Registration number:
Anorak Technologies Limited
for the Year Ended 31 December 2021
Anorak Technologies Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Anorak Technologies Limited
Company Information
Directors |
David Vanek Vincent Jean-Michel Durnez |
Company secretary |
Goodwille Limited |
Registered office |
|
Independent Auditors |
|
Anorak Technologies Limited
(Registration number: 10854345)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Property, plant & equipment |
|
|
|
Current assets |
|||
Receivables |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Payables: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Payables: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
10,738,822 |
10,250,952 |
|
Retained earnings |
(13,017,992) |
(9,719,386) |
|
Shareholders' (deficit)/funds |
(2,279,170) |
531,566 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
General information |
Anorak Technologies Limited (the 'company') is a private company limited by share capital, incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the directors report on page 2.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have considered the financial projections and budgets for the company over the foreseeable future (being twelve months from the date of signing the financial statements) and conclude that the company will require additional funding over the foreseeable future. Whilst the directors are confident and have already started the fundraising process the company’s ability to continue as a going concern depends on the following: continued financial support from the immediate parent undertaking; bridging loans from current investors in the form of convertible loan notes; and actively raising additional funds. The directors believe and are confident that the financing arrangements and additional funding will be forthcoming in the necessary timescale and therefore consider that it is appropriate to continue to prepare the financial statements on a going concern basis.
However, in the absence of the required funding being in place these conditions indicate the existence of a material uncertainty which may cast significant doubt over the company’s ability to continue as a going concern.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entitiy under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent undertaking, Anorak Technologies Group Ltd, which may be obtained from companies house. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Audit report
.........................................
Key sources of estimation uncertainty and Judgements
There were no key sources of estimation uncertainties made by the directors in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements. |
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is net of Value Added Tax.
Revenue can be split into the following two streams:
Regulated revenue:
Regulated revenue represets fees and commissions receivable for policy sales, net of commission clawbacks. Commission income is recognised when a policy goes on risk.
Non-regulated revenue:
Non-regulated revenue represents the fees receivable for the provision of its 'service-as-a-software' activity. The company recognises revenue when an agreement exists, fees are fixed and determinable, delivery of the service has occured and collectibility is deemed probable.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Property, plant & equipment
Property, plant & equipment are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant & equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold Improvements |
50% Straight line method |
Fixtures and Fittings |
50% Straight line method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on at bank and is subject to an insignificant risk of change in value.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivable is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company contributes into defined contribution pension schemes for the benefit of its employees. The assets of the scheme are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.
Financial instruments
Classification
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Property, plant & equipment |
Leasehold improvements |
Furniture, fittings and equipment |
Total |
|
Cost |
|||
At 1 January 2021 |
|
|
|
Additions |
- |
|
|
At 31 December 2021 |
|
|
|
Depreciation |
|||
At 1 January 2021 |
|
|
|
Charge for the year |
- |
|
|
At 31 December 2021 |
|
|
|
Carrying amount |
|||
At 31 December 2021 |
- |
|
|
At 31 December 2020 |
- |
|
|
Receivables |
2021 |
2020 |
|
Trade Receivables |
|
|
Other receivables |
|
|
Prepayments |
|
|
Accrued income |
190,367 |
46,028 |
|
|
Included within other receivables is rent deposit amounting to £71,581 which is recoverable after more than one year. Also, included within other receivables are tax reclaims totalling £117,691 which are considered to be recoverable.
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Payables |
2021 |
2020 |
|
Due within one year |
||
Trade Payables |
|
|
Amounts due to group undertakings |
- |
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
|
|
Note |
2021 |
2020 |
|
Due after one year |
|||
Amounts due to group undertaking |
|
- |
The amounts owed to group undertaking disclosed as falling after more than one year is unsecured, not repayable on demand unless in the event of a default of payment and is interest bearing.
Provisions for liabilities |
Clawback provision |
|
At 1 January 2021 |
|
Additional provisions |
|
At 31 December 2021 |
|
|
The company does not recognise 20% of its commission revenue in anticipation of policies being cancelled. This proportion of revenue is kept in the balance sheet as a clawback provision until it can be either recognised upon receipt of the revenue or written off against accrued income.
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,738,822 |
|
10,250,952 |
New Shares alloted
During the period 487,870 Ordinary shares of £1 each having an aggregate nominal value of £487,870 were allotted for an aggregate consideration of £487,870.
Reserves |
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administed fund. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
- |
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2020 - £
Anorak Technologies Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Events after the financial period |
|