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Registered number: 11666265 (England and Wales)
STAFFBASE UK LTD
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
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COMPANY INFORMATION
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F&L Corporate Reporting Services Limited
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CONTENTS
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Notes to the Financial Statements
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STAFFBASE UK LTD
REGISTERED NUMBER:11666265
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BALANCE SHEET
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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STAFFBASE UK LTD
REGISTERED NUMBER:11666265
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
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Capital contribution reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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L M Gerlach
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company is adapting to the coronavirus ("COVID-19") pandemic and continue to monitor the direct impact. The current challenging global economic climate may lead to further adverse changes in turnover, cash flows and working capital, which may also have a direct impact on the Company’s future financial performance and position. The wider group have revised their forecasts and are considering the measures required to continue the operations of the UK entity. Management's assessment will take into account steps to protect the business by monitoring and implementing cost control measures where required. Management are confident that these steps will adequately secure the business and will regularly reassess the situation as the circumstances further evolve.
Staffbase UK Limited has received written confirmation from its parent company, Staffbase GmbH, that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. The financial statements have been prepared on the going concern basis, as the directors of the Company are of the opinion that there will be sufficient financial support through previous equity financing to meet the Company’s current and future financial commitments and working capital requirements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from the intercompany service agreement is recognised in the period on a cost plus 5% basis in the which the services are provided in accordance with the stage of completion of the intercompany service agreement when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the intercompany service agreement;
∙the costs incurred and the costs to complete the intercompany service agreement can be measured reliably.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
1.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
1.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
The auditors' report on the financial statements for the period ended 31 December 2019 was unqualified, though the auditor drew attention to note 1.2 to these financial statements which indicates the existence of material uncertainty which may cause significant doubt about the Company's ability to continue as a going concern.
The audit report was signed on 11 August 2020 by Louise Morriss BFP ACA FCCA (Senior Statutory Auditor) on behalf of F&L Corporate Reporting Services Limited.
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The average monthly number of employees during the period was 7.
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
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Charge for the period on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
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Allotted, called up and fully paid
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During the period, one ordinary share of £1 was issued.
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Capital contribution reserve
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The capital contribution reserve represents an injection of capital from the shareholder which will not be repayable.
At the end of the reporting period, the total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet was £2,352, all of which is due within one year.
Staffbase GmbH, is the parent company of the smallest group for which consolidated financial statements are drawn up for which the Company is a member. The registered office of the parent company is Annaberger Str. 73, 09111, Chemnitz, Germany.
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Post balance sheet events
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There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
Page 7
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