Datayear Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 02847880

Datayear Limited

Filleted Unaudited Financial Statements

30 April 2017

Datayear Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Datayear Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		5,050,793	5,050,793

Current assets

Debtors	5	6,797,317	5,584,474
Cash at bank and in hand		90,687	1,199,749
		------------	------------
		6,888,004	6,784,223

Creditors: amounts falling due within one year	6	7,127,175		7,073,536
		------------		------------
Net current liabilities			239,171	289,313
			------------	------------
Total assets less current liabilities			4,811,622	4,761,480

Creditors: amounts falling due after more than one year	7		2,300,000	2,350,000

Provisions

Taxation including deferred tax	283,935	283,935
	------------	------------
Net assets	2,227,687	2,127,545
	------------	------------

Capital and reserves

Called up share capital		100	100
Fair value reserve	9	1,386,273	1,386,273
Profit and loss account	9	841,314	741,172
		------------	------------
Shareholders funds		2,227,687	2,127,545
		------------	------------

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 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 comprehensive income has not been delivered.

For the year ending 30 April 2017 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Datayear Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 1 August 2018 , and are signed on behalf of the board by:

Mrs L Feldman
Director

Company registration number: 02847880

Datayear Limited

Statement of Changes in Equity

Year ended 30 April 2017

			Called up share capital	Fair value reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 May 2015 (as previously reported)			100	1,783,238	573,238	2,356,576
Effects of changes in accounting policies			–	(283,935)	–	(283,935)
			----	------------	---------	------------
At 1 May 2015 (restated)			100	1,499,303	573,238	2,072,641
			----	------------	---------	------------

Profit for the year					167,934	167,934
Other comprehensive income for the year:
	Revaluation of tangible assets	4	–	( 113,030)	–	( 113,030)
			----	------------	---------	------------
Total comprehensive income for the year			–	( 113,030)	167,934	54,904

At 30 April 2016			100	1,386,273	741,172	2,127,545

Profit for the year					100,142	100,142
			----	------------	---------	------------
Total comprehensive income for the year			–	–	100,142	100,142

			----	------------	---------	------------
At 30 April 2017			100	1,386,273	841,314	2,227,687
			----	------------	---------	------------

Datayear Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, United Kingdom.

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

Income tax

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.

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 May 2016 and 30 April 2017	5,050,793
	------------
Depreciation
At 1 May 2016 and 30 April 2017	–
	------------
Carrying amount
At 30 April 2017	5,050,793
	------------
At 30 April 2016	5,050,793
	------------

Included within the above is investment property as follows:

	£
	------------
At 1 May 2016 and 30 April 2017	5,050,794
	------------

The investment properties were revalued by the directors as at 30 April 2017 having considered the open market value of the properties. No independent valuation was undertaken.

5. Debtors

	2017	2016
	£	£
Trade debtors	39,704	27,922
Amounts owed by group undertakings and undertakings in which the company has a participating interest	5,275,215	3,230,552
Other debtors	1,482,398	2,326,000
	------------	------------
	6,797,317	5,584,474
	------------	------------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	343,670	375,743
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6,563,048	6,527,047
Corporation tax	53,430	29,561
Other creditors	167,027	141,185
	------------	------------
	7,127,175	7,073,536
	------------	------------

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

	2017	2016
	£	£
Bank loans and overdrafts	2,300,000	2,350,000
	------------	------------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	283,935	283,935
	---------	---------

9. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income which are not available for distribution. Profit and loss account - This reserve records retained earnings and accumulated losses which are available for distribution.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

Reconciliation of equity

	1 May 2015			30 April 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	–	–	–	5,050,793	–	5,050,793
Current assets	–	–	–	6,784,223	–	6,784,223
Creditors: amounts falling due within one year	–	–	–	( 7,073,536)	–	( 7,073,536)
	----	----	----	------------	----	------------
Net current liabilities	–	–	–	( 289,313)	–	( 289,313)
	----	----	----	------------	----	------------
Total assets less current liabilities	–	–	–	4,761,480	–	4,761,480

Creditors: amounts falling due after more than one year	–	–	–	( 2,350,000)	–	( 2,350,000)
Provisions	–	–	–	–	( 283,935)	( 283,935)
	----	----	----	------------	---------	------------
Net assets	–	–	–	2,411,480	( 283,935)	2,127,545
	----	----	----	------------	---------	------------

	----	----	----	------------	---------	------------
Capital and reserves	–	–	–	2,411,480	( 283,935)	2,127,545
	----	----	----	------------	---------	------------

1. Fair value adjustments On the adoption of FRS 102 the carrying value of the company's investment properties has been adjusted to fair value with any resultant surplus being recognised within the Statement of Comprehensive Income. 2. Deferred taxation Prior to the adoption of FRS 102, deferred taxation on the revaluation of investment properties was not provided on the basis that there was no intention to dispose of the properties. Under FRS 102, deferred taxation is provided in full on such revaluation gains. 3. Revaluation reserve Prior to the adoption of FRS 102, revaluation gains on investment properties were recognised in the Statement of Total Gains and Losses and included in a revaluation reserve. Under FRS 102, such gains are recognised within the Statement of Comprehensive Income. In addition, the revaluation reserve has been renamed to the fair value reserve.