Company registration number SC521258 (Scotland)
INFORMATION APPS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
INFORMATION APPS LTD
COMPANY INFORMATION
Directors
J Grieve
L T D J Domingues
(Appointed 3 February 2022)
A M G D S Silva
(Appointed 3 February 2022)
Company number
SC521258
Registered office
C/O Azets
Exchange Place 3
Semple Street
Edinburgh
United Kingdom
EH3 8BL
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
Renfrewshire
United Kingdom
PA4 8WF
INFORMATION APPS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INFORMATION APPS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
871,781
1,001,251
Tangible assets
4
23,617
33,517
895,398
1,034,768
Current assets
Debtors
5
131,857
243,828
Cash at bank and in hand
50,546
251,681
182,403
495,509
Creditors: amounts falling due within one year
6
(133,004)
(48,491)
Net current assets
49,399
447,018
Net assets
944,797
1,481,786
Capital and reserves
Called up share capital
7
1,898
1,898
Share premium account
4,999,063
4,999,063
Profit and loss reserves
(4,056,164)
(3,519,175)
Total equity
944,797
1,481,786
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 year ended 31 December 2021 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 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.
The financial statements were approved by the board of directors and authorised for issue on 21 September 2022 and are signed on its behalf by:
Mrs J Grieve
Director
Company Registration No. SC521258
INFORMATION APPS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Information Apps Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
C/O Azets, Exchange Place 3, Semple Street, Edinburgh, United Kingdom, EH3 8BL.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
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:
Development costs
- Amortised over the useful life of 5 years
INFORMATION APPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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 and fittings
25% reducing balance
Computers
25% reducing balance
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
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
INFORMATION APPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.12
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 15 (2020: 23
).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2021
1,775,901
Additions
282,138
At 31 December 2021
2,058,039
Amortisation and impairment
At 1 January 2021
774,650
Amortisation charged for the year
411,608
At 31 December 2021
1,186,258
Carrying amount
At 31 December 2021
871,781
At 31 December 2020
1,001,251
INFORMATION APPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2021
19,026
53,761
72,787
Disposals
(3,290)
(758)
(4,048)
At 31 December 2021
15,736
53,003
68,739
Depreciation and impairment
At 1 January 2021
10,349
28,921
39,270
Depreciation charged in the year
2,136
6,183
8,319
Eliminated in respect of disposals
(2,055)
(412)
(2,467)
At 31 December 2021
10,430
34,692
45,122
Carrying amount
At 31 December 2021
5,306
18,311
23,617
At 31 December 2020
8,677
24,840
33,517
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
28,135
8,897
Corporation tax recoverable
94,093
159,324
Other debtors
5,061
20,767
Prepayments and accrued income
4,568
54,840
131,857
243,828
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
50,000
Trade creditors
28,326
27,499
Taxation and social security
15,353
Deferred income
24,111
2,717
Other creditors
12,189
7,727
Accruals and deferred income
3,025
10,548
133,004
48,491
INFORMATION APPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary £0.01 of 1p each
96,120
96,120
961
961
Ordinary A £0.01 of 1p each
93,674
93,674
937
937
189,794
189,794
1,898
1,898
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Key management personnel
9,898
3,933
9
Directors' transactions
Loans to directors are unsecured, nterest free with no fixed terms of repayment.
Description
% Rate
Opening balance
Closing balance
£
£
Director Loan
-
61
61
61
61