Company No: 09188537 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	2,084		2,431
Tangible assets	4	75,724		27,007
		77,808		29,438
Current assets
Stocks		9,000		9,000
Debtors	5	1,541,585		1,499,283
Cash at bank and in hand		1,929,160		244,413
		3,479,745		1,752,696
Creditors: amounts falling due within one year	6	( 2,799,760)		( 1,470,650)
Net current assets		679,985		282,046
Total assets less current liabilities		757,793		311,484
Creditors: amounts falling due after more than one year	7	( 276,463)		( 166,144)
Provision for liabilities		( 16,362)		( 5,058)
Net assets		464,968		140,282
Capital and reserves
Called-up share capital	8	1,000		1,000
Share premium account		109,775		109,775
Capital redemption reserve		130		130
Profit and loss account		354,063		29,377
Total shareholders' funds		464,968		140,282

For the financial year ending 31 August 2023 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Connected ID Limited (registered number: 09188537) were approved and authorised for issue by the Director on 31 May 2024. They were signed on its behalf by:

J R T Dickinson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Connected ID Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Digital Mansion House, Pickwick Road, Corsham, SN13 9BL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue for the sale of goods is recognised at the point in which the risks and rewards of ownership are transferred to the customer. Revenue for the provision of services is recognised when the services are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings	not depreciated
Vehicles	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	7		5

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 September 2022	3,475		3,475
At 31 August 2023	3,475		3,475
Accumulated amortisation
At 01 September 2022	1,044		1,044
Charge for the financial year	347		347
At 31 August 2023	1,391		1,391
Net book value
At 31 August 2023	2,084		2,084
At 31 August 2022	2,431		2,431

4. Tangible assets

	Land and buildings		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 September 2022	0		30,865		14,965		45,830
Additions	3,309		61,131		3,271		67,711
At 31 August 2023	3,309		91,996		18,236		113,541
Accumulated depreciation
At 01 September 2022	0		12,424		6,399		18,823
Charge for the financial year	514		14,426		4,054		18,994
At 31 August 2023	514		26,850		10,453		37,817
Net book value
At 31 August 2023	2,795		65,146		7,783		75,724
At 31 August 2022	0		18,441		8,566		27,007
Leased assets included above:
Net book value
At 31 August 2023	3,309		21,496		0		24,805
At 31 August 2022	0		0		0		0

5. Debtors

	2023		2022
	£		£
Trade debtors	1,306,070		1,196,703
Amounts owed by director	0		13,820
Prepayments	15,939		262,773
Corporation tax	0		2,646
Other debtors	219,576		23,341
	1,541,585		1,499,283

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	6,414		6,255
Trade creditors	1,173,750		719,594
Other loans	15,000		15,000
Accruals and deferred income	1,156,669		613,731
Corporation tax	135,701		0
Other taxation and social security	308,196		113,472
Obligations under finance leases and hire purchase contracts	2,877		0
Other creditors	1,153		2,598
	2,799,760		1,470,650

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

	2023		2022
	£		£
Bank loans	9,730		16,144
Other loans	251,074		150,000
Obligations under finance leases and hire purchase contracts	15,659		0
	276,463		166,144

Bank borrowings are guaranteed by Government under the Bounce Bank Loan Scheme.

Hire purchase and finance lease liabilities are secured against the assets to which they relate.

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary Shares shares of £ 0.01 each	1,000		1,000

9. Financial commitments

Commitments

	2023		2022
	£		£
Total future minimum lease payments under non-cancellable operating lease	68,250		20,583

10. Related party transactions

During the year the company advanced £92,286 to a director, and repayments by the director of £13,391 were made.

At the year end the entity's director owed £92,715 (2022 - £13,820) to the company. Interest on the loan is charged at 2% per annum.