Company Registration No. SC441468 (Scotland)
Juralio Ltd
Unaudited financial statements
for the year ended 31 January 2020
Pages for filing with Registrar
Juralio Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Juralio Ltd
Balance sheet
as at 31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
66
79
Tangible assets
4
16,693
14,945
Investments
5
1
1
16,760
15,025
Current assets
Debtors
6
115,808
70,160
Cash at bank and in hand
122,296
154,781
238,104
224,941
Creditors: amounts falling due within one year
7
(39,249)
(50,713)
Net current assets
198,855
174,228
Total assets less current liabilities
215,615
189,253
Provisions for liabilities
(2,852)
(2,555)
Net assets
212,763
186,698
Capital and reserves
Called up share capital
9
63,490
63,490
Share premium account
1,596,535
1,596,535
Profit and loss reserves
(1,447,262)
(1,473,327)
Total equity
212,763
186,698
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Juralio Ltd
Balance sheet (continued)
as at 31 January 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2020 and are signed on its behalf by:
Graeme Johnston
Director
Company Registration No. SC441468
Juralio Ltd
Notes to the financial statements
for the year ended 31 January 2020
- 3 -
1
Accounting policies
Company information
Juralio Ltd is a private company limited by shares incorporated in Scotland. The registered office is 22 Springfield, Dundee, DD1 4JE.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Covid 19 has interrupted the business but the directors are taking appropriate steps to secure the future of the business.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
1
Accounting policies (continued)
- 4 -
1.4
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Trademarks
10% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures, fittings & equipment
4 years straight line
Computer equipment
3 years 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.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
1
Accounting policies (continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
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.
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
1
Accounting policies (continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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. Amounts 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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
1
Accounting policies (continued)
- 7 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the fair value model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2019 - 8).
3
Intangible fixed assets
Other
£
Cost
At 1 February 2019 and 31 January 2020
175
Amortisation and impairment
At 1 February 2019
96
Amortisation charged for the year
13
At 31 January 2020
109
Carrying amount
At 31 January 2020
66
At 31 January 2019
79
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
- 8 -
4
Tangible fixed assets
Fixtures, Fittings & Equipment
£
Cost
At 1 February 2019
89,149
Additions
7,140
At 31 January 2020
96,289
Depreciation and impairment
At 1 February 2019
74,222
Depreciation charged in the year
5,374
At 31 January 2020
79,596
Carrying amount
At 31 January 2020
16,693
At 31 January 2019
14,945
5
Fixed asset investments
2020
2019
£
£
Investments
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2019 & 31 January 2020
1
Carrying amount
At 31 January 2020
1
At 31 January 2019
1
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
- 9 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
88,925
23,604
Amounts owed by group undertakings
18,090
40,184
Other debtors
8,793
6,372
115,808
70,160
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
6,040
6,953
Other taxation and social security
29,369
39,350
Other creditors
3,840
4,410
39,249
50,713
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
- 10 -
8
Share-based payment transactions
Liabilities and expenses
During the year, non-EMI options were issued. These options are exercisable either immediately prior to an exit, or if no exit has occurred prior to the tenth anniversary of the Date of Grant, on the tenth anniversary of the Date of Grant.
During the year 1,600 non-EMI options were issued.
During the year 50 EMI options lapsed with 850 live EMI options at the year end still remaining.
The share based payments will be settled in equity.
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
63,465 Ordinary A shares of £1 each
63,465
63,465
2,496 Ordinary B shares of 1p each
25
25
63,490
63,490
The company has two classes of ordinary shares, A and B shares. The A and B shares rank pari passu regarding dividends and distribution on a winding up. However the holders of the B shares shall only be entitled to receive notice of and to vote at any general meeting of the Company or on any written resolution of the Shareholders of the Company if the business of the meeting or the written resolution (as applicable) includes the consideration of a resolution or provision for any increase or reduction of the issued share share capital of the Company, and in such circumstances B Shareholders are only entitled to vote in respect of such increase or reduction of the issued share capital of the Company.
10
Profit and loss reserves
Profit and loss reserves include all the current and prior period retained distributable profit and losses.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
31,200
31,200
12
Directors' transactions
During the year a director of the company was advanced £2,000 (2019 - £nil). At the year end £2,000 (£2019 - £Nil) was due to the company. The loan is repayable by 31 March 2020 and no interest is charged.
Juralio Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2020
- 11 -
13
Control
The company is under the control of the directors.
2020-01-312019-02-01false18 September 2020CCH SoftwareCCH Accounts Production 2020.200No description of principal activityGraeme JohnstonSteven LarcombeJoanna McIntoshVictor BekinkIain JohnstonSC4414682019-02-012020-01-31SC4414682020-01-31SC441468core:IntangibleAssetsOtherThanGoodwill2020-01-31SC441468core:IntangibleAssetsOtherThanGoodwill2019-01-31SC4414682018-02-012019-01-31SC4414682019-01-31SC441468core:OtherPropertyPlantEquipment2020-01-31SC441468core:OtherPropertyPlantEquipment2019-01-31SC441468core:CurrentFinancialInstrumentscore:WithinOneYear2020-01-31SC441468core:CurrentFinancialInstrumentscore:WithinOneYear2019-01-31SC441468core:CurrentFinancialInstruments2020-01-31SC441468core:CurrentFinancialInstruments2019-01-31SC441468core:Non-currentFinancialInstruments2020-01-31SC441468core:ShareCapital2020-01-31SC441468core:ShareCapital2019-01-31SC441468core:SharePremium2020-01-31SC441468core:SharePremium2019-01-31SC441468core:RetainedEarningsAccumulatedLosses2020-01-31SC441468core:RetainedEarningsAccumulatedLosses2019-01-31SC441468core:ShareCapitalOrdinaryShares2020-01-31SC441468core:ShareCapitalOrdinaryShares2019-01-31SC441468bus:Director12019-02-012020-01-31SC441468core:IntangibleAssetsOtherThanGoodwill2019-02-012020-01-31SC441468core:PatentsTrademarksLicencesConcessionsSimilar2019-02-012020-01-31SC441468core:FurnitureFittings2019-02-012020-01-31SC441468core:ComputerEquipment2019-02-012020-01-31SC441468core:IntangibleAssetsOtherThanGoodwill2019-01-31SC441468core:OtherPropertyPlantEquipment2019-01-31SC441468core:OtherPropertyPlantEquipment2019-02-012020-01-31SC441468core:WithinOneYear2020-01-31SC441468core:WithinOneYear2019-01-31SC441468bus:PrivateLimitedCompanyLtd2019-02-012020-01-31SC441468bus:SmallCompaniesRegimeForAccounts2019-02-012020-01-31SC441468bus:FRS1022019-02-012020-01-31SC441468bus:AuditExemptWithAccountantsReport2019-02-012020-01-31SC441468bus:Director22019-02-012020-01-31SC441468bus:Director32019-02-012020-01-31SC441468bus:Director42019-02-012020-01-31SC441468bus:CompanySecretary12019-02-012020-01-31SC441468bus:FullAccounts2019-02-012020-01-31xbrli:purexbrli:sharesiso4217:GBP