Registered number |
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Cummins Young |
39 Westgate |
Thirsk |
North Yorkshire |
YO7 1QR |
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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Current assets | |||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 | ( |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Creditors: amounts falling due after more than one year | 7 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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Mr M J Leader | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
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Going concern | ||||||||
The directors have prepared the financial statements on the going concern basis of accounting taking into account the Covid-19 (Coronavirus) and the impact this has had on the performance of the business. Attention is drawn to the fact that it is not yet possible to predict the overall impact of the Covid-19 outbreak on the UK economy. The company is an online business and therefore the impact has been relatively minor, although lockdown impacted upon the ability to generate new business in the short-term. The company has taken advantage of Government Schemes and given the easing of lockdown conditions at the date of this report the directors are confident that the business is very well positioned to successfully deliver further growth and is confident that it remains a going concern. In common with other successful Software as a Service businesses, Salesfire anticipates making further EBITDA losses as it continues its growth path to full profitability. The directors have confirmed that sufficient funds will be made available by the ultimate holding company to allow the company to deliver its growth plans and will continue to be a going concern. |
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Government grants | ||||||||
Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which they become receivable. | ||||||||
Intangible fixed assets | ||||||||
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: |
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Patents | straight line over 20 years | |||||||
Tangible fixed assets | ||||||||
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Freehold buildings | over 50 years | |||||||
Leasehold land and buildings | over the lease term | |||||||
Computer equipment | 33% reducing balance | |||||||
Fixtures, fittings, tools and equipment | 20% reducing balance | |||||||
Investments | ||||||||
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Stocks | ||||||||
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Debtors | ||||||||
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Creditors | ||||||||
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Taxation | ||||||||
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Provisions | ||||||||
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Foreign currency translation | ||||||||
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Goodwill | ||||||||
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. | ||||||||
Leased assets | ||||||||
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Pensions | ||||||||
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2 | Employees | 2021 | 2020 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Intangible fixed assets | £ | ||||||
Trademarks, patents and licenses | ||||||||
Cost | ||||||||
At 1 July 2020 |
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Additions acquired separately |
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At 30 June 2021 |
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Amortisation | ||||||||
At 1 July 2020 |
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Provided during the year |
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At 30 June 2021 |
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Net book value | ||||||||
At 30 June 2021 |
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At 30 June 2020 |
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4 | Tangible fixed assets | |||||||
Furniture, fittings and equipment | Land and buildings | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 July 2020 |
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Additions |
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- |
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Disposals | ( |
- | ( |
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At 30 June 2021 |
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Depreciation | ||||||||
At 1 July 2020 |
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- |
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Charge for the year |
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On disposals | ( |
- | ( |
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At 30 June 2021 |
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Net book value | ||||||||
At 30 June 2021 |
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At 30 June 2020 |
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Included within the net book value of land and buildings above is £842 (2020 - £1,052) in respect of long leasehold land and buildings. | ||||||||
5 | Debtors | 2021 | 2020 | |||||
£ | £ | |||||||
Trade debtors |
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Prepayments | 38,648 | 11,318 | ||||||
Other debtors | 159,136 | 104,192 | ||||||
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Amounts due after more than one year included above |
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Details of non-current trade and other debtors | ||||||||
£246 (2020 -£246) of other debtors is classified as non current. This relates to a deferred tax asset. | ||||||||
6 | Creditors: amounts falling due within one year | 2021 | 2020 | |||||
£ | £ | |||||||
Amounts owed to group undertakings | 730,442 | 112,000 | ||||||
Trade creditors | 61,710 | 77,466 | ||||||
Accruals | 17,073 | 20,525 | ||||||
Other creditors | 7,685 | - | ||||||
Deferred income | 40,040 | 28,725 | ||||||
Bank loans and overdrafts |
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Taxation and social security costs |
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7 | Creditors: amounts falling due after one year | 2021 | 2020 | |||||
£ | £ | |||||||
Bank loans |
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Creditors falling due within one year include bank loans which are secured by directors personal guarantee of £20,000 (2020 - £20,000 ). Creditors falling due after more than one year include bank loans which are secured by directors personal guarantee of £66,667 (2020 - £66,667). | ||||||||
8 | Related party transactions | |||||||
(Company related by common directors) As at the balance sheet date, the company owed Saoirse Capital Limited £510,442 (2020 - £nil). Interest is charged at a rate of 12% on the loan. Northern Stable Limited (Company related by common directors) As at the balance sheet date, the company owed Northern Stable Limited £96,000 (2020 - £nil) in respect of management charges. As at the balance sheet date, Northern Stable Limited owed the company £60 (2020 - £nil). The loan is interest free. Innovation Lab (Digital) Limited (Company related by common directors) As at the balance sheet date of 30 June 2021, £124,000 (2020 - £112,000) was owed by Salesfire Ltd. Until repayment in full, the balance shall accrue compound interest at a rate of 12% per annum. |
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9 | Controlling party | |||||||
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10 | Other information | |||||||
SalesFire Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
2nd Floor | ||||||||
16-26 Albert Road | ||||||||
Middlesbrough | ||||||||
Cleveland | ||||||||
TS1 1QA |