Envelop Risk Analytics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10531277 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2020

for

Envelop Risk Analytics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Spry

B M O'Hara

Ms R M Delhaise

G D Bell

N A Cunha-Gomes

REGISTERED OFFICE:

Desklodge House

2 Redcliffe Way

Bristol

BS1 6NL

REGISTERED NUMBER:

10531277 (England and Wales)

ACCOUNTANTS:

Meyer Williams

Chartered Accountants

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

FIXED ASSETS

Intangible assets

4

7,745

7,745

Tangible assets

5

39,980

21,685

Investments

6

1,300

850

49,025

30,280

CURRENT ASSETS

Debtors

7

2,418,131

1,279,075

Cash at bank

3,126,047

1,418,484

5,544,178

2,697,559

CREDITORS

Amounts falling due within one year

8

269,282

1,683,626

NET CURRENT ASSETS

5,274,896

1,013,933

TOTAL ASSETS LESS CURRENT LIABILITIES

5,323,921

1,044,213

CAPITAL AND RESERVES

Called up share capital

9

15,006

12,033

Share premium

7,684,618

2,853,654

Retained earnings

(2,375,703

)

(1,821,474

)

SHAREHOLDERS' FUNDS

5,323,921

1,044,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23rd November 2021 and were signed on its behalf by:

J L Spry - Director

1.	STATUTORY INFORMATION

Envelop Risk Analytics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year that the company has presented its results under Financial Reporting Standard 102. The last financial statements for the year ended 31st December 2019 were prepared under Financial Reporting Standard 105. The date of transition to Financial Reporting Standard 102 was 1st January 2019. There are no transitional adjustments arising from the first time adoption of Financial Reporting Standard 102.

Preparation of consolidated financial statements

The financial statements contain information about Envelop Risk Analytics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

- The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered the impact of the ongoing coronavirus outbreak ("COVID-19") on the company, its employees, clients and third-party suppliers.

While the pandemic has had a significant impact on the global economy, and there is uncertainty how long it will continue to do so, the directors do not believe it impacts the use of the going concern basis of preparation nor does it cast significant doubt about the company's ability to continue as a going concern for a period of twelve months from the date of the financial statements being authorised for issue.

The directors consider the company to be sufficiently robust that its operations will not be significantly affected and that it will be able to generate and maintain sufficient levels of cash in order to meet its overhead commitments for at least the period under review. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the rendering of services in the year, net of returns and value added tax.

The company recognises turnover when the risks and rewards of ownerships have been transferred to the customer and when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.

Operating expenses

Operating expenses are recognised in the income statement in the period to which they relate.

Intangible assets - computer software

Computer software includes the intellectual property acquired on the formation of the company and is stated at historical cost less any provision for impairment. Computer software is assessed for impairment on an annual basis by the directors.

No amortisation is provided on computer software as in the opinion of the directors it is deemed to have an indefinite useful life and a fair value that is in excess of the book value. This constitutes a departure from the statutory rules requiring fixed assets to be depreciated over their estimated useful lives but is necessary to enable the financial statements to give a true and fair view. The amount of depreciation that might otherwise be provided cannot be separately identified or quantified.

Tangible fixed assets

Tangible fixed assets are carried at acquisition cost less subsequent depreciation and impairment losses.

Depreciation is charged to administrative expenses and is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Computer equipment - three years

The assets' residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate. Gains or losses arising on the disposal of tangible fixed assets are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the income statement within other income or the relative expense function.

Individual assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Investments in subsidiaries

Investments in subsidiary undertakings are stated in the parent company balance sheet at cost less provisions for impairment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2019 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2020

and 31st December 2020

7,745

NET BOOK VALUE

At 31st December 2020

7,745

At 31st December 2019

7,745

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st January 2020

27,161

Additions

33,153

At 31st December 2020

60,314

DEPRECIATION

At 1st January 2020

5,476

Charge for year

14,858

At 31st December 2020

20,334

NET BOOK VALUE

At 31st December 2020

39,980

At 31st December 2019

21,685

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2020

850

Additions

450

At 31st December 2020

1,300

NET BOOK VALUE

At 31st December 2020

1,300

At 31st December 2019

850

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

71,520

-

Amounts owed by group undertakings

1,838,652

447,902

Other debtors

18,915

7,190

Prepayments and accrued income

489,044

823,983

2,418,131

1,279,075

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

112,148

32,122

Amounts owed to group undertakings

74,349

21,975

Social security and other taxes

55,665

48,312

Convertible loan

-

1,500,000

Accruals and deferred income

27,120

81,217

269,282

1,683,626

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

150,063

Ordinary

£0.10

15,006

12,033