Privacyco Ltd (Formerly known as Metric Labs Ltd)
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2019
Company Registration No. 09435976 (England and Wales)
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Company Information
Directors
A Argiolas
R Foister
Company number
09435976
Registered office
33 Fourth Floor
Great Sutton Street
London
England
EC1V 0DX
Accountants
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Balance Sheet
As at 30 June 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
15,283
4,718
Tangible assets
4
43,073
36,583
Current assets
Debtors
5
1,057,611
457,964
Cash at bank and in hand
2,408,183
2,038,532
3,465,794
2,496,496
Creditors: amounts falling due within one year
6
(445,744)
(325,344)
Net current assets
3,020,050
2,171,152
Total assets less current liabilities
3,078,406
2,212,453
Capital and reserves
Called up share capital
7
1,600
1,600
Share premium account
149,400
149,400
Profit and loss reserves
2,927,406
2,061,453
Total equity
3,078,406
2,212,453
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 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Balance Sheet (Continued)
As at 30 June 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 31 March 2020 and are signed on its behalf by:
A Argiolas
Director
Company Registration No. 09435976
Privacyco Ltd (Formerly Known As Metric Labs Ltd)
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Notes to the Financial Statements
For the year ended 30 June 2019
Page 3
1
Accounting policies
Company information
Privacyco Ltd (Formerly known as Metric Labs Ltd) is a
private
company
limited by shares
domiciled &
incorporated in England and Wales.
The registered office is
33 Fourth Floor, Great Sutton Street, London, England, EC1V 0DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents
commissions
receivable for
the provision of
services net of VAT and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
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:
Domain name
5 Years Straight Line
1.4
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, fittings & equipment
4 Years Straight Line
Computer equipment
4 Years 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
.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
Privacyco Ltd (Formerly Known As Metric Labs Ltd)
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.12
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2018: 4).
Privacyco Ltd (Formerly Known As Metric Labs Ltd)
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
Page 5
3
Intangible fixed assets
Domain name
£
Cost
At 1 July 2018
7,864
Additions
15,172
At 30 June 2019
23,036
Amortisation and impairment
At 1 July 2018
3,146
Amortisation charged for the year
4,607
At 30 June 2019
7,753
Carrying amount
At 30 June 2019
15,283
At 30 June 2018
4,718
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2018
42,920
Additions
19,927
At 30 June 2019
62,847
Depreciation and impairment
At 1 July 2018
6,337
Depreciation charged in the year
13,437
At 30 June 2019
19,774
Carrying amount
At 30 June 2019
43,073
At 30 June 2018
36,583
Privacyco Ltd (Formerly Known As Metric Labs Ltd)
Privacyco Ltd (Formerly known as Metric Labs Ltd)
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
Page 6
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,057,611
457,964
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
15,580
16,942
Corporation tax
217,778
205,293
Other taxation and social security
49,332
-
Other creditors
163,054
103,109
445,744
325,344
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
160,000 Ordinary shares of 1p each
1,600
1,600
1,600
1,600
8
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:
2019
2018
£
£
373,963
445,573
9
Related party transactions
During the year dividends of £40,152 (2018: 286,800) were paid to directors of the company.
10
Controlling party
The ultimate controlling party is A Argiolas by virtue of his majority shareholding in the company.