ACCOUNTS - Final Accounts preparation

Cash and cash equivalents

GLEAM DIGITAL LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueNo description of principal activityfalse2016-03-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 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 the Statement of Income and Retained Earnings. 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 best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. 07154698 2016-03-01 2016-12-31 07154698 2016-12-31 07154698 2016-02-29 07154698 c:Director1 2016-03-01 2016-12-31 07154698 d:OfficeEquipment 2016-03-01 2016-12-31 07154698 d:OfficeEquipment 2016-12-31 07154698 d:OfficeEquipment 2016-02-29 07154698 d:CurrentFinancialInstruments 2016-12-31 07154698 d:CurrentFinancialInstruments 2016-02-29 07154698 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 07154698 d:CurrentFinancialInstruments d:WithinOneYear 2016-02-29 07154698 d:ShareCapital 2016-12-31 07154698 d:ShareCapital 2016-02-29 07154698 d:RetainedEarningsAccumulatedLosses 2016-12-31 07154698 d:RetainedEarningsAccumulatedLosses 2016-02-29 07154698 c:OrdinaryShareClass1 2016-03-01 2016-12-31 07154698 c:OrdinaryShareClass1 2016-12-31 07154698 c:FRS102 2016-03-01 2016-12-31 07154698 c:AuditExempt-NoAccountantsReport 2016-03-01 2016-12-31 07154698 c:FullAccounts 2016-03-01 2016-12-31 07154698 c:PrivateLimitedCompanyLtd 2016-03-01 2016-12-31 xbrli:shares iso4217:GBP xbrli:pure

	GLEAM DIGITAL LIMITED
	DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS PAGES FOR FILING WITH REGISTRAR
	FOR THE PERIOD ENDED 31 DECEMBER 2016
	Company Registration No. 07154698 (England and Wales)

	SHELLEY STOCK HUTTER LLP
	Chartered Accountants
	1st Floor
	7 - 10 Chandos Street
	London
	W1G 9DQ


GLEAM DIGITAL LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 7


GLEAM DIGITAL LIMITED REGISTERED NUMBER:07154698

BALANCE SHEET

AS AT 31 DECEMBER 2016

	31 December	29 February
	2016	2016
Note	£	£

Current assets
Debtors: amounts falling due within one year	5	156,291		160,781
Cash at bank and in hand	6	2,462		82
		158,753		160,863
Creditors: amounts falling due within one year	7	(1,065)		(1,365)
Net current assets			157,688		159,498
Net assets			157,688		159,498

Capital and reserves
Called up share capital	8	100	100
Profit and loss account		157,588	159,398
Total shareholders' funds		157,688	159,498

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Dominic Mark Smales

Director

Date: 1 November 2017

The notes on pages 2 to 7 form part of these financial statements.


GLEAM DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

1.	General information

Gleam Digital Limited is a private company limited by shares that is registered and domiciled in England and Wales. The registered office of the company is 2nd Floor Waverley House, 7-12 Noel Street, London, W1F 8GQ.
The current accounting period has been shortened to 10 months to align the year end with the new parent company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Company meets its day to day working capital requirements through the continued support of Gleam Futures Limited, a fellow group company under common control. After making relevant enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. For this reason they continue to adopt a going concern basis in preparing financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


GLEAM DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Office equipment

years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

2.7

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the Statement of Income and Retained Earnings.

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


GLEAM DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.7

Financial instruments (continued)

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 best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.8

Creditors

Short term creditors are measured at the 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.

2.9

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

2.11

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Employees

The average monthly number of employees, including directors, during the period was 2 (2016: 2).


GLEAM DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 March 2016	15,413
	At 31 December 2016	15,413
	Depreciation
	At 1 March 2016	15,413
	At 31 December 2016	15,413
	Net book value
	At 31 December 2016	-
	At 29 February 2016	-


GLEAM DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

Debtors

					31 December	29 February
					2016	2016
					£	£

Trade debtors	467	4,667
Amounts owed by group undertakings	155,824	156,114
	156,291	160,781

	Cash at bank and in hand	2,462	82

Cash at bank and in hand is measured at fair value, which is calculated as amounts held on deposit at banks employed by the company less any impairments. No impairments to cash balances have been made in these accounts as all cash deposits are held at credible financial institutions.

	Other taxation and social security	1,065	1,365

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100


GLEAM DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

9.	Related party transactions
	The company has taken advantage of the exemption offered by FRS 102 not to disclose transactions entered into with the parent company and fellow subsidiaries as the company and its fellow subsidiaries are wholly owned by the parent company. At the balance sheet date, a fellow subsidiary owed the company £155,824 (2016: £156,114).