| JIGSAW CLOUD LTD |
| Registered number: |
04043845 |
| Balance Sheet |
| as at 31 December 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
19,079 |
|
|
11,676 |
| Investments |
4 |
|
|
376 |
|
|
376 |
|
|
|
|
19,455 |
|
|
12,052 |
|
| Current assets |
| Debtors |
5 |
|
1,113,964 |
|
|
893,203 |
| Cash at bank and in hand |
|
|
32 |
|
|
49,520 |
|
|
|
1,113,996 |
|
|
942,723 |
|
| Creditors: amounts falling due within one year |
6 |
|
(2,963,789) |
|
|
(373,113) |
|
| Net current (liabilities)/assets |
|
|
|
(1,849,793) |
|
|
569,610 |
|
| Total assets less current liabilities |
|
|
|
(1,830,338) |
|
|
581,662 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(275,669) |
|
|
(399,004) |
|
|
|
| Net (liabilities)/assets |
|
|
|
(2,106,007) |
|
|
182,658 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
10 |
|
|
10 |
| Profit and loss account |
|
|
|
(2,106,017) |
|
|
182,648 |
|
| Shareholders' funds |
|
|
|
(2,106,007) |
|
|
182,658 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| PAUL RAE |
Date |
| Director |
| Approved by the board on 3 April 2020 |
|
| JIGSAW CLOUD LTD |
| Notes to the Accounts |
| for the year ended 31 December 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Furniture, fixtures and fittings |
15% reducing balance |
|
Computer and office equipment |
3 year straight line |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
21 |
|
25 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Computers & office equipment |
|
Furniture, fixtures & fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2019 |
101,929 |
|
14,518 |
|
116,447 |
|
Additions |
4,588 |
|
13,312 |
|
17,900 |
|
At 31 December 2019 |
106,517 |
|
27,830 |
|
134,347 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2019 |
91,429 |
|
13,343 |
|
104,772 |
|
Charge for the year |
8,323 |
|
2,173 |
|
10,496 |
|
At 31 December 2019 |
99,752 |
|
15,516 |
|
115,268 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2019 |
6,765 |
|
12,314 |
|
19,079 |
|
At 31 December 2018 |
10,500 |
|
1,175 |
|
11,675 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2019 |
376 |
|
|
At 31 December 2019 |
376 |
|
|
Details of subsidiaries are given in 'Related party transactions'. |
|
|
| 5 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
861,909 |
|
748,530 |
|
Repayable R&D Tax Credit |
|
124,131 |
|
136,429 |
|
Prepayments |
|
|
|
|
- |
|
8,244 |
|
Other debtors |
127,924 |
|
- |
|
|
|
|
|
|
1,113,964 |
|
893,203 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans and overdrafts |
124,709 |
|
32,000 |
|
Other loans |
83,331 |
|
83,087 |
|
Trade creditors |
917,640 |
|
38,049 |
|
Accruals |
|
1,593,841 |
|
3,000 |
|
Other taxes and social security costs |
240,617 |
|
155,818 |
|
Other creditors |
3,651 |
|
61,159 |
|
|
|
|
|
|
2,963,789 |
|
373,113 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Bank loans |
24,958 |
|
57,641 |
|
Other loans |
250,711 |
|
341,363 |
|
|
|
|
|
|
275,669 |
|
399,004 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Going concern |
|
|
At the balance sheet date the company's total liabilities exceeded its total assets. The financial statements have been prepared on a going concern basis, the validity of which depends on the continuing support of the company's bankers and other creditors. The financial statements do not include any adjustments that would result from the withdrawal of this support. The directors believe that the company will be able to trade itself out of its current difficulties. |
|
|
| 9 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Paul Rae |
|
|
- |
|
127,924 |
|
- |
|
127,924 |
|
|
|
- |
|
127,924 |
|
- |
|
127,924 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
Jigsaw Cloud Ltd holds 100% of the share capital of Jigsaw Cloud (Pty) Ltd (100 Rand), a company registered in South Africa on 23 November 2018.
Jigsaw Cloud Ltd holds 100% of the share capital of Jigsaw Cloud (Ireland) Ltd (1 Euro), a company registered in Ireland on 29 May 2018.
Jigsaw Cloud Ltd holds 50% of the share capital of Jigsaw Cloud Inc (500 USD), a company registered in USA on 10/01/2018.
None of these company traded during the period covered by these accounts. |
|
|
| 11 |
Controlling party |
|
|
Paul and Kimberley Rae are the controlling parties by virtue of holding 100% of the company's share capital. |
|
|
| 12 |
Other information |
|
|
JIGSAW CLOUD LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
Castle Hill House |
|
Castle Hill |
|
Windsor |
|
Berkshire |
|
SL4 1PD |
