Company registration number 08251033 (England and Wales)
Trurating Limited
Unaudited Financial Statements
For the year ended 31 December 2022
PAGES FOR FILING WITH REGISTRAR
Trurating Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
Trurating Limited
Balance Sheet
As at 31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,589
8,741
Investments
4
173
173
21,762
8,914
Current assets
Debtors
5
14,757,329
13,467,501
Cash at bank and in hand
9,278
34,994
14,766,607
13,502,495
Creditors: amounts falling due within one year
6
(1,845,937)
(1,547,286)
Net current assets
12,920,670
11,955,209
Total assets less current liabilities
12,942,432
11,964,123
Creditors: amounts falling due after more than one year
7
(9,179,768)
(7,434,387)
Net assets
3,762,664
4,529,736
Capital and reserves
Called up share capital
8
3
3
Share premium account
30,869,439
28,506,051
Profit and loss reserves
(27,106,778)
(23,976,318)
Total equity
3,762,664
4,529,736
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 2022 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 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 January 2023 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 2022
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
3
28,312,714
(21,169,257)
7,143,460
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(2,807,061)
(2,807,061)
Issue of share capital
8
193,337
-
193,337
Balance at 31 December 2021
3
28,506,051
(23,976,318)
4,529,736
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(3,130,460)
(3,130,460)
Issue of share capital
8
2,363,388
-
2,363,388
Balance at 31 December 2022
3
30,869,439
(27,106,778)
3,762,664
Trurating Limited
Notes to the Financial Statements
For the year ended 31 December 2022
- 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 2022
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 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
30
30
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022
3,200
105,511
108,711
Additions
19,233
19,233
At 31 December 2022
3,200
124,744
127,944
Depreciation and impairment
At 1 January 2022
3,200
96,770
99,970
Depreciation charged in the year
6,385
6,385
At 31 December 2022
3,200
103,155
106,355
Carrying amount
At 31 December 2022
21,589
21,589
At 31 December 2021
8,741
8,741
4
Fixed asset investments
2022
2021
£
£
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 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,996
113,632
Corporation tax recoverable
568,331
456,099
Amounts owed by group undertakings
14,122,497
12,889,771
Other debtors
64,505
7,999
14,757,329
13,467,501
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Trade creditors
545,696
471,084
Taxation and social security
746,989
720,540
Other creditors
543,252
345,662
1,845,937
1,547,286
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
24,167
34,167
Other creditors
9,155,601
7,400,220
9,179,768
7,434,387
- 8 -
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
892,975 Class A of 0.0001p each
0.89
0.89
1,232,031 (2021: 1,136,282) Class B of 0.0001p each
1.23
1.14
899,992 Class C of 0.0001p each
0.90
0.90
93,200 Class D of 0.0001p each
0.09
0.09
32,743 Class E of 0.0001p each
0.03
0.03
3.14
3.05
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 94,283 B shares for the consideration of £2,362,732.
9
Related party transactions
At the reporting end date the following amounts were included in debtors (note 5) as amounts owed by group undertakings:
2022
2021
Amounts due from related parties
£
£
TruRating - USA
7,315,751
6,401,473
TruRating - Aus
4,354,193
4,207,909
TruRating - Canada
2,452,553
2,280,389