Company Registration No. 08800277 (England and Wales)
CROWDSTACKER HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CROWDSTACKER HOLDINGS LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
CROWDSTACKER HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The director presents his annual report and financial statements for the year ended 31 March 2020.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M Bristow
(Resigned 15 July 2019)
K Patel
J Turnbull
(Resigned 15 July 2019)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K Patel
Director
25 June 2020
CROWDSTACKER HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
1,987,969
1,764,179
Current assets
Debtors
4
8,261
99,261
Cash at bank and in hand
171
120,386
8,432
219,647
Creditors: amounts falling due within one year
5
(99,889)
(64,183)
Net current (liabilities)/assets
(91,457)
155,464
Total assets less current liabilities
1,896,512
1,919,643
Creditors: amounts falling due after more than one year
6
(650,000)
(650,000)
Net assets
1,246,512
1,269,643
Capital and reserves
Called up share capital
5,705
5,705
Share premium account
1,356,989
1,356,989
Profit and loss reserves
(116,182)
(93,051)
Total equity
1,246,512
1,269,643
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
CROWDSTACKER HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 June 2020 and are signed on its behalf by:
K Patel
Director
Company Registration No. 08800277
CROWDSTACKER HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2018
5,465
541,535
(33,589)
513,411
Year ended 31 March 2019:
Loss and total comprehensive income for the year
-
-
(59,462)
(59,462)
Issue of share capital
240
815,454
-
815,694
Balance at 31 March 2019
5,705
1,356,989
(93,051)
1,269,643
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
-
(23,131)
(23,131)
Balance at 31 March 2020
5,705
1,356,989
(116,182)
1,246,512
CROWDSTACKER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
1
Accounting policies
Company information
Crowdstacker Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Floors 1 and 2, 6 Victoria Street, St Albans, Herts, AL1 3JB.
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
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash and cash equivalents
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.
CROWDSTACKER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
1.5
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.
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.
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.
1.6
Compound instruments
The component parts of compound instruments issued by the
company
are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
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.
CROWDSTACKER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 7 -
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
-
3
Fixed asset investments
2020
2019
£
£
Investments
1,987,969
1,764,179
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019
1,764,179
Additions
223,790
At 31 March 2020
1,987,969
Carrying amount
At 31 March 2020
1,987,969
At 31 March 2019
1,764,179
CROWDSTACKER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,000
96,000
Other debtors
3,261
3,261
8,261
99,261
5
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
13,380
737
Other creditors
86,509
63,446
99,889
64,183
6
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Convertible loans
7
650,000
650,000
7
Convertible loan notes
2020
2019
£
£
Convertible loan notes
650,000
650,000
The convertible loan notes are convertible into ordinary shares of the company if the situation arises where the loan notes are not repaid.
Interest of 6% will be paid up until that date.
The interest expensed for the year is calculated by applying the interest rate to the liability component of the loan notes.
8
Ultimate controlling party
In the opinion of the directors, there is no overall ultimate controlling party.