Company Registration No. 08484663 (England and Wales)
BACKSTOP SOLUTIONS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BACKSTOP SOLUTIONS UK LIMITED
COMPANY INFORMATION
Directors
C D Coghill
J P Schuler
Company number
08484663
Registered office
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
BACKSTOP SOLUTIONS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BACKSTOP SOLUTIONS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
97,049
138,643
Tangible assets
4
5,301
5,148
102,350
143,791
Current assets
Debtors
5
588,417
443,485
Cash at bank and in hand
156,439
111,166
744,856
554,651
Creditors: amounts falling due within one year
6
(1,129,083)
(1,171,833)
Net current liabilities
(384,227)
(617,182)
Total assets less current liabilities
(281,877)
(473,391)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(281,878)
(473,392)
Total equity
(281,877)
(473,391)
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 19 April 2021 and are signed on its behalf by:
J P Schuler
Director
Company Registration No. 08484663
BACKSTOP SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Backstop Solutions UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Yeomans Court, Ware Road, Hertford, Hertfordshire, United Kingdom, SG13 7HJ. Its principal place of business is 20 St Dunstans Hill, London, EC3R 8HL.
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.
1.2
Going concern
The directors have received confirmation from the directors of Backstop Solutions Group, LLC, the parent company of Backstop Solutions UK Limited that it will provide adequate financial support for the foreseeable future.
true
Having prepared forecasts and projections for the company and, taking into account the economic conditions and possible changes in trading performance, alongside the facts noted above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and although the directors do not believe that coronavirus will have a significant impact on the company’s business, it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. Software turnover is invoiced yearly in advance and recognised monthly with any unrecognised turnover included in the Balance sheet as deferred income at year end.
BACKSTOP SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill and software
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged to write off the cost of the intangible assets less their residual values over their estimated useful lives on a straight line basis. The intangible assets are written off over the following useful economic lives:
Goodwill - 10 years
Software - 10 years
If there are indicators of a significant movement in the useful life or residual value of the asset, amortisation is revised prospectively to reflect this.
The directors believe that the useful economic life is 10 years due to the substantial business contacts which the company has maintained.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, 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:
Plant and equipment
between 14% and 33% on cost
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
.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest.
1.8
Trade and other payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BACKSTOP SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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
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.
1.10
Retirement benefits
The company contributes to personal pension plans for employees. Contributions payable to personal plans are charged to the profit and loss account in the period to which they relate.
1.11
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.
2
Employees
The average monthly number of persons employed by the company during the year was:
2020
2019
Number
Number
Total
8
5
BACKSTOP SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2020 and 31 December 2020
344,856
71,078
415,934
Amortisation and impairment
At 1 January 2020
229,905
47,386
277,291
Amortisation charged for the year
34,486
7,108
41,594
At 31 December 2020
264,391
54,494
318,885
Carrying amount
At 31 December 2020
80,465
16,584
97,049
At 31 December 2019
114,951
23,692
138,643
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020
7,780
Additions
2,211
At 31 December 2020
9,991
Depreciation and impairment
At 1 January 2020
2,632
Depreciation charged in the year
2,058
At 31 December 2020
4,690
Carrying amount
At 31 December 2020
5,301
At 31 December 2019
5,148
BACKSTOP SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
225,791
329,708
Amounts owed by group undertakings
286,618
Other debtors
21,522
25,703
533,931
355,411
Deferred tax asset
54,486
88,074
588,417
443,485
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,754
923
Amounts owed to group undertakings
208,927
Taxation and social security
89,584
59,299
Other creditors
1,035,745
902,684
1,129,083
1,171,833
7
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 Alison Nayler BSc FCA.
The auditor was Azets Audit Services.
8
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
£
£
Within one year
360
38,430
360
38,430
BACKSTOP SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
9
Related party transactions
Transactions with related parties
The amount owed by the parent company, Backstop Solutions Group, LLC at the year end was £286,618 (2019 - creditor of £208,927) and has been included in debtors due within one year. This loan is interest free and payable on demand.
10
Ultimate controlling party
The directors regard Backstop Solutions Group, LLC, as the ultimate parent company. The registered office of the ultimate parent company is 233 South Wacker Drive Suite 3960, Chicago, IL 60606.
The financial statements
for Backstop Solutions UK Limited
are consolidated in the financial statements of Backstop Solutions Group, LLC.