Dream It Get IT Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07717105 (England and Wales)

Unaudited Financial Statements for the Period 1 February 2020 to 31 July 2020

for

Dream It Get IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Elkaim

D Libertalis

M D Colebourne

L Clarke

C G Taylor

REGISTERED OFFICE:

c/o Buckworth Solicitors

26 Curtain Road

London

EC2A 3NY

REGISTERED NUMBER:

07717105 (England and Wales)

ACCOUNTANTS:

Jeffrey Crawford & Co

Chartered Accountants

25 Castle Terrace

Edinburgh

EH1 2ER

FIXED ASSETS

Intangible assets

5

1,009,338

862,167

Tangible assets

6

1,372

2,180

1,010,710

864,347

CURRENT ASSETS

Debtors

7

104,070

93,929

Cash at bank

188,446

3,781

292,516

97,710

CREDITORS

Amounts falling due within one year

8

291,248

68,240

NET CURRENT ASSETS

1,268

29,470

TOTAL ASSETS LESS CURRENT LIABILITIES

1,011,978

893,817

CAPITAL AND RESERVES

Called up share capital

702

702

Share premium

2,595,820

2,595,820

Share options reserve

14,898

13,616

Retained earnings

(1,599,442

)

(1,716,321

)

1,011,978

893,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

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

D Libertalis - Director

1.	STATUTORY INFORMATION

Dream It Get IT 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

At the time of signing the accounts, it is not clear what the full impact of Covid 19 will be but the directors assess that together with the various government support schemes available, the company has sufficient reserves to continue as a going concern. The directors are confident the company will be in a position to continue trading once the present crisis is resolved. They therefore believe it is appropriate to prepare the accounts on the going concern basis.

Significant judgements and estimates

Preparing the financial statements may require the directors to make significant judgements and estimates.

There were no items in the financial statements where these judgements and estimates were required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of any discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Intangible assets

Intangible assets are software development and intellectual property.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, directors loan and bank loan.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred until a project reaches technological feasibility at which point further costs are capitalised then amortised over the expected commercial life of the software.

Pension costs and other post-retirement benefits

The company makes payments to personal pension plans. Contribution payable are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2020 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2020

862,167

Additions

147,171

At 31 July 2020

1,009,338

NET BOOK VALUE

At 31 July 2020

1,009,338

At 31 January 2020

862,167

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

and 31 July 2020

13,005

DEPRECIATION

At 1 February 2020

10,825

Charge for period

808

At 31 July 2020

11,633

NET BOOK VALUE

At 31 July 2020

1,372

At 31 January 2020

2,180

7.

DEBTORS

2020

2020

£

£

Amounts falling due within one year:

Trade debtors

20,144

700

VAT

-

7,103

Prepayments and accrued income

-

2,200

20,144

10,003

Amounts falling due after more than one year:

Deferred tax asset

83,926

83,926

Aggregate amounts

104,070

93,929

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2020

£

£

Bank loans and overdrafts

33,625

-

Trade creditors

33,600

35,660

Taxation and social security

48,698

5,477

Other creditors

175,325

27,103

291,248

68,240

9.	OPTION SHARE-BASED SCHEME

An Enterprise Management Incentive Option Scheme is in place in respect of 5 (2020-01: 5) employees. At the balance sheet date, the total number of shares in the scheme is 25,534 (2020-01: 25,534) with option prices of £0.97 and £0.87 per share to be exercised at the discretion of the employees.