Company Registration No. 08251033 (England and Wales)
Trurating Limited
Unaudited Financial Statements
For the year ended 31 December 2020
Pages for filing with registrar
Trurating Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Trurating Limited
Balance Sheet
As at 31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,949
15,072
Investments
4
173
173
13,122
15,245
Current assets
Debtors
5
12,976,859
12,914,780
Cash at bank and in hand
72,014
60,165
13,048,873
12,974,945
Creditors: amounts falling due within one year
6
(1,709,315)
(1,403,810)
Net current assets
11,339,558
11,571,135
Total assets less current liabilities
11,352,680
11,586,380
Creditors: amounts falling due after more than one year
7
(4,209,220)
(1,524,113)
Net assets
7,143,460
10,062,267
Capital and reserves
Called up share capital
8
3
3
Share premium account
28,312,714
27,939,419
Profit and loss reserves
(21,169,257)
(17,877,155)
Total equity
7,143,460
10,062,267
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 2020 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.
Trurating Limited
Balance Sheet (Continued)
As at 31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2021 and are signed on its behalf by:
C A Nelson
Director
Company Registration No. 08251033
Trurating Limited
Statement of Changes in Equity
For the year ended 31 December 2020
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2019
3
24,176,566
(14,540,650)
9,635,919
Year ended 31 December 2019:
Loss and total comprehensive income for the year
-
-
(3,336,505)
(3,336,505)
Other movements
-
3,762,853
-
3,762,853
Balance at 31 December 2019
3
27,939,419
(17,877,155)
10,062,267
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(3,292,102)
(3,292,102)
Issue of share capital
8
-
373,295
-
373,295
Balance at 31 December 2020
3
28,312,714
(21,169,257)
7,143,460
Trurating Limited
Notes to the Financial Statements
For the year ended 31 December 2020
- 4 -
1
Accounting policies
Company information
TruRating Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of VAT, from the company's principal activity of the provision of point-of-payment consumer rating services.
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:
Fixtures and fittings
50% straight line
Computers
25% straight line
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11
and
Section 12
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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
fair
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, which include trade and other payables and bank loans, are initially measured at transaction price
and are subsequently carried at amortised cost using the effective interest method
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the
present
fair
value of the future receipts discounted at a market rate of interest
.
1.7
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.
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.
1.8
Retirement benefits
Payments to defined contribution plans are recognised as an expense in the period in which the related service is provided.
1.9
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.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
31
34
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2020
3,200
95,636
98,836
Additions
-
8,085
8,085
At 31 December 2020
3,200
103,721
106,921
Depreciation and impairment
At 1 January 2020
3,200
80,564
83,764
Depreciation charged in the year
-
10,208
10,208
At 31 December 2020
3,200
90,772
93,972
Carrying amount
At 31 December 2020
-
12,949
12,949
At 31 December 2019
-
15,072
15,072
4
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
173
173
The company owns 100% of the issued share capital of truRating Australia Pty Ltd, a company incorporated in Australia, truRating Inc, a company incorporated in the USA and truRating Canada Ltd, a company incorporated in Canada.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2020 & 31 December 2020
173
Carrying amount
At 31 December 2020
173
At 31 December 2019
173
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
23,078
Corporation tax recoverable
436,284
534,469
Amounts owed by group undertakings
12,485,527
12,060,492
Other debtors
55,048
296,741
12,976,859
12,914,780
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
889,015
532,577
Taxation and social security
576,366
194,283
Other creditors
243,934
676,950
1,709,315
1,403,810
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
- 8 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
50,000
-
Other creditors
4,159,220
1,524,113
4,209,220
1,524,113
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
892,975 Class A of 0.0001p each
0.89
0.89
1,129,335 (2019: 1,126,375) Class B of 0.0001p each
1.13
1.13
899,992 (2019: 894,044) Class C of 0.0001p each
0.90
0.89
93,200 Class D of 0.0001p each
0.09
0.09
32,225 Class E of 0.0001p each
0.03
0.03
3.04
3.03
The A shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The B shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The C shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The D shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The E shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
During the year the company issued 2,960 B shares and 5,948 C shares for the consideration of £
223,234
.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
- 9 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
-
499,140
10
Related party transactions
At the reporting end date the following amounts were included in debtors (note 5) as amounts owed by group undertakings:
truRating Australia Pty Ltd - £
4,149,947
(
2019
- £
4,081,505
)
truRating Inc - £
6,063,141
(201
9
- £
5,718,373
)
truRating Canada Ltd - £
2,272,438
(201
9
- £2
,260,614
)