Company Registration No. 09056449 (England and Wales)
CROWDSTACKER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CROWDSTACKER LIMITED
CONTENTS
Page
Director's report
1 - 2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
CROWDSTACKER LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2020.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M Bristow
(Resigned 15 July 2019)
K Patel
J Turnbull
(Resigned 15 July 2019)
G Waters
(Resigned 7 May 2019)
Auditor
The auditor, The HHC Partnership Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
CROWDSTACKER LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
On behalf of the board
K Patel
Director
29 May 2020
CROWDSTACKER LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 3 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
185,133
208,681
Tangible assets
4
14,977
46,637
200,110
255,318
Current assets
Debtors
5
293,017
357,403
Cash at bank and in hand
44,695
42,175
337,712
399,578
Creditors: amounts falling due within one year
6
(117,400)
(201,324)
Net current assets
220,312
198,254
Total assets less current liabilities
420,422
453,572
Capital and reserves
Called up share capital
7
1,986,969
1,763,179
Profit and loss reserves
8
(1,566,547)
(1,309,607)
Total equity
420,422
453,572
The director of the company has 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 29 May 2020 and are signed on its behalf by:
K Patel
Director
Company Registration No. 09056449
CROWDSTACKER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
1,263,179
(890,518)
372,661
Year ended 31 March 2019:
Loss and total comprehensive income for the year
-
(419,089)
(419,089)
Issue of share capital
7
500,000
-
500,000
Balance at 31 March 2019
1,763,179
(1,309,607)
453,572
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(256,940)
(256,940)
Issue of share capital
7
223,790
-
223,790
Balance at 31 March 2020
1,986,969
(1,566,547)
420,422
CROWDSTACKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
1
Accounting policies
Company information
Crowdstacker Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Floors 1 and 2, 6 Victoria Street, St Albans, Herts, AL1 3JB.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day-to-day working capital requirements through its bank facilities
, internally generated income and support from its parent company
. The company’s
forecasts and projections, show that the company should be able to operate within the level of its current
facilities. After making enquiries, the directors have a reasonable expectation that the company has
adequate resources to continue in operational existence for the foreseeable future. The company therefor
e
continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Amortisation 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:
Development Costs
25% Straight Line
1.6
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.
CROWDSTACKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
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, fittings & equipment
25% Straight Line
Computer equipment
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
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets (specifically it's platform development costs)
to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
CROWDSTACKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 7 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
CROWDSTACKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
10
3
Intangible fixed assets
Other
£
Cost
At 1 April 2019
282,656
Additions
58,838
At 31 March 2020
341,494
Amortisation and impairment
At 1 April 2019
73,975
Amortisation charged for the year
82,386
At 31 March 2020
156,361
Carrying amount
At 31 March 2020
185,133
At 31 March 2019
208,681
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 March 2020
179,881
Depreciation and impairment
At 1 April 2019
133,244
Depreciation charged in the year
31,660
At 31 March 2020
164,904
Carrying amount
At 31 March 2020
14,977
At 31 March 2019
46,637
CROWDSTACKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
153,684
79,776
Amounts owed by group undertakings
-
737
Other debtors
139,333
276,890
293,017
357,403
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
42,267
118,339
Amounts owed to group undertakings
2,400
-
Taxation and social security
15,039
14,748
Other creditors
57,694
68,237
117,400
201,324
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
198,696,900 Ordinary shares of £0.01p each
1,986,969
1,763,179
During the year, the reporting entity issued 22,379,000 ordinary shares with a nominal value of £0.01 each for a total consideration of £223,790.
8
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
(1,309,607)
(890,518)
Loss for the year
(256,940)
(419,089)
At the end of the year
(1,566,547)
(1,309,607)
CROWDSTACKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 10 -
9
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.
Material uncertainty relating to going concern
We draw attention to the Accounting Policies on Page 5 of the financial statements, which describes the Directors' assertions with regards to Going Concern. Our opinion is not modified in this respect.
The senior statutory auditor was Andrew da Costa.
The auditor was The HHC Partnership Ltd.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
59,583
87,083
11
Directors' transactions
During the year, services totalling £54,000 were purchased from Sycamore Capital Limited, a company owned and controlled by M. Bristow, a former Director of the company. During the year, legal services totalling £42,654 (2019: £24,128) were supplied by Shakespeare Martineau LLP, an entity in which J Turnbull, a former Director of the company is a member.
12
Parent company
The ultimate parent company is Crowdstacker Holdings Limited, a company incorporated in England and Wales.