Company Registration No. 10492938 (England and Wales)
COACHING INTELLIGENCE SYSTEMS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
COACHING INTELLIGENCE SYSTEMS LTD
COMPANY INFORMATION
Director
R J Lang
Company number
10492938
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
COACHING INTELLIGENCE SYSTEMS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
COACHING INTELLIGENCE SYSTEMS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
999
Current assets
Debtors
4
36,846
15,316
Cash at bank and in hand
5,248
73,834
42,094
89,150
Creditors: amounts falling due within one year
5
(257,426)
(159,496)
Net current liabilities
(215,332)
(70,346)
Net liabilities
(214,333)
(70,346)
Capital and reserves
Called up share capital
6
144
144
Share premium account
169,606
169,606
Profit and loss reserves
(384,083)
(240,096)
Total equity
(214,333)
(70,346)
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 December 2021 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.
The financial statements were approved and signed by the director and authorised for issue on 1 April 2022
R J Lang
Director
Company Registration No. 10492938
COACHING INTELLIGENCE SYSTEMS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2020:
Balance at 1 January 2020
139
194,586
(216,357)
(21,632)
Adjustments to prior periods
5
(24,980)
33,021
8,046
As restated
144
169,606
(183,336)
(13,586)
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(56,760)
(56,760)
Balance at 31 December 2020
144
169,606
(240,096)
(70,346)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(143,987)
(143,987)
Balance at 31 December 2021
144
169,606
(384,083)
(214,333)
COACHING INTELLIGENCE SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Coaching Intelligence Systems Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rendering of services
Revenue arises from the provision of software services.
Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
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
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Computers
25% straight line
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
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
COACHING INTELLIGENCE SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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:
2021
2020
Number
Number
Total
3
2
COACHING INTELLIGENCE SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
Additions
1,199
At 31 December 2021
1,199
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
200
At 31 December 2021
200
Carrying amount
At 31 December 2021
999
At 31 December 2020
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
384
Other debtors
36,462
15,316
36,846
15,316
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,306
Taxation and social security
9,996
Other creditors
252,120
149,500
257,426
159,496
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
14,356
14,356
144
144
COACHING INTELLIGENCE SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Related party transactions
At the balance sheet date, the director R J Lang was owed £2,950 (2020 - £2,950) by the company.
At the balance sheet date, Merchant Box Limited, a company controlled by M Hartley, had loaned £10,000 (2020 - £10,000) to the company.
At the balance sheet date, the shareholder P Cvetkovic, had loaned £235,000 (2020 - £135,000) to the company.
These loans are interest free, payable on demand and included in other creditors.
8
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2020
Adjustment at 31 Dec 2020
As restated at 31 Dec 2020
£
£
£
£
Current assets
Debtors due within one year
21,919
(6,603)
-
15,316
Creditors due within one year
Other creditors
(164,149)
14,649
-
(149,500)
Net assets
(78,392)
8,046
-
(70,346)
Capital and reserves
Share capital
139
5
-
144
Share premium
194,586
(24,980)
-
169,606
Profit and loss reserves
(273,117)
33,021
-
(240,096)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2020
£
£
£
Loss for the financial period
(56,760)
-
(56,760)
COACHING INTELLIGENCE SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in equity
1 January
31 December
2020
2020
Notes
£
£
Adjustments to prior year
Adjustment to other creditors
1
14,649
14,649
Adjustment to VAT
2
(6,603)
(6,603)
Total adjustments
8,046
8,046
Equity as previously reported
(21,632)
(78,392)
Equity as adjusted
(13,586)
(70,346)
Analysis of the effect upon equity
Share capital
5
5
Share premium
(24,980)
(24,980)
Profit and loss reserves
33,021
33,021
8,046
8,046
Reconciliation of changes in loss for the previous financial period
2020
£
Adjustment to other creditors
1
-
Adjustment to VAT
2
-
Total adjustments
-
Loss as previously reported
(56,760)
Loss as adjusted
(56,760)
Notes to reconciliation
1. Adjustment to other creditors
The accounts have been restated to incorporate the correct treatment of a share issue predating the 1 January 2020 opening balances.
It was identified that share capital had been historically understated and that share premium, in respect of the issue of share capital, had been historically overstated. As a result, the creditor balance owed to the shareholder, M Hartley, had been historically overstated.
2. Adjustment to VAT
The accounts have also been restated to correct for an amount of duplicated Input VAT claimed in error. This error also predated the 1 January 2020 opening balances.
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05 April 2022
CCH Software
CCH Accounts Production 2021.300
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