REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
IMPROVE DIGITAL LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
IMPROVE DIGITAL LIMITED |
IMPROVE DIGITAL LIMITED (REGISTERED NUMBER: 06974245) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
IMPROVE DIGITAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Friary Court |
13-21 High Street |
Guildford |
Surrey |
GU1 3DL |
IMPROVE DIGITAL LIMITED (REGISTERED NUMBER: 06974245) |
BALANCE SHEET |
31 DECEMBER 2021 |
31/12/21 | 31/12/20 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained (loss)/earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
IMPROVE DIGITAL LIMITED (REGISTERED NUMBER: 06974245) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Improve Digital Limited is a |
The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Turnover represents expenses recharged to another group company. |
Intangible assets |
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Development costs - Straight line over 5 years |
The gain or loss arising on the disposal or scrapping of an intangible asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Income Statement. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment - straight line over 5 years |
The gain or loss arising on the disposal or scrapping of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Income Statement. |
IMPROVE DIGITAL LIMITED (REGISTERED NUMBER: 06974245) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include amounts owed from group undertakings and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including trade creditors, amounts owed to group undertakings and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Research and development |
Development expenditure is deferred to the extent that its recovery can reasonably regarded as assured. Such deferred development costs is amortised in five years. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. The foreign exchange rates used during the year are as follows: |
Year end Euro to Sterling rate: £1 = €1.1911 |
Intercompany loans |
Intercompany loans are measured at amortised cost. The interest charge is recognised systematically over the life of the loan and represent the present value of the future payments discounted at a market rate of interest. |
Going concern |
Due to a change in strategic direction of the wider group, the directors plan to wind up the company within the next twelve months, following the collection of debts and settlement of liabilities. Consequently, the directors do not consider the use of the going concern basis to be appropriate and therefore the financial statements have been prepared on a basis other than going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
IMPROVE DIGITAL LIMITED (REGISTERED NUMBER: 06974245) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
Cost |
At 1 January 2021 |
Disposals | ( |
) |
At 31 December 2021 |
Amortisation |
At 1 January 2021 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
Cost |
At 1 January 2021 |
Disposals | ( |
) |
At 31 December 2021 |
Depreciation |
At 1 January 2021 |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Other debtors |
Corporation tax recoverable |
Amounts owed from group |
undertakings |
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
IMPROVE DIGITAL LIMITED (REGISTERED NUMBER: 06974245) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Emphasis of matter |
- financial statements prepared on a basis other than going concern |
We draw attention to note 2 in the financial statements, which explains that the directors plan to wind up the company within the next twelve months, following the collection of debts and settlement of liabilities. Therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter. |
9. | RELATED PARTY DISCLOSURES |
Improve Digital B.V. is the smallest and largest group of undertakings for which group accounts are drawn up. The address of Improve Digital B.V.is 76-78 Charlotte Street, London W1T 4QS. |