Company Registration No. 10607342 (England and Wales)
A SINGULAR LIFE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
A SINGULAR LIFE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
A SINGULAR LIFE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
800
-
Current assets
Debtors
4
114,393
1
Cash at bank and in hand
23,973
-
138,366
1
Creditors: amounts falling due within one year
5
(561,181)
-
Net current (liabilities)/assets
(422,815)
1
Total assets less current liabilities
(422,015)
1
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(422,016)
-
Total equity
(422,015)
1
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 2018 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.
The 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 23 September 2019 and are signed on its behalf by:
T P Levy
Director
Company Registration No. 10607342
A SINGULAR LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
A Singular Life Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.
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 amounts 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
Going concern
The financial statements have been prepared on a going concern basis, despite net liabilities of £422,015 (2017: £1 - net assets) as a result of losses made to date, on the basis that the director is confident of raising additional equity capital and the parent company and Cocoon Wealth have agreed not to demand repayment of the outstanding loans for a period of at least 12 months from the approval date of these financial statements.
1.3
Reporting period
The financial statements for the previous accounting period were prepared from the date of incorporation 8 February 2017 to 31 December 2017 and therefore the comparative amounts presented in the financial statements are not entirely comparable.
1.4
Turnover
Turnover represents the amount derived from provision of services which fall within the company's principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received.
1.5
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.
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:
Intellectual property
20% on cost
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
A SINGULAR LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.7
Debtors
Short term debtors are measured at transaction price, less any impairments. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.8
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.9
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.
1.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including director) employed by the company during the year was 1 (2017 - 2).
A SINGULAR LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
3
Intangible fixed assets
Intellectual property
£
Cost
At 1 January 2018
-
Additions
1,000
At 31 December 2018
1,000
Amortisation and impairment
At 1 January 2018
-
Amortisation charged for the year
200
At 31 December 2018
200
Carrying amount
At 31 December 2018
800
At 31 December 2017
-
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
51,235
-
Other debtors
63,158
1
114,393
1
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
81,030
-
Amounts owed to group undertakings
271,289
-
Other creditors
86,011
-
Accruals and deferred income
122,851
-
561,181
-
A SINGULAR LIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
7
Related party transactions
Cocoon Wealth LLP
During the year, Cocoon Wealth LLP, a firm in which the director is a designated member made loans to the company totalling £74,143 (2017: £Nil). The loans are unsecured and repayable either on demand or shall be converted by the Parent into ordinary shares in the Parent. The balance outstanding including finance cost at the balance sheet date was £85,809.
A Singular Life Holdings Limited
The company is a 100% subsidiary of A Singular Life Holdings Limited.
During the year A Singular Life Holdings Limited, provided loans to the company of £271,289 (2017: £1). The loans are unsecured and interest free and repayable on demand. The balance outstanding at the balance sheet date was £271,289 (2017: £1) and is included within other creditors.
8
Directors' transactions
During the year, the company invoiced the director £214,880 (2017: £0) for services provided and to be provided. The director owed the company £51,234 (2017: £0) at the balance sheet date.
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