Datarise Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03507632

Datarise Ltd

Filleted Unaudited Accounts

1 March 2021

Datarise Ltd

Statement of Financial Position

1 March 2021

	1 Mar 21	31 Mar 20
Note	£	£

Current assets

Debtors	4	182,299	225,199
Cash at bank and in hand		614,196	375,480
		---------	---------
		796,495	600,679

Creditors: amounts falling due within one year	5	183,254	252,059
		---------	---------
Net current assets		613,241	348,620
		---------	---------
Total assets less current liabilities		613,241	348,620
		---------	---------
Net assets		613,241	348,620
		---------	---------

Capital and reserves

Called up share capital	6	40	40
Capital redemption reserve	7	60	60
Profit and loss account	7	613,141	348,520
		---------	---------
Shareholder funds		613,241	348,620
		---------	---------

These accounts 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 period ending 1 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

Datarise Ltd

Statement of Financial Position (continued)

1 March 2021

These accounts were approved by the board of directors and authorised for issue on 30 March 2021 , and are signed on behalf of the board by:

S G Newnes-Smith

Director

Company registration number: 03507632

Datarise Ltd

Notes to the Accounts

Period from 1 April 2020 to 1 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Cowcross Street, London, EC1M 6DQ.

2. Statement of compliance

These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	1 Mar 21	31 Mar 20
	£	£
Trade debtors	178,824	200,259
Other debtors	3,475	24,940
	---------	---------
	182,299	225,199
	---------	---------

5. Creditors: amounts falling due within one year

	1 Mar 21	31 Mar 20
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	113,014	177,157
Social security and other taxes	9,416	44,305
Other creditors	60,824	30,597
	---------	---------
	183,254	252,059
	---------	---------

6. Called up share capital

Issued, called up and fully paid

	1 Mar 21		31 Mar 20
	No.	£	No.	£
Ordinary shares of £ 1 each	40	40	40	40
	----	----	----	----

7. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

8. Related party transactions

Throughout the period the company was indebted to its parent company in respect of a short term advance. The amount owing at the balance sheet date was £113,013 (2020: £177,157). The advance is interest free and is considered repayable on demand in the absence of any formal repayment terms. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.

9. Controlling party

Throughout the period the company was under the control of its parent, Whitespace Software Ltd . From the 2 March 2021 the controlling party was Sequel Business Solutions Ltd by virtue of it acquiring 51% of the issued Ordinary share capital in Whitespace Software Ltd.