Betterpoints Limited
Betterpoints Limited
Registered number: 07356214
Unaudited Financial Statements
For The Year Ended
31 December 2021
Mount Business Services Ltd
Betterpoints Limited
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Betterpoints Limited
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
07356214
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (2,207,000) | (1,800,921) | |||
Betterpoints Limited
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Betterpoints Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors recognise that the business is trading insolvently. As a result the Management prepare monthly performance and cash flow reports for communication to key debt and stakeholders.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to a computer software platform. It is being amortised to profit and loss account on a straight line basis over its estimated economic life of 5 years and is the subject of regular reviews to determine if there has been any impairment in value. Any impairment loss is charged immediately to the profit and loss account in the relevant period.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.
1.8.
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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Betterpoints Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
1.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised directly in equity, in which case, the current and deferred tax is also recognised directly in equity respectively.
1.10.
Pensions
Payments to defined contribution retirement schemes are charged to the profit and loss account as they become payable.
1.11.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.12.
Fixed Asset Investments
Interests in subsidiaries, associates and joint ventures are initially measured at cost and subsequently measured at cost less any impairment in value. Any impairment losses are recognised immediately in the profit and loss account.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 13 (2020: 16)
Betterpoints Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Intangible Assets
| Other | |||
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| Cost | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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The directors carried out an internal review to consider the carrying value of the computer software platform at the year end. The valuation included an assessment of future revenues from the relevant cash generating units discounted by an appropriate discount factor. No impairment has arisen in the year.
4.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Additions |
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| Disposals |
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| Depreciation | |||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
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Betterpoints Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
5.
Investments
| Unlisted | |
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| £ | |
| Cost | |
| As at
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1 |
| As at
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1 |
| Provision | |
| As at
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- |
| As at
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| Net Book Value | |
| As at
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1 |
| As at
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1 |
6.
Stocks
| 2021 | 2020 | ||
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| £ | £ | ||
| Stock - finished goods |
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7.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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8.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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Included in other creditors is £5,007 (2020: £9,345) for unpaid pension contributions.
Betterpoints Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
9.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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Other creditors include an amount of £800,000 (2020: £800,000) which represents convertible loan notes convertible on the condition of an equity event occuring prior to September 2023. If at September 2023 no equity event has arisen the nominal value of the debt increases to £1,600,000.
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 3,333 |
10.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by a fixed and floating charge over the company's assets.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 47,337 | 137,047 |
12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Other | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Within 1 year | 1,882 | 1,882 |
| Between 1 and 5 years | 942 | 2,824 |
| 2,824 | 4,706 | |
13.
Related Party Transactions
Included in other creditors due after more than one year is £540,000 (2020: £540,000) due to the Magee Family Charitable Trust; £1,020,261 (2020:£1,020,261) due to S & P Magee; and, £163,090 (2020:£178,090) due to C Gipple.
All of these loans are from owners holding a participating interest in the company and are interest free with no fixed repayment date.
14.
General Information
Betterpoints Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07356214
. The registered office is 3 The Mount, Trumpsgreen Road, Virginia Water, GU25 4EJ.