Registration number:
Lawdeck Limited
for the Period from 1 May 2020 to 28 February 2021
Lawdeck Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lawdeck Limited
Company Information
Directors |
Olatunde Alegbe Alexander Sukhdev Singh Mann Mooktakim Ahmed |
Registered Number: |
08442448 |
Registered office |
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Accountants |
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Lawdeck Limited
(Registration number: 08442448)
Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
218 |
218 |
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Share premium reserve |
3,206,023 |
3,206,023 |
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Profit and loss account |
(5,177,045) |
(2,541,573) |
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Total equity |
(1,970,804) |
664,668 |
For the financial period ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Lawdeck Limited
(Registration number: 08442448)
Balance Sheet as at 28 February 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors of the company are constantly assessing the impact of COVID-19. The situation is evolving continuously and it is difficult at this stage to determine with any certainty the impact on the company, its customers, employees and suppliers. The directors believe that the group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the group will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. The directors have not identified any material uncertainties to the group and company's ability to continue as a going concern. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Judgements
In preparing these financial statements, the directors have had to make the following judgements: |
Determination of whether leases entered into by the group are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred to the lessor on a lease by lease basis. |
Determination of whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and future financial performance of the asset. |
Key sources of estimation uncertainty
Intangible and tangible fixed assets
Intangible and tangible fixed assets are amortised or depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.. The carrying amount is £1,527,618 (2020 -£710,379).
Trade debtors and accrued income
Recovery of trade debtors (including credit cover payments deposited with suppliers) and accrued income: Trade debtors including accrued income relating to amounts falling due from customers are assessed regularly for potential bad debts. Factors considered include the period overdue and discussions with customers to date, sales terms, payments history and future services. Accrued income relates to amounts owed by customers for the consumption of home services which has not been billed at the balance sheet date.. The carrying amount is £679,859 (2020 -£Nil).
Payments received in advance
Other creditors includes recognition of amounts received from customers under their monthly payment plan in advance of supplying them with home services.. The carrying amount is £1,292,959 (2020 -£Nil).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the supply of home services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
25% Straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Development costs
Costs directly attributable to product development are capitalised as intangible assets only when technical feasibility of the project is demonstrated, there is an intention and ability to complete the development activities and the costs can be measured reliably. Such costs include purchases of materials and services and payroll-related costs of employees directly involved in the project. Research costs are recognised as an expense when incurred.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
25% Straight line |
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Investments
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.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Short term debtors are measured at transaction price less any impairment.
Trade creditors
Short term creditors are measured at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 May 2020 |
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Additions internally developed |
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At 28 February 2021 |
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Amortisation |
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At 1 May 2020 |
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Amortisation charge |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 30 April 2020 |
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Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2020 |
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Additions |
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At 28 February 2021 |
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Depreciation |
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At 1 May 2020 |
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Charge for the period |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 30 April 2020 |
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Investments |
2021 |
2020 |
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Investments in subsidiaries |
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- |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 28 February 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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86-90 Paul Street
England |
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Subsidiary undertakings |
Colorado Energy Limited The principal activity of Colorado Energy Limited is |
Debtors |
2021 |
2020 |
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Trade debtors |
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- |
Prepayments |
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Other debtors |
1,203,428 |
169,821 |
VAT Control account |
165,268 |
139,632 |
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Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
1,968,752 |
- |
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Trade creditors |
407,552 |
288,778 |
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Amounts owed to associates |
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- |
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PAYE and NIC |
212,107 |
107,005 |
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Accruals and deferred income |
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Other creditors |
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Bank loans and overdrafts includes £1.5m of convertible loan notes together with rolled up interest calculated at a rate of 4% per annum. The convertible loan notes mature on 3 January 2022 when they can either be redeemed or converted in to equity at the agreed conversion price. The loan notes may also be converted in the event of a qualifying fund raising of £5m or more. In that event the conversion price is calculated as the lesser of the relevant share issuance price less a 20% discount and a price equal to £40m divided by the fully diluted share capital immediately prior to the initial closing of the qualifying fund raising.
Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Non-current borrowings includes 3 separate loans:
Future Fund Convertible Loan: £1,640,000. This will convert to equity on the completion of the next qualifying round or be repayable in 3 years' time in February 2024. Interest is charged at 8% per annum. An amount for accrued interest of £2,899 is rolled up into the outstanding balance. This may be either converted into shares when the loan converts or settled in cash.
Bounce Back Loan: £50,000 was drawn down in June 2020. No interest arises in the current accounting period. The first repayments will occur in July 2020. £6,667 is included in creditors falling due within one year.
Credit facility: The company has drawn down a total of £500,000 on a mid term credit facility. £95,833 is repayable after more than one year.
The convertible loans previously shown as due after more than one year at 30.4.20 have a maturity date of 3 January 2022 and are now included in creditors due within one year.
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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Ordinary of £0.00001 each |
19,750,316 |
197.50 |
19,750,316 |
197.50 |
Deferred of £0.00100 each |
20,000 |
20.00 |
20,000 |
20.00 |
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Lawdeck Limited
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 28 February 2021
Related party transactions |
Summary of transactions with all subsidiaries
Non adjusting events after the financial period |
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