iWise2ebusiness Ltd. Filleted accounts for Companies House (small and micro)

IWISE2EBUSINESS LTD. - Company Information

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COMPANY REGISTRATION NUMBER: SC380328

iWise2ebusiness Ltd.

Filleted Unaudited Financial Statements

For the year ended

30 June 2021

iWise2ebusiness Ltd.

Financial Statements

Year ended 30 June 2021

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 6

iWise2ebusiness Ltd.

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	363,304	401,704
Tangible assets	6	258	108
		---------	---------
		363,562	401,812

Current assets

Debtors	7	48,371		24,623

Creditors: amounts falling due within one year	8	724,433		674,724
		---------		---------
Net current liabilities			676,062	650,101
			---------	---------
Total assets less current liabilities			( 312,500)	( 248,289)

Creditors: amounts falling due after more than one year	9	18,422	21,053
		---------	---------
Net liabilities		( 330,922)	( 269,342)
		---------	---------

Capital and reserves

Called up share capital	10	238,889	238,889
Share premium account		29,889	29,889
Profit and loss account		( 599,700)	( 538,120)
		---------	---------
Shareholders deficit		( 330,922)	( 269,342)
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 2 September 2021 , and are signed on behalf of the board by:

M Thomas
Director

Company registration number: SC380328

iWise2ebusiness Ltd.

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.

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, as modified by the revaluation of certain financial assets and liabilities. 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 director has assessed the company's ability to continue as a going concern and has a 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 these financial statements. Deferred government grants Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

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.

Taxation

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.

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.

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:

	Platform Development	-	10% 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:

	Computer Equipment	-	25% 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. 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 and other debtors and cash, 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 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 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Intangible assets

	Development costs
	£

Cost
At 1 July 2020	738,243
Additions	37,395
	---------
At 30 June 2021	775,638
	---------
Amortisation
At 1 July 2020	336,539
Charge for the year	75,795
	---------
At 30 June 2021	412,334
	---------
Carrying amount
At 30 June 2021	363,304
	---------
At 30 June 2020	401,704
	---------

6. Tangible assets

	Equipment	Total
	£	£

Cost
At 1 July 2020	8,849	8,849
Additions	225	225
	-------	-------
At 30 June 2021	9,074	9,074
	-------	-------
Depreciation
At 1 July 2020	8,741	8,741
Charge for the year	75	75
	-------	-------
At 30 June 2021	8,816	8,816
	-------	-------
Carrying amount
At 30 June 2021	258	258
	-------	-------
At 30 June 2020	108	108
	-------	-------

7. Debtors

	2021	2020
	£	£

Trade debtors	13,788	3,531
Other debtors	34,583	21,092
	--------	--------
	48,371	24,623
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£

Bank loans and overdrafts	24,576	9,907
Trade creditors	41,786	17,319
Social security and other taxes	121	3,258
Other creditors	657,950	644,240
	---------	---------
	724,433	674,724
	---------	---------

The loan is secured by a floating charge over the assets of the company.

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

	2021	2020
	£	£

Bank loans and overdrafts	18,422	–
Other creditors	–	21,053
	--------	--------
	18,422	21,053
	--------	--------

The loan is secured by a floating charge over the assets of the company.

10. Called up share capital

Issued, called up and fully paid

2021		2020
No.	£	No.	£

A Ordinary shares of £ 0.01 each	21,500,000	215,000	21,500,000	215,000
C Ordinary shares of £ 0.01 each	2,388,888	23,889	2,388,888	23,889
	-------------	---------	-------------	---------
	23,888,888	238,889	23,888,888	238,889
	-------------	---------	-------------	---------

11. Director's advances, credits and guarantees

At 30 June 2021 £ 227,792 (2020: £ 227,309) was due to Mrs B Thomas, a former Director. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors. At 30 June 2021 £162,157 (2020: £163,479) was due to Mr M Thomas , Director. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors.

12. Related party transactions

At 30 June 2021 £ 232,290 (2020: £ 233,090) was due to Shona Cotterill, a shareholder in the company. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors. At 30 June 2021 £ 10,750 (2020: £ 10,750 ) was due to Geographe Bay Consulting Limited. Shona Cotterill, the partner of Mr M Thomas, director, is a director of Geographe Bay Consulting Limited. This loan is interest free and repayable on demand. This balance is disclosed within Other creditors.