Carbon (AI) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05912699 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

Carbon (AI) Limited

Previously known as

Clicksco (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Muirhead

P Danks

H W H Chamberlain

D J Snocken

REGISTERED OFFICE:

5th Floor

16-26 Albert Road

Middlesbrough

Cleveland

TS1 1PR

REGISTERED NUMBER:

05912699 (England and Wales)

SENIOR STATUTORY AUDITOR:

Antony Luckett BCom FCA DChA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

140 Coniscliffe Road

DARLINGTON

County Durham

DL3 7RT

FIXED ASSETS

Tangible assets

4

51,063

74,538

CURRENT ASSETS

Debtors

5

1,924,277

3,980,501

Cash at bank

44,596

121,757

1,968,873

4,102,258

CREDITORS

Amounts falling due within one year

6

238,722

2,795,129

NET CURRENT ASSETS

1,730,151

1,307,129

TOTAL ASSETS LESS CURRENT LIABILITIES

1,781,214

1,381,667

PROVISIONS FOR LIABILITIES

8

9,702

14,162

NET ASSETS

1,771,512

1,367,505

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

135,956

135,956

Retained earnings

1,635,456

1,231,449

SHAREHOLDERS' FUNDS

1,771,512

1,367,505

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2020 and were signed on its behalf by:

H W H Chamberlain - Director

1.	STATUTORY INFORMATION

Carbon (AI) Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

Going concern

The directors assess whether the use of the going concern basis is appropriate i.e. whether there are any material

uncertainties related to events or conditions that may cast significant doubt on the ability of the company to

continue as a going concern. The directors make this assessment in respect of a period of at least one year from

the date the financial statements are approved.

On 31 March 2020 the company was acquired by Glam Holdings Ltd. Forecasts have been prepared for the

company to 31 December 2020 which show that there will be a requirement for cash funding into the company

from Glam Holdings Ltd during 2020. Whilst Glam Holdings Ltd is confident that it will have sufficient cash

to provide this support there remains uncertainty over the future, taking into account also the current impact of

the Covid19 epidemic. Glam Holdings Ltd has a track record of investing in companies and raising finance as

and when required from its shareholders to continue to fund those companies.

The directors therefore believe that the use of the going concern basis is still appropriate.

Turnover

Turnover represent net invoiced sales of goods and services, excluding value added tax.

Income recognition

Turnover from rendering of services is recognised when the services have been provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit or loss in other operating

expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Grants received

Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life

of the related asset. Revenue based grants are credited to the profit and loss account on receipt.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2017 - 53 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2018

50,039

98,344

148,383

Additions

-

7,947

7,947

Disposals

-

(30,598

)

(30,598

)

At 31 December 2018

50,039

75,693

125,732

DEPRECIATION

At 1 January 2018

14,252

59,593

73,845

Charge for year

8,547

21,780

30,327

Eliminated on disposal

-

(29,503

)

(29,503

)

At 31 December 2018

22,799

51,870

74,669

NET BOOK VALUE

At 31 December 2018

27,240

23,823

51,063

At 31 December 2017

35,787

38,751

74,538

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

26,020

54,655

Amounts owed by group undertakings

1,484,227

3,519,407

Other debtors

355,870

355,958

Prepayments and accrued income

58,160

50,481

1,924,277

3,980,501

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

91,528

54,379

Taxation and social security

54,457

61,963

Other creditors

1,225

4,286

Amounts owed to group

undertakings

-

2,633,640

Accruals and deferred income

91,512

40,861

238,722

2,795,129

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

176,567

228,268

Between one and five years

-

53,024

176,567

281,292

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

9,702

14,162

Deferred

tax

£

Balance at 1 January 2018

14,162

Accelerated capital allowances

(4,460

)

Balance at 31 December 2018

9,702

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Luckett BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Going concern

We draw attention to note 2 in the financial statements.

The country and the rest of the world is currently dealing with the Covid19 epidemic and it isn't known how long

the problem will last and what the ramifications for the world economy will be. In addition, the company has a

requirement for cashflow funding over the next twelve months and beyond which will be met via the new parent

company Glam Holdings Ltd, on the assumption that Glam Holdings Ltd will have the funds available to do this,

or will be able to do so via the issuing of further shares to its existing or new shareholders.

Although the directors have put plans in place to deal with the above there remains a material uncertainty in

relation to going concern.

Our opinion is not modified in respect of this matter.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party was Clicksco Jersey Limited, 15 Esplanade, St Helier, Jersey, JE1 1RB, a

company which is incorporated in Jersey. Post year-end there have been changes in ownership, such that at 31

March 2020 the controlling party became Glam Holdings Ltd.

13.	PARENT COMPANY

The company was a wholly owned subsidiary of Clicksco Digital Ltd (formerly known as Distinct Media Ltd),

15 Esplanade, St Helier, Jersey, JE1 1RB which is incorporated in Jersey.

Post year-end there have been changes in ownership, the last being on 31 March 2020 when the company

became a wholly owned subsidiary of Glam Holdings Ltd, who's registered office is 20-22 Wenlock Road,

London, N1 7GU.