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

CONVERSION RATE EXPERTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05895439

Implementra Limited

Filleted Financial Statements

31 January 2020

Implementra Limited

Financial Statements

Year ended 31 January 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Implementra Limited

Statement of Financial Position

31 January 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	14,377	16,762

Current assets

Stocks		13,345	24,821
Debtors	7	312,189	102,568
Cash at bank and in hand		5,960,876	4,425,728
		------------	------------
		6,286,410	4,553,117

Creditors: amounts falling due within one year	8	1,071,734	690,597
		------------	------------
Net current assets		5,214,676	3,862,520
		------------	------------
Total assets less current liabilities		5,229,053	3,879,282

Provisions	2,732	3,185
	------------	------------
Net assets	5,226,321	3,876,097
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	5,226,319	3,876,095
	------------	------------
Shareholders funds	5,226,321	3,876,097
	------------	------------

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 15 July 2020 , and are signed on behalf of the board by:

Dr K S Blanks	Mr B A J Jesson
Director	Director

Company registration number: 05895439

Implementra Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 207 Regent Street, London, W1B 3HH.

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.

Going concern

The Directors have undertaken specific analysis into the potential business impact of COVID-19 on costs and revenues and how these might also be managed and mitigated. The Directors are satisfied that the review showed no material risks to the business and conclude the financial statements should continue to be prepared on a going concern basis.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Website and domain names - 33% straight line

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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 - 25% reducing balance Equipment - 25% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and loss account in other administrative expenses.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2019: 9 ).

5. Intangible assets

	Website & domain names
	£
Cost
At 1 February 2019	9,300
Additions	–
Disposals	( 1,100)
	-------
At 31 January 2020	8,200
	-------
Amortisation
At 1 February 2019	9,300
Charge for the year	–
Disposals	( 1,100)
	-------
At 31 January 2020	8,200
	-------
Carrying amount
At 31 January 2020	–
	-------
At 31 January 2019	–
	-------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 February 2019	20,080	27,880	47,960
Additions	–	4,561	4,561
	--------	--------	--------
At 31 January 2020	20,080	32,441	52,521
	--------	--------	--------
Depreciation
At 1 February 2019	16,371	14,827	31,198
Charge for the year	827	6,119	6,946
	--------	--------	--------
At 31 January 2020	17,198	20,946	38,144
	--------	--------	--------
Carrying amount
At 31 January 2020	2,882	11,495	14,377
	--------	--------	--------
At 31 January 2019	3,709	13,053	16,762
	--------	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	277,686	66,650
Other debtors	34,503	35,918
	---------	---------
	312,189	102,568
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	104,848	102,740
Corporation tax	180,912	187,317
Social security and other taxes	54,768	33,771
Other creditors	731,206	366,769
	------------	---------
	1,071,734	690,597
	------------	---------

9. Summary audit opinion

The auditor's report for the year dated 15 July 2020 was unqualified, however, the auditor drew attention to the following by way of emphasis.

In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

The senior statutory auditor was Andrew Collyer MSc ACA , for and on behalf of Burgess Hodgson LLP .

10. Directors' advances, credits and guarantees

At the year end the company owed the Directors £632 (2019: £2,456).