £193,418 to a director, and repayments by the director of £2,068 were made.
At the year end the entity's director owed £284,065 (2023 - £92,715) to the company. Interest on the loan is charged at 2.25% per annum.
At the year end the company was owed £239,005 from an entity connected by virtue of common control.