A Singular Life Limited
A Singular Life Limited
Registered number: 10607342
Unaudited Financial Statements
For The Year Ended 31 December 2019
Ignition Financial
A Singular Life Limited
Unaudited Financial Statements
For The Year Ended 31 December 2019
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
A Singular Life Limited
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
10607342
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2019 | 2018 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET LIABILITIES |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (962,472) | (422,015) | |||
Page 1
A Singular Life Limited
Balance Sheet (continued)
As at
31 December 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 14 May 2020 and were signed on its behalf by:
Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
A Singular Life Limited
Notes to the Financial Statements
For The Year Ended 31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors believe that notwithstanding current year losses of £540,457, net current liabilities of £1,180,521 and net liabilities of £962,472, the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from it's parent company will be adequate to meet the company’s needs for a period of at least 12 months from the date of approval of these financial statements.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.4.
Intangible Fixed Assets and Amortisation - Intellectual Property
Research and development costs
Expenditure on research and development is written off in the year it is incurred.
Development costs are capitalised only where they can be identified with a specific product or project that will generate probable future economic benefits, the costs can be reliably measured and all the criteria under FRS 102 are met. They are amortised on a straight line basis to profit or loss over their estimated useful life. All other development costs are expenses as incurred.
Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance is written off to profit or loss.
Capitalised development costs are not treated as a realised loss for the purpose of determining the company’s distributable profits as the costs meet the conditions permitting them to be treated as an asset under FRS 102.
Purchased intangible assets
Purchased intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated amortization and impairment losses.
All intangible assets are considered to have a finite useful life. The estimated useful lives are as follows:
Development expenditure – 5 years
Intellectual property– 5 years
At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within profit or loss.
Page 3
A Singular Life Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
1.5.
Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
A Singular Life Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
1.8.
Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
1.9.
Share-based Payments
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking in to account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do not meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
1.10.
Related Party Exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions within the group as it is a wholly owned subsidiary.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2018: 1)
3.
Intangible Assets
Development Costs | Intellectual Property | Total | |
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Cost | |||
As at |
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Additions |
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As at |
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Amortisation | |||
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Provided during the period |
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As at |
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Net Book Value | |||
As at |
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As at |
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Page 5
A Singular Life Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
4.
Debtors
2019 | 2018 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
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£ | £ | ||
Trade creditors |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Amounts owed to group undertakings |
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7.
Related Party Transactions
The company is a subsidiary of A Singular Life Holdings Limited whose registered office is 82 St John Street, London, England, EC1M 4JN.
No consolidated financial statements are drawn up for any group of which the company is a member.
Page 6
A Singular Life Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
8.
Share Based Payments
The company operates an equity based share option scheme with the terms varying by employee. Employees are not entitled to dividends until the shares are exercised.
A reconciliation of share option movements during the year ended 31 December 2019 is shown below:
Number of options - weighted average exercise price
Outstanding as at 1 January 2019: nil - £nil
Granted during the year: 134,252 - £0.003
Forfeited during the year: nil - £nil
Exercised during the year: nil - £nil
Outstanding as at 31 December 2019: 134,252 - £0.003
The company is unable to directly measure the fair value of the share options. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value share option schemes similar to that of the company.
Equity settled schemes - charges arising: £40,000
9.
General Information
A Singular Life Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10607342 . The registered office is 82 St John Street, London, EC1M 4JN.
Page 7