| SIGNATURE IT LIMITED |
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| Notes to the Financial Statements - 31 December 2024 |
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COMPANY INFORMATION |
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| 1. |
Company Information |
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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. |
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| 2. |
Accounting Policies |
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| 2.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The financial statements are presented in sterling (£). |
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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. |
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| 2.2 |
Group accounts |
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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. |
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| 2.3 |
Going concern |
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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 . |
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Taking the above into account the directors are of the opinion that the financial statements can be prepared on a going concern basis. |
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| 2.4 |
Turnover |
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Turnover represents net invoiced value of licence fees, excluding VAT. |
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| 2.5 |
Revenue recognition |
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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. |
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| SIGNATURE IT LIMITED |
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| Notes to the Financial Statements - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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| 2.6 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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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. |
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(ii) Financial liabilities |
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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. |
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| 2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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| 2.8 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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| 2.9 |
Current & deferred taxation |
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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. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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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. |
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| 2.10 |
Foreign Currencies |
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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. |
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| SIGNATURE IT LIMITED |
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| Notes to the Financial Statements - 31 December 2024 |
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| 3. |
Employees |
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2024 |
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2023 |
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Number of employees during the year |
0 |
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0 |
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| 4. |
Fixed assets investment |
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Shares in |
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subsidiary |
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undertakings |
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Total |
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£ |
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£ |
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Cost |
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At 1 January 2024 |
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18 |
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18 |
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At 31 December 2024 |
18 |
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18 |
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The company investment in its subsidiary undertakings represents the cost of acquisition |
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of the whole of the ordinary shares of Signature IT (Israel) Limited, a company |
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registered in Israel which provides R&D services to its parent company and Signature IT Inc., |
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a company registered in the US. |
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| 5. |
Debtors |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Trade debtors |
7,636 |
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22,497 |
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Subsidiary company |
1,578,966 |
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1,855,573 |
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Shareholders |
1,640 |
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11,640 |
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VAT |
7,240 |
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7,306 |
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1,595,482 |
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1,897,016 |
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| 6. |
Creditors: Amounts falling |
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due within one year |
31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Trade creditors |
0 |
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15,847 |
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Subsidiary company |
78,629 |
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118,180 |
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Amount received on account of allotment of shares |
1,045 |
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- |
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Accruals |
1,500 |
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1,500 |
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81,174 |
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135,527 |
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| SIGNATURE IT LIMITED |
| Notes to the Financial Statements - 31 December 2024 |
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| 7. |
Called Up Share Capital |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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2,886,329 A Shares of £0.01 each |
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28,863 |
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28,863 |
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1,000,000 B Shares of £0.01 each |
10,000 |
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10,000 |
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38,863 |
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38,863 |
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The A shares do not have voting rights and have the rights to receive dividends including liquidation dividends. |
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The B shares have voting rights and do not have the right to receive dividends or participate in the assets of the company. |
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| 8. |
Related Parties |
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Control: |
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The shareholders of the company are: N. Atzmon is holding 39.41% of the company, R Atzmon is holding 28.81% of the company and M. Shinar is holding 31.78% of the company. |
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All of the above are company directors. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly owned |
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within the same group in accordance with FRS 102 Section 33(1)A. |