Utilitysearch Limited Filleted accounts for Companies House (small and micro)

UTILITYSEARCH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05122100

Utilitysearch Limited

Filleted Unaudited Financial Statements

31 December 2019

Utilitysearch Limited

Financial Statements

Year ended 31 December 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Utilitysearch Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	4	1,690	2,080
Tangible assets	5	2,769	2,078
Investments	6	1,501,496	1,120,004
		------------	------------
		1,505,955	1,124,162

Current assets

Debtors	7	30,007	28,535
Cash at bank and in hand		1,123,588	920,181
		------------	---------
		1,153,595	948,716

Creditors: amounts falling due within one year	8	796,393	588,759
		------------	---------
Net current assets		357,202	359,957
		------------	------------
Total assets less current liabilities		1,863,157	1,484,119

Provisions

Taxation including deferred tax	526	395
	------------	------------
Net assets	1,862,631	1,483,724
	------------	------------

Capital and reserves

Called up share capital	200	200
Profit and loss account	1,862,431	1,483,524
	------------	------------
Shareholders funds	1,862,631	1,483,724
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Utilitysearch Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 12 May 2020 , and are signed on behalf of the board by:

Mr M E Tomkins
Director

Company registration number: 05122100

Utilitysearch Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

Utilitysearch Limited is a private company limited by shares, registered in the United Kingdom number 05122100 . Its registered office is c/o Top Cashback, Mansell House, Aspinall Close, Horwich, BL6 6QQ. The principal activity of the company during the year was that of the provision of maps and easement information as a service for the utilities industry . The name of the company was changed on 12 October 2019 from Entropy Systems Ltd.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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:

	Goodwill	-	5% 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

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 as a finance cost in profit or loss in the period it arises.

4. Intangible assets

	Goodwill
	£
Cost
At 1 January 2019 and 31 December 2019	7,800
	-------
Amortisation
At 1 January 2019	5,720
Charge for the year	390
	-------
At 31 December 2019	6,110
	-------
Carrying amount
At 31 December 2019	1,690
	-------
At 31 December 2018	2,080
	-------

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2019	67	7,573	7,640
Additions	1,180	–	1,180
	-------	-------	-------
At 31 December 2019	1,247	7,573	8,820
	-------	-------	-------
Depreciation
At 1 January 2019	61	5,501	5,562
Charge for the year	178	311	489
	-------	-------	-------
At 31 December 2019	239	5,812	6,051
	-------	-------	-------
Carrying amount
At 31 December 2019	1,008	1,761	2,769
	-------	-------	-------
At 31 December 2018	6	2,072	2,078
	-------	-------	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2019	1,400,984
Additions	765,000
Disposals	( 700,497)
	------------
At 31 December 2019	1,465,487
	------------
Impairment
At 1 January 2019	280,980
Revaluations	( 316,989)
	------------
At 31 December 2019	( 36,009)
	------------

Carrying amount
At 31 December 2019	1,501,496
	------------
At 31 December 2018	1,120,004
	------------

7. Debtors

	2019	2018
	£	£
Trade debtors	28,526	27,040
Other debtors	1,481	1,495
	--------	--------
	30,007	28,535
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	1,670	1,631
Social security and other taxes	95,047	75,887
Other creditors	699,676	511,241
	---------	---------
	796,393	588,759
	---------	---------

9. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2019	2018
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	1,501,497	1,120,004
	------------	------------

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 section 1A.

11. Controlling party

The ultimate controlling party is Mrs P Tomkins by virtue of her majority shareholding.