Legado Technologies Limited (formerly Securethefile Limited) Filleted accounts for Companies House (small and micro)

LEGADO TECHNOLOGIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11597076

Legado Technologies Limited (formerly Securethefile Limited)

Filleted Unaudited Financial Statements

For the year ended

31 December 2020

Legado Technologies Limited (formerly Securethefile Limited)

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	346,548	224,926
Tangible assets	6	2,162	–
		---------	---------
		348,710	224,926

Current assets

Debtors	7	79,107	–
Cash at bank and in hand		160,911	67,111
		---------	--------
		240,018	67,111

Creditors: amounts falling due within one year	8	109,425		39,010
		---------		--------
Net current assets			130,593	28,101
			---------	---------
Total assets less current liabilities			479,303	253,027

Creditors: amounts falling due after more than one year	9		93,551	–

Provisions	24,791	–
	---------	---------
Net assets	360,961	253,027
	---------	---------

Capital and reserves

Called up share capital	10	114	109
Share premium account		306,004	297,479
Profit and loss account		54,843	( 44,561)
		---------	---------
Shareholders funds		360,961	253,027
		---------	---------

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 comprehensive income has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year 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 financial statements .

Legado Technologies Limited (formerly Securethefile Limited)

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 1 April 2021 , and are signed on behalf of the board by:

J Grace

Director

Company registration number: 11597076

Legado Technologies Limited (formerly Securethefile Limited)

Notes to the Financial Statements

Year ended 31 December 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 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. For details relating to Covid-19 see note 'Events after the end of the reporting period'.

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.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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:

	Equipment	-	33% 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors, amounts due from group undertakings, and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors, bank loans and overdrafts, and other creditors, 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 receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 1 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2020	250,911
Additions	181,935
	---------
At 31 December 2020	432,846
	---------
Amortisation
At 1 January 2020	25,985
Charge for the year	60,313
	---------
At 31 December 2020	86,298
	---------
Carrying amount
At 31 December 2020	346,548
	---------
At 31 December 2019	224,926
	---------

6. Tangible assets

	Equipment
	£
Cost
At 1 January 2020	–
Additions	2,359
	-------
At 31 December 2020	2,359
	-------
Depreciation
At 1 January 2020	–
Charge for the year	197
	-------
At 31 December 2020	197
	-------
Carrying amount
At 31 December 2020	2,162
	-------
At 31 December 2019	–
	-------

7. Debtors

	2020	2019
	£	£
Other debtors	79,107	–
	--------	----

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	53,773	–
Social security and other taxes	17,313	3,422
Other creditors	38,339	35,588
	---------	--------
	109,425	39,010
	---------	--------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	93,551	–
	--------	----

Other creditors of £93,551 (2019: £nil) comprises the first drawdown from a convertible loan agreement dated 30 December 2020. This agreement sets out a loan facility with Kiwi UK Holdco 2 Ltd (the lender) of £745,600, to be received in monthly instalments, commencing January 2021. The loan is unsecured and has an interest rate of 12.5%. The loan and accrued interest is convertible into shares in the company on 15 February 2022, subject to various criteria or potential time extension. Given the fixed-for-fixed criteria is not met, i.e. the exchange is not a fixed amount of cash for a fixed number of the company's own equity instruments, the loan has been recognised as a liability.

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
A Ordinary shares of £ 0.01 each	10,858	109	10,315	103
B Ordinary shares of £ 0.01 each	543	5	543	5
	--------	----	--------	----
	11,401	114	10,858	109
	--------	----	--------	----

During the year 815 new A Ordinary shares of £0.01 were issued during the year for a consideration of £12,804. Additionally, 272 A Ordinary shares of £0.01 were cancelled.

11. Events after the end of the reporting period

In March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. The directors have developed and implemented mitigating actions and processes to ensure that the company continues to function and manage future operations. As such, the directors are confident that the company will continue as a going concern and will continue to meet their liabilities as they fall due.