PrivacyCo Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2022
Company Registration No. 09435976 (England and Wales)
PrivacyCo Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
PrivacyCo Ltd
Balance Sheet
As at 30 June 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
26,922
36,471
Tangible assets
4
19,381
23,914
46,303
60,385
Current assets
Debtors
5
2,054,034
2,387,035
Cash at bank and in hand
1,397,315
2,351,160
3,451,349
4,738,195
Creditors: amounts falling due within one year
6
(155,581)
(335,005)
Net current assets
3,295,768
4,403,190
Net assets
3,342,071
4,463,575
Capital and reserves
Called up share capital
7
1,565
1,565
Share premium account
149,400
149,400
Capital redemption reserve
35
35
Profit and loss reserves
3,191,071
4,312,575
Total equity
3,342,071
4,463,575
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 2022 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 2022
Page 2
The financial statements were approved and signed by the director and authorised for issue on 27 March 2023
A Argiolas
Director
Company Registration No. 09435976
PrivacyCo Ltd
Statement of Changes in Equity
For the year ended 30 June 2022
Page 3
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 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
7
(35)
35
Balance at 30 June 2021
1,565
149,400
35
4,312,575
4,463,575
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
1,380,935
1,380,935
Dividends
-
-
-
(2,502,439)
(2,502,439)
Balance at 30 June 2022
1,565
149,400
35
3,191,071
3,342,071
PrivacyCo Ltd
Notes to the Financial Statements
For the year ended 30 June 2022
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 general economic uncertainty 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 2022
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 2022
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19
(2021: 15).
3
Intangible fixed assets
Domain name
£
Cost
At 1 July 2021 and 30 June 2022
55,610
Amortisation and impairment
At 1 July 2021
19,139
Amortisation charged for the year
9,549
At 30 June 2022
28,688
Carrying amount
At 30 June 2022
26,922
At 30 June 2021
36,471
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
76,421
Additions
10,471
At 30 June 2022
86,892
Depreciation and impairment
At 1 July 2021
52,507
Depreciation charged in the year
15,004
At 30 June 2022
67,511
Carrying amount
At 30 June 2022
19,381
At 30 June 2021
23,914
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
304,320
308,129
Other debtors
1,233,713
1,058,906
1,538,033
1,367,035
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
516,001
1,020,000
Total debtors
2,054,034
2,387,035
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 8
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
19,562
7,473
Corporation tax
28,445
144,405
Other taxation and social security
60,368
178,693
Other creditors
47,206
4,434
155,581
335,005
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
156,500
156,500
1,565
1,565
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:
2022
2021
£
£
74,113
117,907
9
Related party transactions
During the year dividends of £776,760 (2021: £677,040) were paid to directors of the company.
Included within other debtors due after more than one year is an amount totalling £516,001 (2021: £1,020,000) which represents a loan made to a company under common control. Interest of £41,535 (2021: £20,000) has been earned in the year to 30 June 2022.
10
Controlling party
The ultimate controlling party is A Argiolas by virtue of his majority shareholding in the company.