A Singular Life Limited Filleted accounts for Companies House (small and micro)

A Singular Life Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 10607342
A Singular Life Limited
Filleted Unaudited Financial Statements
31 December 2020
A Singular Life Limited
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
Fixed assets
Intangible assets
5
499,273
218,049
Tangible assets
6
7,655
---------
---------
506,928
218,049
Current assets
Debtors
7
483,774
6,675
Cash at bank and in hand
1,804
164
---------
-------
485,578
6,839
Creditors: amounts falling due within one year
8
2,798,675
1,187,359
------------
------------
Net current liabilities
2,313,097
1,180,520
------------
------------
Total assets less current liabilities
( 1,806,169)
( 962,471)
Creditors: amounts falling due after more than one year
9
36,000
------------
---------
Net liabilities
( 1,842,169)
( 962,471)
------------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,842,170)
( 962,472)
------------
---------
Shareholders deficit
( 1,842,169)
( 962,471)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A Singular Life Limited
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 27 January 2021 , and are signed on behalf of the board by:
Mr T P Levy
Director
Company registration number: 10607342
A Singular Life Limited
Notes to the Financial Statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 82 St John Street, London, EC1M 4JN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development expenditure
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share-based payments
The grant date fair value of share-based payment awards granted to employees is recognised as a employee expense, with a corresponding increase in equity, over the period in which the employee become unconditionally entitled to the awards. The fair value of the awards granted is measured using a an option valuation model, taking in to account the terms and conditions upon which the awards were granted. The amount recognised as a 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 service and non-market performance conditions at the vesting date. For share-based 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Intangible assets
Development costs
Intellectual property
Total
£
£
£
Cost
At 1 January 2020
217,453
1,000
218,453
Additions
281,224
281,224
---------
-------
---------
At 31 December 2020
498,677
1,000
499,677
---------
-------
---------
Amortisation
At 1 January 2020 and 31 December 2020
404
404
---------
-------
---------
Carrying amount
At 31 December 2020
498,677
596
499,273
---------
-------
---------
At 31 December 2019
217,453
596
218,049
---------
-------
---------
6. Tangible assets
Equipment
£
Cost
At 1 January 2020
Additions
9,435
-------
At 31 December 2020
9,435
-------
Depreciation
At 1 January 2020
Charge for the year
1,780
-------
At 31 December 2020
1,780
-------
Carrying amount
At 31 December 2020
7,655
-------
At 31 December 2019
-------
7. Debtors
2020
2019
£
£
Trade debtors
6,675
Other debtors
483,774
---------
-------
483,774
6,675
---------
-------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
229,050
253,451
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,466,680
892,620
Social security and other taxes
10,854
2,127
Other creditors
92,091
39,161
------------
------------
2,798,675
1,187,359
------------
------------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
36,000
--------
----
10. 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 options movements during the year ended 31 December 2020 is shown below:
Outstanding as at 1 January 2020: 134,252- £0.001
Granted during the year: 184,418 - £0.001
Forfeited during the year: nil - £nil
Exercised during the year: 28,990 - £0.001
Outstanding as at 31 December 2020: 264,680 - £0.001
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 options schemes similar to that of the company.
Equity settled schemes - charges arising: £-14,813 (2019 £40,000).
11. Related party transactions
The company is a subsidiary of Twyn Holdings Limited whose registered office is 82 St John Street, London England, EC1M 4JN. No consolidated statements are drawn up for any group of which the company is a member.