Company Registration No. 07616088 (England and Wales)
INFRATA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
INFRATA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INFRATA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,186
63,245
Current assets
Debtors
4
900,099
545,555
Cash at bank and in hand
3,055,319
757,799
3,955,418
1,303,354
Creditors: amounts falling due within one year
5
(1,606,630)
(950,078)
Net current assets
2,348,788
353,276
Total assets less current liabilities
2,403,974
416,521
Capital and reserves
Called up share capital
6
68,355
68,355
Share premium account
202,336
202,336
Capital redemption reserve
7
122,282
122,282
Profit and loss reserves
2,011,001
23,548
Total equity
2,403,974
416,521
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 November 2020 and are signed on its behalf by:
Mr A R Guzman Avalos
Director
Company Registration No. 07616088
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Infrata Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Chancery Lane, London, WC2A 1LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the company is recognised when the contingent event occurs.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal 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 profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the
year was 28 (2018 - 26)
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
112,094
Additions
31,096
Disposals
(15,371)
At 31 December 2019
127,819
Depreciation and impairment
At 1 January 2019
48,849
Depreciation charged in the year
37,537
Eliminated in respect of disposals
(13,754)
At 31 December 2019
72,633
Carrying amount
At 31 December 2019
55,186
At 31 December 2018
63,245
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
771,385
412,552
Other debtors
128,714
133,003
900,099
545,555
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
115,604
68,991
Corporation tax
718,195
214,721
Other taxation and social security
36,759
48,578
Other creditors
736,072
617,788
1,606,630
950,078
INFRATA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
68,288 Ordinary Shares of £1 each
68,288
68,288
6,712 Ordinary B Shares of 1 p each
67
67
68,355
68,355
7
Capital redemption reserve
The balance of the Capital Redemption Reserve represents the shares held in Treasury.
8
Financial commitments, guarantees and contingent liabilities
During the year the company entered financial commitments amounting to £450,240 for 2 years.
9
Events after the reporting date
Since 31 December 2019, the spread of Covid-19 has severely impacted many economies around the
world including the UK. Businesses are being forced to cease or limit operations for long periods of time
while lockdowns and social distancing measures are in place to contain the spread of the virus. These
disruptions have resulted in a global economic slowdown.
Despite these restrictions,
Infrata
Limited have been able to continue trading
.
The
company has determined that these events are non-adjusting subsequent events.
The duration and impact of the Covid-19 pandemic remains unclear at this
time. It is not possible to reliably estimate the duration and severity of these consequences, as well as the
impact on the financial position and results of the company for future periods. However the directors have
undertaken a review of the business in the current situation and consider it to be appropriate to prepare the
financial statements on a going concern basis.