PrivacyCo Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2023
Company Registration No. 09435976 (England and Wales)
PrivacyCo Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Privacyco Ltd
PrivacyCo Ltd
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
17,373
26,922
Tangible assets
4
38,646
19,381
56,019
46,303
Current assets
Debtors
5
2,278,940
2,054,034
Cash at bank and in hand
2,051,415
1,397,315
4,330,355
3,451,349
Creditors: amounts falling due within one year
6
(436,380)
(155,581)
Net current assets
3,893,975
3,295,768
Net assets
3,949,994
3,342,071
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
3,798,994
3,191,071
Total equity
3,949,994
3,342,071
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 2023 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.
The 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
PrivacyCo Ltd
Balance Sheet (Continued)
As at 30 June 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
A Argiolas
Director
Company Registration No. 09435976
PrivacyCo Ltd
Notes to the Financial Statements
For the year ended 30 June 2023
Page 3
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 amounts 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
Atruet the time of approving the financial statements, the 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 the 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 2023
1
Accounting policies
(Continued)
Page 4
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
Motor vehicles
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 2023
1
Accounting policies
(Continued)
Page 5
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 leases 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 (2022: 19).
3
Intangible fixed assets
Domain name
£
Cost
At 1 July 2022 and 30 June 2023
55,610
Amortisation and impairment
At 1 July 2022
28,688
Amortisation charged for the year
9,549
At 30 June 2023
38,237
Carrying amount
At 30 June 2023
17,373
At 30 June 2022
26,922
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
86,892
Additions
34,774
At 30 June 2023
121,666
Depreciation and impairment
At 1 July 2022
67,511
Depreciation charged in the year
15,509
At 30 June 2023
83,020
Carrying amount
At 30 June 2023
38,646
At 30 June 2022
19,381
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
237,574
304,320
Other debtors
189,627
63,938
Prepayments and accrued income
1,305,832
1,169,775
1,733,033
1,538,033
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
545,907
516,001
Total debtors
2,278,940
2,054,034
PrivacyCo Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 7
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,700
19,562
Corporation tax
315,948
28,445
Other taxation and social security
60,368
Other creditors
88,732
47,206
436,380
155,581
7
Called up share capital
2023
2022
2023
2022
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:
2023
2022
£
£
159,664
74,113
9
Related party transactions
During the year dividends of £314,340 (2022: £776,760) were paid to directors of the company.
Included within other debtors due after more than one year is an amount totalling £545,907 (2022: £516,001) which represents a loan made to a company under common control. Interest of £29,906 (2022: £41,535) has been earned in the year to 30 June 2023.
10
Controlling party
The ultimate controlling party is A Argiolas by virtue of his majority shareholding in the company.