iWise2ebusiness Ltd Filleted accounts for Companies House (small and micro)
iWise2ebusiness Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
SC380328
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For the year ended |
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Financial Statements |
Year ended 30 June 2019
Contents |
Pages |
Statement of financial position |
1 |
Notes to the financial statements |
2 to 6 |
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Statement of Financial Position |
2019 |
2018 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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Current assets
Debtors |
7 |
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Creditors: amounts falling due within one year |
8 |
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Net current liabilities |
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Total assets less current liabilities |
(
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(
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Net liabilities |
(
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(
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Capital and reserves
Called up share capital |
9 |
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Share premium account |
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Profit and loss account |
(
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(
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Shareholders deficit |
(
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(
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
-
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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
9 September 2019
, and are signed on behalf of the board by:
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Director |
Company registration number:
SC380328
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Notes to the Financial Statements |
Year ended 30 June 2019
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Revenue recognition
Taxation
Foreign currencies
Intangible assets
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:
Platform Development |
- |
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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
Tangible assets
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:
Computer Equipment |
- |
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Impairment of fixed assets
Financial instruments
A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument.
The company holds basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors, and loans and borrowings.
Financial assets – classified as basic financial instruments
(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with maturities of three months or less.
(ii) Trade and other debtors
Trade and other debtors are initially recognised at the transaction price, including ant transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable net of any impairment. Where a financial asset constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.
At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Financial liabilities classified as basic financial instruments
(iii) Trade and other creditors and loans and borrowings
Trade and other creditors and loans and borrowings are initially measured at transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2018:
2
).
5.
Intangible assets
Development costs |
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£ |
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Cost |
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At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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Amortisation |
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At 1 July 2018 |
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Charge for the year |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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6.
Tangible assets
Equipment |
Total |
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£ |
£ |
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Cost |
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At 1 July 2018 and 30 June 2019 |
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------- |
------- |
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Depreciation |
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At 1 July 2018 |
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Charge for the year |
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------- |
------- |
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At 30 June 2019 |
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------- |
------- |
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Carrying amount |
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At 30 June 2019 |
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------- |
------- |
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At 30 June 2018 |
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7.
Debtors
2019 |
2018 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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-------- |
-------- |
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-------- |
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8.
Creditors:
amounts falling due within one year
2019 |
2018 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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9.
Called up share capital
Issued, called up and fully paid
2019 |
2018 |
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No. |
£ |
No. |
£ |
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215,000.00 |
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215,000.00 |
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23,888.88 |
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23,888.88 |
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238,888.88
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238,888.88
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10.
Directors' advances, credits and guarantees
At 30 June 2019 £226,971 (2018: £211,305) was due to Mrs B Thomas, Director. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors. At 30 June 2019 £165,782 (2018: £162,189) was due to Mr
M Thomas
, Director. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors.
11.
Related party transactions
At 30 June 2019 £200,428 (2018: £200,428) was due to Shona Cotterill, a shareholder in the company. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors. At 30 June 2019 £12,750 (2018: £12,500) was due to Geographe Bay Consulting Limited. Shona Cotterill, the partner of Mr M Thomas, director, is a director of Geographe Bay Consulting Limited. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors.