false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
true
No description of principal activity
2018-01-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
626,559
439,736
93,412
533,148
93,411
186,823
834,050
834,050
834,050
xbrli:pure
xbrli:shares
iso4217:GBP
02469394
2018-01-01
2018-12-31
02469394
2018-12-31
02469394
2017-12-31
02469394
2017-01-01
2017-12-31
02469394
2017-12-31
02469394
bus:Director1
2018-01-01
2018-12-31
02469394
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2017-12-31
02469394
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-12-31
02469394
core:WithinOneYear
2018-12-31
02469394
core:WithinOneYear
2017-12-31
02469394
core:ShareCapital
2018-12-31
02469394
core:ShareCapital
2017-12-31
02469394
core:SharePremium
2018-12-31
02469394
core:SharePremium
2017-12-31
02469394
core:RetainedEarningsAccumulatedLosses
2018-12-31
02469394
core:RetainedEarningsAccumulatedLosses
2017-12-31
02469394
core:BetweenOneFiveYears
2018-12-31
02469394
core:BetweenOneFiveYears
2017-12-31
02469394
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-01-01
2018-12-31
02469394
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2017-12-31
02469394
core:CostValuation
core:Non-currentFinancialInstruments
2018-12-31
02469394
core:Non-currentFinancialInstruments
2018-12-31
02469394
core:Non-currentFinancialInstruments
2017-12-31
02469394
bus:SmallEntities
2018-01-01
2018-12-31
02469394
bus:AuditExemptWithAccountantsReport
2018-01-01
2018-12-31
02469394
bus:FullAccounts
2018-01-01
2018-12-31
02469394
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
02469394
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
02469394
core:ComputerEquipment
2018-01-01
2018-12-31
02469394
core:PlantMachinery
2018-01-01
2018-12-31
02469394
core:ComputerEquipment
2018-12-31
02469394
core:PlantMachinery
2018-12-31
02469394
core:ComputerEquipment
2017-12-31
02469394
core:PlantMachinery
2017-12-31
COMPANY REGISTRATION NUMBER:
02469394
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2018
Fixed assets
Intangible assets
|
5
|
|
93,411
|
186,823
|
Tangible assets
|
6
|
|
1,012
|
4,527
|
Investments
|
7
|
|
834,050
|
834,050
|
|
|
---------
|
------------
|
|
|
928,473
|
1,025,400
|
|
|
|
|
|
Current assets
Debtors
|
8
|
3,900,253
|
|
3,632,921
|
Cash at bank and in hand
|
944,406
|
|
1,144,080
|
|
------------
|
|
------------
|
|
4,844,659
|
|
4,777,001
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
3,764,935
|
|
3,819,968
|
|
------------
|
|
------------
|
Net current assets
|
|
1,079,724
|
957,033
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
2,008,197
|
1,982,433
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
–
|
(
7,500)
|
|
|
------------
|
------------
|
Net assets
|
|
2,008,197
|
1,989,933
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
25,987
|
25,987
|
Share premium account
|
|
202,743
|
202,743
|
Profit and loss account
|
|
1,779,467
|
1,761,203
|
|
|
------------
|
------------
|
Shareholders funds
|
|
2,008,197
|
1,989,933
|
|
|
------------
|
------------
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 December 2018 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 December 2018
These financial statements were approved by the
board of directors
and authorised for issue on
7 October 2019
, and are signed on behalf of the board by:
Company registration number:
02469394
Notes to the Financial Statements
|
|
Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, Olympia House, 1 Armitage Road, London, NW11 8RQ.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
|
Software development
|
-
|
The development cost is depreciated over the two years.
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer equipment
|
-
|
25% straight line
|
|
Plant & machinery
|
-
|
10% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2017:
13
).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 January 2018 and 31 December 2018
|
626,559
|
|
---------
|
Amortisation
|
|
At 1 January 2018
|
439,736
|
Charge for the year
|
93,412
|
|
---------
|
At 31 December 2018
|
533,148
|
|
---------
|
Carrying amount
|
|
At 31 December 2018
|
93,411
|
|
---------
|
At 31 December 2017
|
186,823
|
|
---------
|
|
|
6.
Tangible assets
|
Equipment
|
Plant & machinery
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 January 2018 and 31 December 2018
|
7,656
|
36,423
|
44,079
|
|
-------
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 January 2018
|
4,732
|
34,820
|
39,552
|
Charge for the year
|
1,912
|
1,603
|
3,515
|
|
-------
|
--------
|
--------
|
At 31 December 2018
|
6,644
|
36,423
|
43,067
|
|
-------
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 31 December 2018
|
1,012
|
–
|
1,012
|
|
-------
|
--------
|
--------
|
At 31 December 2017
|
2,924
|
1,603
|
4,527
|
|
-------
|
--------
|
--------
|
|
|
|
|
7.
Investments
|
Other investments other than loans
|
|
£
|
Cost
|
|
At 1 January 2018 and 31 December 2018
|
834,050
|
|
---------
|
Impairment
|
|
At 1 January 2018 and 31 December 2018
|
–
|
|
---------
|
|
|
Carrying amount
|
|
At 31 December 2018
|
834,050
|
|
---------
|
At 31 December 2017
|
834,050
|
|
---------
|
|
|
Investments consists of:-
Auracall Ltd (100% owned UK subsidiary)
£834,050
8.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
285,405
|
306,016
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
2,317,062
|
2,084,785
|
Other debtors
|
1,297,786
|
1,242,120
|
|
------------
|
------------
|
|
3,900,253
|
3,632,921
|
|
------------
|
------------
|
|
|
|
Other debtors include a loan to the director A Keinan of £909,308 (2017 - £1,034,635). This loan is unsecured and interest free.
9.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Trade creditors
|
246,808
|
299,415
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
2,915,271
|
3,078,519
|
Corporation tax
|
34,334
|
40,326
|
Social security and other taxes
|
8,851
|
14,096
|
Other creditors
|
559,671
|
387,612
|
|
------------
|
------------
|
|
3,764,935
|
3,819,968
|
|
------------
|
------------
|
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2018
|
2017
|
|
£
|
£
|
Not later than 1 year
|
46,872
|
59,064
|
Later than 1 year and not later than 5 years
|
145,440
|
236,256
|
|
---------
|
---------
|
|
192,312
|
295,320
|
|
---------
|
---------
|
|
|
|
11.
Related party transactions
Included in creditors amounts owed to group and related undertakings:
|
|
2018 |
|
|
£ |
|
Auracall Limited |
978,912 |
|
Equitalk.co.uk Limited |
862,601 |
|
Story Telecom Limited |
1,073,758 |
|
|
------------ |
|
|
2,915,271 |
|
|
------------ |
|
|
|
Included in debtors amounts owed by parent company group related undertakings:
|
|
2018 |
2016 |
|
|
£ |
£ |
|
Amit K Limited |
2,317,062 |
2,091,145 |
|
|
|
|
|
|
------------ |
------------ |
|
|
|
|
Transactions between related parties are charged at normal commercial rates and trade terms. The amounts due to and from related undertakings are unsecured, interest free and have no fixed repayment date. Advantage has been taken if the exemption within FRS8 (paragraph 3) not to disclose transactions with the company's parent undertaking. Included in other debtors is a loan to the director, A Keinan, of £909,308 (2017 - £1,034,635). This loan is unsecured and interest free.
12.
Controlling party
The ultimate parent company is Amit K Ltd, a company incorporated in the United Kingdom. Amit K Ltd is controlled by
Mr A Keinan
.