Registration number:
BOXARR Limited
for the Year Ended 31 December 2021
Pages for filing with Registrar
BOXARR Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
BOXARR Limited
Company Information
Directors |
Sir C G Terry C S Reynolds R M Young IP2IPO Services Limited Parkwalk Advisors Limited |
Registered office |
|
Registered number |
04873279 |
Accountants |
|
BOXARR Limited
(Registration number: 04873279)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
|
|
|
Investments |
- |
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
BOXARR Limited
(Registration number: 04873279)
Balance Sheet as at 31 December 2021
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention and the going concern basis which is based on the improvement in the company's trading and the balance sheet position at the year end.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants are recognised based on the performance against the conditions in the grant taking due consideration of the time expected to complete the work. Judgement is exercised in assessing the stage of completion and the expected level of work required to complete the project.
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Foreign currency transactions and balances
Tax
The tax expense or credit for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Computer hardware |
33% on cost |
Equipment |
33% on cost |
Intangible fixed assets
Computer software has a finite useful life and is carried at cost less accumulated amortisation.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Computer software |
33% on cost |
Research and development costs
Expenditure on research and development is written off to the profit and loss during the year in which it is incurred.
Investments
Investments in subsidiaries are measured at cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Share based payments
The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using the Black Scholes method.
FRS 102 then requires that at each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
As permitted by FRS102, these financial statements do not include any expense for those share options granted prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).
In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
2021 |
2020 |
|
Current taxation |
||
R&D tax credit |
( |
( |
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Intangible fixed assets |
Computer software |
|
Cost |
|
At 1 January 2021 |
|
At 31 December 2021 |
|
Amortisation |
|
At 1 January 2021 |
|
Amortisation charge for the year |
|
At 31 December 2021 |
|
Carrying amount |
|
At 31 December 2021 |
- |
At 31 December 2020 |
|
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible fixed assets |
Equipment |
Computer hardware |
Total |
|
Cost |
|||
At 1 January 2021 |
|
|
|
Additions |
- |
|
|
Disposals |
- |
( |
( |
At 31 December 2021 |
|
|
|
Depreciation |
|||
At 1 January 2021 |
|
|
|
Charge for the year |
- |
|
|
Eliminated on disposal |
- |
( |
( |
At 31 December 2021 |
|
|
|
Carrying amount |
|||
At 31 December 2021 |
- |
|
|
At 31 December 2020 |
- |
|
|
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
- |
|
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors: amounts falling due within one year |
2021 |
2020 |
|
Trade debtors |
|
|
Other debtors |
|
|
VAT |
9,051 |
4,678 |
Corporation tax |
13,000 |
48,294 |
|
|
Creditors |
2021 |
2020 |
|
Trade creditors |
|
|
Social security and other taxes |
|
|
Accruals and deferred income |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
7,135 |
|
7,135 |
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Share-based payments |
Scheme details and movements
The term of the options ranges from 5 to 10 years from the date of grant.
The movements in the number of share options during the year were as follows:
2021 |
2020 |
|
Outstanding, start of period |
|
|
Granted during the period |
|
|
Forfeited during the period |
( |
( |
Outstanding, end of period |
|
|
Exercisable, end of period |
|
|
Share based payments expense for the year |
- |
- |
|
The movements in the weighted average exercise price of share options during the year were as follows:
2021 |
2020 |
|
Outstanding, start of period |
|
|
Granted during the period |
|
|
Forfeited during the period |
|
|
Outstanding, end of period |
|
|
Exercisable, end of period |
|
|
|
BOXARR Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
As permitted by FRS102, these financial statements do not include any expense for the options brought forward at the start of the year, because they were granted prior to the period in which FRS102 was adopted for the first time.
In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.