8
false
false
false
false
false
false
false
false
false
true
false
false
true
true
true
true
true
true
true
true
No description of principal activity
2020-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
20,000
20,000
21
21
21
xbrli:pure
xbrli:shares
iso4217:GBP
05727965
2020-01-01
2020-12-31
05727965
2020-12-31
05727965
2019-12-31
05727965
2019-01-01
2019-12-31
05727965
2019-12-31
05727965
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-01-01
2020-12-31
05727965
bus:OrdinaryShareClass1
2020-01-01
2020-12-31
05727965
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-12-31
05727965
core:WithinOneYear
2020-12-31
05727965
core:WithinOneYear
2019-12-31
05727965
core:ShareCapital
2020-12-31
05727965
core:ShareCapital
2019-12-31
05727965
core:RetainedEarningsAccumulatedLosses
2020-12-31
05727965
core:RetainedEarningsAccumulatedLosses
2019-12-31
05727965
core:CostValuation
core:Non-currentFinancialInstruments
2020-12-31
05727965
core:Non-currentFinancialInstruments
2020-12-31
05727965
core:Non-currentFinancialInstruments
2019-12-31
05727965
bus:Director8
2020-01-01
2020-12-31
05727965
bus:SmallEntities
2020-01-01
2020-12-31
05727965
bus:Audited
2020-01-01
2020-12-31
05727965
bus:FullAccounts
2020-01-01
2020-12-31
05727965
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
05727965
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
05727965
bus:OrdinaryShareClass1
2020-12-31
05727965
bus:OrdinaryShareClass1
2019-12-31
COMPANY REGISTRATION NUMBER:
05727965
Filleted Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2020
Fixed assets
Tangible assets
|
7
|
|
198
|
267
|
Investments
|
8
|
|
21
|
21
|
|
|
----
|
----
|
|
|
219
|
288
|
|
|
|
|
|
Current assets
Debtors
|
9
|
1,026,566
|
|
1,124,560
|
Cash at bank and in hand
|
1,425,101
|
|
119,422
|
|
------------
|
|
------------
|
|
2,451,667
|
|
1,243,982
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
10
|
1,336,119
|
|
686,918
|
|
------------
|
|
------------
|
Net current assets
|
|
1,115,548
|
557,064
|
|
|
------------
|
---------
|
Total assets less current liabilities
|
|
1,115,767
|
557,352
|
|
|
------------
|
---------
|
Net assets
|
|
1,115,767
|
557,352
|
|
|
------------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
11
|
|
200
|
200
|
Profit and loss account
|
12
|
|
1,115,567
|
557,152
|
|
|
------------
|
---------
|
Shareholders funds
|
|
1,115,767
|
557,352
|
|
|
------------
|
---------
|
|
|
|
|
|
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 Section 1A of 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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2021
, and are signed on behalf of the board by:
Mr C Wallis
Director
Company registration number:
05727965
Notes to the Financial Statements
|
|
Year ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18-21 Old Field Road, Bocam Park, Pencoed, CF35 5LJ.
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 measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future, including the impact of the Coronavirus on the business and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Fields Group Limited which can be obtained from 18-21 Old Field Road, Bocam Park, Bridgend, CF35 5LJ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
The turnover shown in the income statement represents amounts receivable during the year, exclusive of Value Added Tax, for internet based legal services, in line with the company's principal activity.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Design Software
|
-
|
50% straight line
|
|
|
|
|
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.
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:
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
4.
Critical accounting judgements and estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 8 for the net carrying amount of the debtors and associated impairment provision.
5.
Particulars of employees
The average number of persons employed by the company during the year amounted to
8
(2019:
11
).
6.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
20,000
|
|
--------
|
Amortisation
|
|
At 1 January 2020 and 31 December 2020
|
20,000
|
|
--------
|
Carrying amount
|
|
At 31 December 2020
|
–
|
|
--------
|
At 31 December 2019
|
–
|
|
--------
|
|
|
7.
Tangible assets
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 January 2020 and 31 December 2020
|
|
279
|
|
----
|
----
|
Depreciation
|
|
|
At 1 January 2020
|
|
12
|
Charge for the year
|
|
69
|
|
----
|
----
|
At 31 December 2020
|
|
81
|
|
----
|
----
|
Carrying amount
|
|
|
At 31 December 2020
|
|
198
|
|
----
|
----
|
At 31 December 2019
|
|
267
|
|
----
|
----
|
|
|
|
8.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
21
|
|
----
|
Impairment
|
|
At 1 January 2020 and 31 December 2020
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 31 December 2020
|
21
|
|
----
|
At 31 December 2019
|
21
|
|
----
|
|
|
The company owns 1% of the equity share capital of Fields Analytics Co., Limited, a company incorporated in Thailand.
9.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
18,585
|
22,154
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
918,250
|
1,046,578
|
Other debtors
|
89,731
|
55,828
|
|
------------
|
------------
|
|
1,026,566
|
1,124,560
|
|
------------
|
------------
|
|
|
|
10.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
95,739
|
76,381
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
667,985
|
430,690
|
Social security and other taxes
|
425,557
|
105,041
|
Other creditors
|
146,838
|
74,806
|
|
------------
|
---------
|
|
1,336,119
|
686,918
|
|
------------
|
---------
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
2020
|
2019
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
200
|
200
|
200
|
200
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
12.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13.
Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Not later than 1 year
|
–
|
3,324
|
|
----
|
-------
|
|
|
|
14.
Summary audit opinion
The auditor's report for the year dated 30 September 2021 was unqualified.
The senior statutory auditor was
James Burnett ACA ACCA
, for and on behalf of
Clay Shaw Thomas Ltd
.
15.
Related party transactions
Quickie Divorce Limited
is a 100% subsidiary of Fields Group Limited, and as such has taken advantage of the exemption stated in FRS102 whereby disclosure need not be given of transactions entered into between two or more members of the same group, provided that any subsidiary which is party to the transaction is wholly owned by such member. At the year end the company owed £102,147 (2019 - debtor £28,564) to entities over which the company has significant influence.
16.
Ultimate controlling party
The ultimate parent undertaking of Quickie Divorce Limited, is Fields Holdings Limited, a company registered in Wales.
The ultimate controlling party was Mr J H Wallis with a beneficial interest in 100% of the issued share capital of Fields Holdings Limited.