Tripsology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC422229 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

TRIPSOLOGY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C P Newlands

Mr S I Mail

REGISTERED OFFICE:

8th Floor, 80 St Vincent Street

Glasgow

Lanarkshire

G2 5UB

REGISTERED NUMBER:

SC422229 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

7 Royal Crescent

Glasgow

G3 7SL

BANKERS:

The Royal Bank of Scotland

5th Floor

Bath Street

Glasgow

G2 4RS

FIXED ASSETS

Intangible assets

3

4,083

4,083

Tangible assets

4

1,654

2,856

Investments

5

100

-

5,837

6,939

CURRENT ASSETS

Debtors

6

91,099

109,799

Cash at bank and in hand

28,967

5,518

120,066

115,317

CREDITORS

Amounts falling due within one year

7

40,572

81,349

NET CURRENT ASSETS

79,494

33,968

TOTAL ASSETS LESS CURRENT LIABILITIES

85,331

40,907

PROVISIONS FOR LIABILITIES

314

543

NET ASSETS

85,017

40,364

CAPITAL AND RESERVES

Called up share capital

8

2,796,583

2,377,819

Retained earnings

9

(2,711,566

)

(2,337,455

)

SHAREHOLDERS' FUNDS

85,017

40,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2020 and were signed on its behalf by:

Mr C P Newlands - Director

1.	STATUTORY INFORMATION

Tripsology Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis despite the company having an adverse

balance sheet position. The continuation of the company is dependent on improved trading results and the

continued support of the company's parent company. The directors are confident of achieving profits in the

ensuing years.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are

shown to the nearest whole pound.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the

Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher

degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the

financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment

The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be

depreciated based on this.

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment

history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the

recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation

The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when

each item was purchased and the Company's ability to sell that particular item. Where it is considered the net

realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock

value in the financial statements.

Key Judgements made in the application of Accounting Policies

a) Exemptions taken in the application of FRS 102

The Company has considered and taken advantage of the following exemptions in its application of FRS 102:

i) The Company has not revisited previous accounting estimates.

Turnover

Turnover represents net invoiced sale of website advertising space, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Straight line over 3 years

Financial instruments

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company

recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 May 2019

and 30 April 2020

4,083

NET BOOK VALUE

At 30 April 2020

4,083

At 30 April 2019

4,083

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2019

and 30 April 2020

592

72,427

73,019

DEPRECIATION

At 1 May 2019

451

69,712

70,163

Charge for year

35

1,167

1,202

At 30 April 2020

486

70,879

71,365

NET BOOK VALUE

At 30 April 2020

106

1,548

1,654

At 30 April 2019

141

2,715

2,856

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

Additions

100

At 30 April 2020

100

NET BOOK VALUE

At 30 April 2020

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

91,099

109,799

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

9,028

201

Taxation and social security

12,043

15,677

Other creditors

19,501

65,471

40,572

81,349

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

20,043

Ordinary shares £0.01

1p

2,796,521

2,377,757

6,200

Deferred shares £0.01

1p

62

62

2,796,583

2,377,819

9.

RESERVES

Retained

earnings

£

At 1 May 2019

(2,337,455

)

Deficit for the year

(374,111

)

At 30 April 2020

(2,711,566

)