ACCOUNTS - Final Accounts preparation

CHECKDDEVELOPMENT LIMITED - Company Information

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Registered number: 11034162

CheckdDevelopment Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2020

CheckdDevelopment Limited

Registered number: 11034162

Balance Sheet

As at 31 July 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		1,570		-
			1,570		-
Current assets
Debtors: amounts falling due within one year	5	26,298		44,523
Cash at bank and in hand		13,721		6,323
		40,019		50,846
Creditors: amounts falling due within one year	6	(242,283)		(81,668)
Net current liabilities			(202,264)		(30,822)
Total assets less current liabilities			(200,694)		(30,822)

Net liabilities			(200,694)		(30,822)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(200,794)	(30,922)
	(200,694)	(30,822)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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CheckdDevelopment Limited

Registered number: 11034162

Balance Sheet (continued)

As at 31 July 2020

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ J M Knowlson	................................................ D L Struggles
Director	Director

Date: 15 June 2021

The notes on pages 3 to 7 form part of these financial statements.

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CheckdDevelopment Limited

Notes to the Financial Statements

For the Year Ended 31 July 2020

1.	General information

CheckdDevelopment Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11034162.
The company’s registered office address is 6th Floor, Spaces, 125 Deansgate, Manchester, M3 2BY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net current liabilities and net liabilities of £200,694 (2019: (£30,822) at 31 July 2020. The Company relies on the continued financial support of CheckdMedia Limited, a fellow subsidiary of CheckdGroup Limited to enable it to continue operating and meet its liabilities as they fall due. The Company has received confirmation that this support will continue for a period of at least 12 months from the date of approval of the financial statements.
The Covid-19 virus outbreak has had a significant impact on the majority of UK businesses. During the lockdown period, the directors carried out a variety of immediate actions, to ensure the company continued to be a going concern.
Therefore, the directors believe it is appropriate to prepare the accounts to 31 July 2020 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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CheckdDevelopment Limited

Notes to the Financial Statements

For the Year Ended 31 July 2020

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Pensions

Defined contributions pension plan
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 into 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 when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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CheckdDevelopment Limited

Notes to the Financial Statements

For the Year Ended 31 July 2020

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office & Computer equipment

33%

Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. 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.

2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.11

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.

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 14 (2019 -5).

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CheckdDevelopment Limited

Notes to the Financial Statements

For the Year Ended 31 July 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	1,674
	At 31 July 2020	1,674
	Depreciation
	Charge for the year on owned assets	104
	At 31 July 2020	104
	Net book value
	At 31 July 2020	1,570
	At 31 July 2019	-

Debtors

					2020	2019
					£	£


Trade debtors	19,200	35,000
Amounts owed by group undertakings	100	100
Other debtors	6,998	9,423
	26,298	44,523

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	7,320	131
Amounts owed to group undertakings	152,869	66,488
Other taxation and social security	51,021	12,135
Other creditors	1,884	-
Accruals and deferred income	29,189	2,914
	242,283	81,668

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CheckdDevelopment Limited

Notes to the Financial Statements

For the Year Ended 31 July 2020

7.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in a separately administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,288 (2019: £nil). Contributions totalling £1,884 (2019: £nil) were payable to the fund at the balance sheet date.

8.	Controlling party

The ultimate parent company is CheckdGroup Limited a company registered in England & Wales no.
10313336 with registered office: 6th Floor, Spaces, 125 Deansgate, Manchester, M3 2BY.

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