PrivacyCo Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2021
Company Registration No. 09435976 (England and Wales)
PrivacyCo Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
PrivacyCo Ltd
Balance Sheet
As at 30 June 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
36,471
10,676
Tangible assets
5
23,914
30,519
60,385
41,195
Current assets
Debtors
6
2,387,035
1,495,469
Cash at bank and in hand
2,351,160
3,402,474
4,738,195
4,897,943
Creditors: amounts falling due within one year
7
(335,005)
(734,332)
Net current assets
4,403,190
4,163,611
Net assets
4,463,575
4,204,806
Capital and reserves
Called up share capital
8
1,565
1,600
Share premium account
149,400
149,400
Capital redemption reserve
35
Profit and loss reserves
4,312,575
4,053,806
Total equity
4,463,575
4,204,806
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
PrivacyCo Ltd
Balance Sheet (Continued)
As at 30 June 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 23 March 2022 and are signed on its behalf by:
A Argiolas
Director
Company Registration No. 09435976
PrivacyCo Ltd
Statement of Changes in Equity
For the year ended 30 June 2021
Page 3
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2019
1,600
149,400
2,927,406
3,078,406
Year ended 30 June 2020:
Profit and total comprehensive income for the year
-
-
-
2,110,400
2,110,400
Dividends
-
-
-
(984,000)
(984,000)
Balance at 30 June 2020
1,600
149,400
4,053,806
4,204,806
Year ended 30 June 2021:
Profit and total comprehensive income for the year
-
-
-
1,673,448
1,673,448
Dividends
-
-
-
(1,314,667)
(1,314,667)
Own shares acquired
-
-
-
(100,012)
(100,012)
Redemption of shares
8
(35)
35
Balance at 30 June 2021
1,565
149,400
35
4,312,575
4,463,575
PrivacyCo Ltd
Notes to the Financial Statements
For the year ended 30 June 2021
Page 4
1
Accounting policies
Company information
PrivacyCo 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The Covid 19 pandemic has not affected the company due to the nature of its business.
Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents
commissions
receivable for
the provision of
services net of VAT and trade discounts.
1.4
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
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 5
1.5
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
.
1.6
Impairment of fixed assets
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
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.
1.9
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.
1.10
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.
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 6
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
1.14
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15
(2020: 15).
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 7
4
Intangible fixed assets
Domain name
£
Cost
At 1 July 2020
23,036
Additions
32,574
At 30 June 2021
55,610
Amortisation and impairment
At 1 July 2020
12,360
Amortisation charged for the year
6,779
At 30 June 2021
19,139
Carrying amount
At 30 June 2021
36,471
At 30 June 2020
10,676
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2020
66,338
Additions
10,083
At 30 June 2021
76,421
Depreciation and impairment
At 1 July 2020
35,819
Depreciation charged in the year
16,688
At 30 June 2021
52,507
Carrying amount
At 30 June 2021
23,914
At 30 June 2020
30,519
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 8
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
308,129
431,652
Other debtors
1,058,906
1,063,817
1,367,035
1,495,469
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
1,020,000
Total debtors
2,387,035
1,495,469
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
7,473
2,896
Corporation tax
144,405
498,064
Other taxation and social security
178,693
212,727
Other creditors
4,434
20,645
335,005
734,332
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
156,500
160,000
1,565
1,600
T
he company repurchased some of the ordinary share capital. A total of 3,492 ordinary shares with a nominal value of £0.01 were repurchased and cancelled
.
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 9
9
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:
2021
2020
£
£
117,907
278,483
10
Related party transactions
During the year dividends of £677,040 (2020: £984,000) were paid to directors of the company.
Included within other debtors due after more than one year is an amount totalling £1,020,000 (2020: £nil) which represents a loan made to a company under common control. Interest of £20,000 (2020: £nil) has been earned in the year to 30 June 2021.
11
Controlling party
The ultimate controlling party is A Argiolas by virtue of his majority shareholding in the company.