Searches Group Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05888714 (England and Wales)

Unaudited Financial Statements

for the Period 1 January 2021 to 30 June 2022

for

Searches Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S C Pigott

P J Weaver

SECRETARIES:

R G Potter

G A Olley

REGISTERED OFFICE:

9 St George's Yard

Farnham

Surrey

GU9 7LW

REGISTERED NUMBER:

05888714 (England and Wales)

ACCOUNTANTS:

Blackwood Futcher & Co.

Chartered Accountants

9 St George's Yard

Farnham

Surrey

GU9 7LW

FIXED ASSETS

Intangible assets

4

-

88,647

Tangible assets

5

-

2,704

-

91,351

CURRENT ASSETS

Debtors

6

462,342

512,864

Cash at bank

275

296,662

462,617

809,526

CREDITORS

Amounts falling due within one year

7

313,935

449,473

NET CURRENT ASSETS

148,682

360,053

TOTAL ASSETS LESS CURRENT LIABILITIES

148,682

451,404

CREDITORS

Amounts falling due after more than one year

8

(29,169

)

(44,167

)

PROVISIONS FOR LIABILITIES

-

(514

)

NET ASSETS

119,513

406,723

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

118,513

405,723

SHAREHOLDERS' FUNDS

119,513

406,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2022 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 30 March 2023 and were signed on its behalf by:

S C Pigott - Director

1.	STATUTORY INFORMATION

Searches Group 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of a conveyancing searches software platform, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of two years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

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 accounts receivable and payable, 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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.

Taxation

Taxation for the period 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 period 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.

Development expenditure

The directors feel that the company is starting to earn revenues directly from the expenditure incurred in developing its software platform. The directors currently feel it appropriate to match the development expenditure against income over a two year period. The directors will review this policy annually.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

380,633

Additions

27,500

Disposals

(408,133

)

At 30 June 2022

-

AMORTISATION

At 1 January 2021

291,986

Charge for period

27,398

Eliminated on disposal

(319,384

)

At 30 June 2022

-

NET BOOK VALUE

At 30 June 2022

-

At 31 December 2020

88,647

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 30 June 2022

19,062

DEPRECIATION

At 1 January 2021

16,358

Charge for period

2,704

At 30 June 2022

19,062

NET BOOK VALUE

At 30 June 2022

-

At 31 December 2020

2,704

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

31.12.20

£

£

Trade debtors

-

3,416

Other debtors

462,342

509,448

462,342

512,864

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

31.12.20

£

£

Bank loans and overdrafts

10,000

5,833

Trade creditors

109,492

208,910

Taxation and social security

179,964

205,989

Other creditors

14,479

28,741

313,935

449,473

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

31.12.20

£

£

Bank loans

29,169

44,167

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2022 and the year ended 31 December 2020:

30.6.22

31.12.20

£

£

S C Pigott

Balance outstanding at start of period

197,723

145,761

Amounts advanced

22,477

287,288

Amounts repaid

(200,101

)

(235,326

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

20,099

197,723

The maximum amount outstanding during the year and due to the company by the directors was £197,723. No interest was paid during the year on these balances.

10.	RELATED PARTY DISCLOSURES

Included in other debtors are the following amounts that are due from companies in which the directors and shareholders of the company have a material interest :

1 Group Consultants Limited - debtor of £249,528

Winterton Group Limited - debtor of £155,292

1 Group Outsourcing Limited - debtor of £3,200

E-IDV Limited - creditor of £7,167

11.	COVID 19 GOING CONCERN ASSESSMENT

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have taken into account the impact on the company's trading brought about by the pandemic, alongside the measures that they can take to mitigate the impact.

Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that the company can continue to adopt the going concern basis in preparing the financial statements. The company has taken advantage of the Government job retention scheme during the year.