Company Registration No. 10084918 (England and Wales)
ACCOUNTSCORE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
ACCOUNTSCORE HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
31 December
31 March
2020
2020
Notes
£
£
£
£
Fixed assets
Investments
4
4
4
Current assets
Debtors
6
1,957,568
1,382,187
Creditors: amounts falling due within one year
7
(7,187)
(5,010)
Net current assets
1,950,381
1,377,177
Total assets less current liabilities
1,950,385
1,377,181
Creditors: amounts falling due after more than one year
8
(1,954,392)
(1,379,011)
Net liabilities
(4,007)
(1,830)
Capital and reserves
Called up share capital
9
2,998
2,998
Profit and loss reserves
10
(7,005)
(4,828)
Total equity
(4,007)
(1,830)
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 period ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 period 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.
ACCOUNTSCORE HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
31 December
31 March
2020
2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2021 and are signed on its behalf by:
Ms E L Steeley
Director
Company Registration No. 10084918
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
AccountScore Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Angel Court, London, United Kingdom, EC2R 7HJ .
The trading address is Level 4, Marble Arch House, 66 Seymour Street, Marylebone, London W1H 5BT.
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.The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated
financial statements, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The directors have have concluded that the going concern basis of accounting is appropriate. In forming this opinion, the directors prepared cash flow forecasts based on existing and newly won contracts for the group and are confident that the company can continue to meet its obligations for a period of at least 12 months after the date of signing these accounts. A capital contribution has also been received since the end of the reporting period and the parent company Equifax Inc. have confirmed that they will continue to support the company.
Additionally, the directors have also considered the impact of Covid19 which was declared a pandemic on 11 March 2020 and was still on going throughout the reporting period. The directors acknowledge that whilst the full implications for the company are unclear at the date of signing these accounts, the post reporting period financial information has not identified any decline in the company's activities.
1.3
Reporting period
These accounts are for the 9 month period 1 April 2020 to 31 December 2020, therefore the data will not be directly comparable to the previous reporting period.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
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.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
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.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. There are no critical estimates and judgements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2020: nil).
Period ended
Year ended
December
March
2020
2020
Number
Number
Total
4
Fixed asset investments
December
March
2020
2020
£
£
Shares in group undertakings and participating interests
4
4
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
4
Fixed asset investments
(Continued)
- 6 -
During the previous reporting period, the company recorded provisions for impairment against its investment in AccountScore US Corporation, on the basis that it continues its development and growth phase which is non-profit generating.
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2020 & 31 December 2020
315,637
Impairment
At 1 April 2020 & 31 December 2020
315,633
Carrying amount
At 31 December 2020
4
At 31 March 2020
4
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 7 -
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2020 are as follows:
Address of
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
AccountScore Limited
1 Angel Courtm London, United Kingdom, EC2R 7HJ
Analysis, pattern recognition and categorisation of bank transaction data
Ordinary
100
0
AccountScore US Corporation
101 Convention Center Dr., Suite 850, Las Vegas, NV 89109
Analysis, pattern recognition and categorisation of bank transaction data
Ordinary
100
0
Consents Online Limited
1 Angel Court, London, United Kingdom, EC2R 7HJ
Dormant company
Ordinary
100
0
LeadScore Limited
1 Angel Court, London, United Kingdom, EC2R 7HJ
Dormant company
Ordinary
100
0
AccountScore India Private Limited
Greater Kailash, Part-II, New Dehli - 110048, Dehli
Trading company
Ordinary
0
100
ClearAccount Technologies Limited
1 Angel Court, London, United Kingdom, EC2R 7HJ
Dormant company
Ordinary
0
100
The aggregate capital and reserves and the result for the period of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
AccountScore Limited
(549,590)
(1,413,920)
AccountScore US Corporation
(10,370)
18,166
Consents Online Limited
1
LeadScore Limited
1
AccountScore India Private Limited
(1,619)
8,267
ClearAccount Technologies Limited
1
The investment in subsidiaries are all stated at cost.
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 8 -
6
Debtors
2020
2020
Amounts falling due within one year:
£
£
Other debtors
3,176
3,176
Amounts falling due after more than one year:
Amounts owed by group undertakings
1,954,392
1,379,011
Total debtors
1,957,568
1,382,187
Included in the other debtors figure is an amount of £1,235 (2020: £
1,235
) which is owed to the company from the shareholders in respect of expenses paid on their behalf.
On the 25
th
April 2019, Accountscore Holdings Limited entered into a loan with Accountscore Limited to
offer
a loan facility of up to £900,000.
On the
10
th
October 2019, Accountscore Holdings Limited entered into a second loan with Accountscore Limited
for
a loan facility of up to £500,000.
On the
13th May 2020
, Accountscore Holdings Limited entered into a
third l
oan with Accountscore Limited
to offer a
loan facility of up to £
200,000
.
On the
15th October 2020
, Accountscore Holdings Limited entered into a
fourth
loan with Accountscore Limited
for
a loan facility of up to £
500,000
.
The
loan
dated 25th April 2019 is repayable
10
years
and 9 months
from April 20
19 on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The
loan
dated 10th October 2019 is repayable
10
years
and 2 months
from
October
20
19 on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The
loan
dated 13th May 2020 is repayable 9 years
and
8
months
from May 2020
on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The
loan
dated 15th October 2020 is repayable 9 years
and 2 months
from
October
2020
on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The loans are unsecured.
At the balance sheet date the company had an unrecognised deferred tax asset totalling £1,331
(31st March 2020: £917). This has not been recognised because the company has taxable losses with an uncertainty over when taxable profits will arise.
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 9 -
7
Creditors: amounts falling due within one year
2020
2020
£
£
Amounts due to group undertakings
5,867
3,755
Amounts due to related parties
3
3
Other creditors
1,317
1,252
7,187
5,010
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
8
Creditors: amounts falling due after more than one year
2020
2020
Notes
£
£
Amounts due to related parties
1,954,392
1,379,011
On the 25
th
April 2019, Accountscore Holdings Limited entered into a loan agreement with Loudwater Ventures Limited to
offer
a loan facility of up to £900,000.
On the
10
th
October 2019, Accountscore Holdings Limited entered into a second loan agreement with Loudwater Ventures Limited
for
a loan facility of up to £500,000
.
On the
13th
May
20
20
, Accountscore Holdings Limited entered into a
third
loan agreement with Loudwater Ventures Limited to
offer
a loan facility of up to £
2
00,000.
On the
1
5th
October
2020
, Accountscore Holdings Limited entered into a
fourth
loan agreement with Loudwater Ventures Limited
for
a loan facility of up to £500,000.
The
loan
dated 25th April 2019 is repayable
10
years
and 9 months
from April 20
19 on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The
loan
dated 10th October 2019 is repayable
10
years
and 2 months
from
October
20
19 on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The
loan
dated 13th May 2020 is repayable 9 years
and
8
months
from May 2020
on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The
loan
dated 15th October is repayable 9 years
and 2 months
from
October
2020
on the 31
st
December 2029
. Interest
is charged
at
10
% per annum.
The loans are unsecured.
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 10 -
9
Called up share capital
December
March
December
March
2020
2020
2020
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 0.1p each
2,717,881
2,717,881
2,718
2,718
B Ordinary of 0.1p each
140,000
140,000
140
140
C Ordinary of 0.1p each
140,000
140,000
140
140
2,997,881
2,997,881
2,998
2,998
The share classes have similar entitlements in respect of voting rights and dividends. The full details are outlined in the company's Articles of Association.
10
Profit and loss reserves
December
March
2020
2020
£
£
At the beginning of the period
(4,828)
(1,528)
(Loss)/result for the year
(2,177)
(3,300)
At the end of the period
(7,005)
(4,828)
11
Events after the reporting date
On 8 February 2021, which was after the reporting period but before the date of signing these financial statements, the ultimate controlling party changed from Mr I McKenzie to Equifax Inc, by virtue of their now majority ownership in the issued share capital.
ACCOUNTSCORE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 11 -
12
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
December
March
2020
2020
Amounts owed to related parties
£
£
Other related parties
1,954,392
1,379,605
1,954,392
1,379,605
Amounts owed to related parties are more fully explained in note 10.
true
The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
An amount totalling £1,235 (31st March 2020: £
1,235
) is owed to the company shareholders in respect of expenses paid on their behalf.
13
Directors' transactions
A director has an interest free loan owing to the company of £1 (2020: £1).
14
Controlling party
During the year t
he ultimate controlling party was Mr I McKenzie by virtue of his majority shareholding in the
company.
As noted in note 13 to these financial statements, subsequent to the reporting date, the ultimate controlling party is Equifax Inc. by virtue of their majority shareholding company.
2020-12-31
2020-04-01
false
09 September 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
Mr I D McKenzie
Ms E L Steeley
Mr R Ouaich
Mr P Remon
Ms S H Brown
10084918
2020-04-01
2020-12-31
10084918
2020-12-31
10084918
2020-03-31
10084918
core:CurrentFinancialInstruments
2020-12-31
10084918
core:Non-currentFinancialInstruments
2020-12-31
10084918
core:Non-currentFinancialInstruments
2020-03-31
10084918
core:CurrentFinancialInstruments
2020-03-31
10084918
core:ShareCapital
2020-12-31
10084918
core:ShareCapital
2020-03-31
10084918
core:RetainedEarningsAccumulatedLosses
2020-12-31
10084918
core:RetainedEarningsAccumulatedLosses
2020-03-31
10084918
core:ShareCapitalOrdinaryShares
2020-12-31
10084918
core:ShareCapitalOrdinaryShares
2020-03-31
10084918
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2020-03-31
10084918
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2019-03-31
10084918
bus:Director4
2020-04-01
2020-12-31
10084918
2019-04-01
2020-03-31
10084918
core:Subsidiary1
2020-04-01
2020-12-31
10084918
core:Subsidiary2
2020-04-01
2020-12-31
10084918
core:Subsidiary3
2020-04-01
2020-12-31
10084918
core:Subsidiary4
2020-04-01
2020-12-31
10084918
core:Subsidiary5
2020-04-01
2020-12-31
10084918
core:Subsidiary6
2020-04-01
2020-12-31
10084918
core:Subsidiary1
1
2020-04-01
2020-12-31
10084918
core:Subsidiary2
2
2020-04-01
2020-12-31
10084918
core:Subsidiary3
3
2020-04-01
2020-12-31
10084918
core:Subsidiary4
4
2020-04-01
2020-12-31
10084918
core:Subsidiary5
5
2020-04-01
2020-12-31
10084918
core:Subsidiary6
6
2020-04-01
2020-12-31
10084918
core:Subsidiary1
2020-12-31
10084918
core:Subsidiary2
2020-12-31
10084918
core:Subsidiary3
2020-12-31
10084918
core:Subsidiary4
2020-12-31
10084918
core:Subsidiary5
2020-12-31
10084918
core:Subsidiary6
2020-12-31
10084918
core:CurrentFinancialInstruments
2020-04-01
2020-12-31
10084918
core:Non-currentFinancialInstruments
2020-04-01
2020-12-31
10084918
1
2020-04-01
2020-12-31
10084918
bus:PrivateLimitedCompanyLtd
2020-04-01
2020-12-31
10084918
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2020-12-31
10084918
bus:FRS102
2020-04-01
2020-12-31
10084918
bus:AuditExemptWithAccountantsReport
2020-04-01
2020-12-31
10084918
bus:Director1
2020-04-01
2020-12-31
10084918
bus:Director2
2020-04-01
2020-12-31
10084918
bus:Director3
2020-04-01
2020-12-31
10084918
bus:Director5
2020-04-01
2020-12-31
10084918
bus:FullAccounts
2020-04-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP