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Unaudited Financial Statements for the Year Ended 30 September 2019 |
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Technology Will Save Us Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2019 |
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for |
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Technology Will Save Us Limited |
Technology Will Save Us Limited (Registered number: 07661485) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2019 |
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Company Information | 1 |
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Report of the Accountants | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Technology Will Save Us Limited |
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Company Information |
for the Year Ended 30 September 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Unit 111 Canalot Studios |
222 Kensal Road |
London |
W10 5BN |
Technology Will Save Us Limited |
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Report of the Accountants to the Directors of |
Technology Will Save Us Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only |
required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
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These financial statements have been prepared in accordance with our terms of engagement and in order |
to assist you to fulfil your duties under the Companies Acts, that relate to preparing the financial |
statements of the company for the year ended 30 September 2019. |
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We have prepared these finance statements based on the accounting records, information and |
explanations provided by you. We do not express any opinion on the financial statements. |
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On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure |
that the company keeps adequate accounting records and prepares financial statements that give a true |
and fair view. |
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You have determined that the company is exempt from the statutory requirement for an audit for this |
accounting year. Therefore, the financial statements are unaudited. |
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The financial statements are provided exclusively to the director for the limited purpose mentioned above, |
and may not be used or relied upon for any other purpose or by any other person, and we shall not be |
liable for any other usage or reliance. |
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Unit 111 Canalot Studios |
222 Kensal Road |
London |
W10 5BN |
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Technology Will Save Us Limited (Registered number: 07661485) |
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Balance Sheet |
30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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Technology Will Save Us Limited (Registered number: 07661485) |
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Balance Sheet - continued |
30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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Technology Will Save Us Limited (Registered number: 07661485) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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Technology Will Save Us Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership |
of the goods has transferred to the buyer. This is actually at the point that the customer has signed |
for the delivery of the goods. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery - 25% straight line |
Fixtures and fittings - 20% straight line |
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Investments in subsidiaries |
Investments in equity shares which are publicly traded or where the fair value can be measured |
reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. |
Investments in equity shares which are not publicly traded and where fair value cannot be measured |
reliably are measured at cost less impairment. |
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Interest income on debt securities, where applicable, is recognised in income using the effective |
interest method. Dividends on equity securities are recognised in income when receivable. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Technology Will Save Us Limited (Registered number: 07661485) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Technology Will Save Us Limited (Registered number: 07661485) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 October 2018 |
and 30 September 2019 |
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AMORTISATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 October 2018 |
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Additions |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Technology Will Save Us Limited (Registered number: 07661485) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
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COST |
At 1 October 2018 |
and 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Technology Will Save Us Inc., incorporated in Delaware, United States of America. The company |
currently holds 100 $0.001 shares representing 100% of the equity shares in the company. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Technology Will Save Us Limited (Registered number: 07661485) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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9. | RELATED PARTY DISCLOSURES |
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Summary of transactions with subsidiaries |
Technology Will Save Us Inc., incorporated in Delaware, United States of America. |
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During the year, the company provided advances totalling £215,000 to Technology Will Save Us Inc. |
The total balance due to the company at the end of the year was £552,683 (2018: (£337,683)). |
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Summary of transactions with other related parties |
Hirsch & Mann Limited (company number: 07361568) |
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The company purchased services from Hirsch & Mann Limited, a company in which Mr D |
Hirschmann is a majority shareholder and director. The value of such purchases during the financial |
year ended 30th September 2019 was £47,156 (2018: £46,725) excluding VAT. The total due |
(from)/to Hirsch & Mann Ltd at the end of the year was £2,000 (2016: £7,793). |
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During the year, the company received advances totalling £103,000 from Hirsch & Mann Limited. |
The total balance due from the company at the end of the year was £103,000 (2018: £nil). |