Registration number:
Crowdfunder Ltd
for the Year Ended 31 December 2021
Crowdfunder Ltd
Contents
Company Information |
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Abridged Profit and Loss Account |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Crowdfunder Ltd
Company Information
Directors |
Ms C A R Norbury Mrs D Mrs Dawn Williams Mrs D Edwards Mr A M H Hook Mr P A Geraghty Mr RA Love Mr DM Westlake Mr SG Mr Simon George Deverell Mr G O Hughes Mr A Marples Mr A E Medd |
Registered office |
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Accountants |
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Crowdfunder Ltd
Abridged Profit and Loss Account for the Year Ended 31 December 2021
Note |
2021 |
2020 |
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Gross profit |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
( |
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Interest payable and similar expenses |
( |
( |
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Loss before tax |
( |
( |
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Tax on loss |
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(Loss)/profit for the financial year |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Crowdfunder Ltd
(Registration number: 07831511)
Abridged Balance Sheet as at 31 December 2021
Note |
2021 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
Crowdfunder Ltd
(Registration number: 07831511)
Abridged Balance Sheet as at 31 December 2021
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr RA Love
Director
Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 January 2021 and have had an effect on the financial statements:
Classification of funds held in trust
To reflect the reliability and relevancy of the balance sheet, there has been a change in classification of funds held in trust by the company. The liability of these funds due has been set off against the held funds in the current year, with the previous year being reclassified to this effect.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grant revenue has been recognised in the profit & loss in the period in which it became receivable using the accrual model.
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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
Asset class |
Depreciation method and rate |
Computer equipment |
33% on cost |
Fixtures and fittings |
20% on reducing balance |
Leasehold improvements |
10% on cost |
Website development |
33% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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:
Asset class |
Amortisation method and rate |
Development expenditure |
33% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors 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 trade debtors 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.
Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
Trade creditors
Trade creditors 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
Intangible assets |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions acquired separately |
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At 31 December 2021 |
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Amortisation |
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At 1 January 2021 |
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Amortisation charge |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2021 |
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- |
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Additions |
- |
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Disposals |
- |
( |
- |
( |
At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
- |
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At 31 December 2020 |
- |
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- |
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Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of short leasehold land and buildings.
Investments |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Provision |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Crowdfunder Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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35 High Cross Street
England and Wales |
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Subsidiary undertakings |
C Space (Cornwall) Limited The principal activity of C Space (Cornwall) Limited is |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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536.87 |
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536.87 |
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55.17 |
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55.17 |
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44.16 |
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39.30 |
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