Elute Intelligence Limited Filleted accounts for Companies House (small and micro)

Elute Intelligence Limited Filleted accounts for Companies House (small and micro)

ELUTE INTELLIGENCE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06647282
Elute Intelligence Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2020
Elute Intelligence Limited
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
5
10,000
10,000
Tangible assets
6
5,809
1,375
--------
--------
15,809
11,375
Current assets
Debtors
7
22,059
74
Cash at bank and in hand
970
5,304
--------
-------
23,029
5,378
Creditors: amounts falling due within one year
8
334,660
2,442
---------
-------
Net current (liabilities)/assets
( 311,631)
2,936
---------
--------
Total assets less current liabilities
( 295,822)
14,311
Creditors: amounts falling due after more than one year
9
8,319
–
---------
--------
Net (liabilities)/assets
( 304,141)
14,311
---------
--------
Capital and reserves
Called up share capital
10
274
274
Share premium account
49,800
49,800
Profit and loss account
( 354,215)
( 35,763)
---------
--------
Shareholders (deficit)/funds
( 304,141)
14,311
---------
--------
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 .
Elute Intelligence Limited
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 24 August 2021 , and are signed on behalf of the board by:
S M Eaton
Director
Company registration number: 06647282
Elute Intelligence 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 21 Church Road, Tadley, England, RG26 3AX.
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 are aware of the ongoing uncertainties in respect of the effects of Covid-19. The Directors have assessed the company's ability to continue as a going concern and are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. 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 - 25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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 assets, which include trade receivables, prepaid expenses and cash at bank, 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. Basic financial liabilities, which include trade payables, other creditors and taxes due, 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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
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 and 31 December 2020
10,000
--------
Amortisation
At 1 January 2020 and 31 December 2020
–
--------
Carrying amount
At 31 December 2020
10,000
--------
At 31 December 2019
10,000
--------
6. Tangible assets
Equipment
£
Cost
At 1 January 2020
3,270
Additions
4,879
-------
At 31 December 2020
8,149
-------
Depreciation
At 1 January 2020
1,895
Charge for the year
445
-------
At 31 December 2020
2,340
-------
Carrying amount
At 31 December 2020
5,809
-------
At 31 December 2019
1,375
-------
7. Debtors
2020
2019
£
£
Trade debtors
350
–
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,494
–
Other debtors
14,215
74
--------
----
22,059
74
--------
----
8. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
1,099
–
Trade creditors
18,583
–
Amounts owed to group undertakings and undertakings in which the company has a participating interest
197,000
–
Social security and other taxes
14,813
342
Accruals
10,000
2,100
Other creditors
93,165
–
---------
-------
334,660
2,442
---------
-------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
8,319
–
-------
----
10. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
274
274
274
274
----
----
----
----