Research Bods Online Limited
Financial Statements
For Filing with Registrar
For the Year ended 30 June 2021
Company Registration No. 07642707 (England and Wales)
Research Bods Online Limited
Company Information
Directors
B Brien
A Knight
J Clough
Company number
07642707
Registered office
4th Floor
21 Queen Street
Leeds
United Kingdom
LS1 2TW
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Research Bods Online Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
Research Bods Online Limited
Balance Sheet
As at 30 June 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
615,265
383,362
Tangible assets
5
134,825
110,101
Current assets
Debtors
6
2,091,491
1,512,141
Cash at bank and in hand
1,434,611
1,722,475
3,526,102
3,234,616
Creditors: amounts falling due within one year
7
(2,645,089)
(2,052,981)
Net current assets
881,013
1,181,635
Total assets less current liabilities
1,631,103
1,675,098
Provisions for liabilities
8
9,660
(33,802)
Net assets
1,640,763
1,641,296
Capital and reserves
Called up share capital
9
1,136
1,136
Profit and loss reserves
1,639,627
1,640,160
Total equity
1,640,763
1,641,296
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 28 February 2022 and are signed on its behalf by:
A Knight
Director
Company Registration No. 07642707
Research Bods Online Limited
Statement of Changes in Equity
For the year ended 30 June 2021
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2019
1,136
2,005,377
2,006,513
Period ended 30 June 2020:
Profit and total comprehensive income for the period
-
274,752
274,752
Dividends
-
(639,969)
(639,969)
Balance at 30 June 2020
1,136
1,640,160
1,641,296
Period ended 30 June 2021:
Profit and total comprehensive income for the period
-
749,467
749,467
Dividends
-
(750,000)
(750,000)
Balance at 30 June 2021
1,136
1,639,627
1,640,763
Research Bods Online Limited
Notes to the Financial Statements
For the year ended 30 June 2021
Page 3
1
Accounting policies
Company information
Research Bods Online Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4th Floor, 21 Queen Street, Leeds, United Kingdom, LS1 2TW.
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 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
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a profit for the year of £749,467 and as at the balance sheet date had net assets of £1,640,763. During the year, there has been the global impact of the Coronavirus (COVID-19) pandemic. The company has assessed the risks and the potential impact on the business as a result of the pandemic and measures have been taken to mitigate such risks and their impact. The company remains profitable since the year end and has sufficient cash reserves. The company does not have a high level of fixed costs. During the first period of lockdown it engaged in a programme of cost deferral and reduction to match drop offs in revenues and cash inflows, as the year progressed these programmes were relaxed as trading levels returned to normal. The directors are confident that they have the ability to respond effectively to continued uncertainty and as a result, the directors believe that the company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
1.3
Reporting period
In the prior year, t
he company's reporting period
was extended to a period of 13 months
in order for it to become coterminous with the parent company
reporting period
. As a result
,
comparative amounts presented in the financial statements, including the related notes, are not entirely comparable
.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 are recoverable.
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 4
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.6
Intangible fixed assets other than goodwill
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 if the fair value can be measured reliably.
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:
Software development
over 3 years
Platform development
over 3 years
1.7
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:
Leasehold improvements
over the term of the lease
Fixtures, fittings and equipment
over 3 years
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
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
1.9
Cash at bank and in hand
Cash at bank and in hand
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.
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 5
1.10
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
debtors
and cash and bank balances, 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.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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. A
m
ounts 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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 6
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 7
1.17
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 are included in the
profit and loss account
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was 75
(2020 - 74).
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
32,338
25,549
Adjustments in respect of prior periods
31,567
(61,259)
Total current tax
63,905
(35,710)
Deferred tax
Origination and reversal of timing differences
(37,885)
(7,923)
Total tax charge/(credit)
26,020
(43,633)
4
Intangible fixed assets
Software development
Platform development
Total
£
£
£
Cost
At 1 July 2020
88,450
1,774,370
1,862,820
Additions - separately acquired
437,818
25,225
463,043
At 30 June 2021
526,268
1,799,595
2,325,863
Amortisation and impairment
At 1 July 2020
1,479,458
1,479,458
Amortisation charged for the Year
231,140
231,140
At 30 June 2021
1,710,598
1,710,598
Carrying amount
At 30 June 2021
526,268
88,997
615,265
At 30 June 2020
88,450
294,912
383,362
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 8
5
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 July 2020
107,879
104,329
212,208
Additions
20,000
37,943
57,943
At 30 June 2021
127,879
142,272
270,151
Depreciation and impairment
At 1 July 2020
25,807
76,301
102,108
Depreciation charged in the Year
10,788
22,430
33,218
At 30 June 2021
36,595
98,731
135,326
Carrying amount
At 30 June 2021
91,284
43,541
134,825
At 30 June 2020
82,073
28,028
110,101
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,220,742
914,393
Other debtors
870,749
597,748
2,091,491
1,512,141
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
442,080
299,280
Corporation tax
(7,463)
Other taxation and social security
370,758
509,407
Other creditors
1,839,714
1,244,294
2,645,089
2,052,981
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 9
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Fixed assest timing differences
10,172
33,802
Short term differences - trading
(19,832)
-
(9,660)
33,802
2021
Movements in the Year:
£
Liability at 1 July 2020
33,802
Credit to profit or loss
(50,138)
Charge to equity
12,253
Other
(5,577)
Liability/(Asset) at 30 June 2021
(9,660)
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,025 A Ordinary shares of £1 each
1,025
1,025
111 B Ordinary shares of £1 each
111
111
1,136
1,136
The A Ordinary share
s
have attached to them
equal
voting, dividend and capital distribution rights.
The A Ordinary shares are not redeemable.
The B Ordinary shares have
equal voting rights
in any circumstances and are entitled pari passu to participate in a distribution arising from a winding up of the company. The B Ordinary shares have no dividend rights.
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 10
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Esther Carder.
The auditor was Moore Kingston Smith LLP.
11
Financial commitments, guarantees and contingent liabilities
A composite guarantee has been given to the company's bankers in respect of any debts or liabilities owing to the bank by any party to the guarantee. The parties to the guarantee are the companies listed below:
Strat7 Group Limited
Project Further Midco Limited
Research Bods Online Limited
Bonamy Finch Marketing Services Limited
Strat7 AB
Crowd DNA Limited
At the balance sheet date, the group's indebtedness to its bankers was £6,562,500. The group's indebtedness to its bankers is subject to meeting loan covenants.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
93,923
93,923
Between two and five years
375,692
375,692
In over five years
140,885
234,808
610,500
704,423
13
Related party transactions
As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose transactions with the parent company and wholly owned group companies.
Research Bods Online Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 11
14
Ultimate parent company and ultimate controlling party
The Company's immediate parent company is Strat7 Group Limited, a company registered in England and Wales. The immediate parent company of Strat7 Group Limited is Project Further Midco Limited, a company registered in England and Wales. The immediate parent company of Project Further Midco Limited is Project Further Holdco Limited, a company registered in England and Wales. The ultimate parent company of the group is Project Further Topco Limited, a company incorporated in England and Wales.
Project Further Topco Limited is the smallest and largest group for which consolidated financial statements including the company are prepared. The consolidated financial statements of Project Further Topco Limited are available from its registered office, 11 Soho Street, London, England, W1D 3AD.
The directors do not consider there to be a single ultimate controlling party.
2021-06-30
2020-07-01
false
03 March 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
B Brien
A Knight
J Clough
R Hilton
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