Betconnect Ltd - Accounts to registrar (filleted) - small 18.2
Betconnect Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2020 |
| for |
| Betconnect Ltd |
| Betconnect Ltd (Registered number: 07867146) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Betconnect Ltd |
| Company Information |
| for the Year Ended 31 December 2020 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| 15 St Georges Road |
| Cheltenham |
| Gloucestershire |
| GL50 3DT |
| Betconnect Ltd (Registered number: 07867146) |
| Balance Sheet |
| 31 December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) |
| 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. |
| 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 |
| Betconnect Ltd (Registered number: 07867146) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern basis |
| Although there is a Balance Sheet deficit, the directors have secured future funding and have adopted the going concern basis of accounting. |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Betconnect Ltd (Registered number: 07867146) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 3. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| Cost |
| At 1 January 2020 |
| Additions |
| At 31 December 2020 |
| Depreciation |
| At 1 January 2020 |
| Charge for year |
| At 31 December 2020 |
| Net book value |
| At 31 December 2020 |
| At 31 December 2019 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other debtors |
| Other Debtors include a loan of £650,000 to Candy Ventures with an interest rate of 10% and is repayable on demand. Steven Smith is a director of Candy Ventures. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Debentures |
| These Convertible Loan Notes have an interest rate at 10% and are repayable on demand and have the option to convert to equity by May 2021. |
| If loans are converted all outstanding Notes plus any unpaid accrued interest at the Interest Rate shall automatically convert into fully paid Preference Shares at the Conversion Price on the earliest of the following events 1.on a Qualifying Fund Raising, or 2. on Change of Control. Or may be converted by the Note holder at any time into fully paid Preference Shares at the Conversion Price. |