TrueContext Limited - Period Ending 2022-06-30

TrueContext Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

TrueContext Limited

(Registration number: 05071032)
Balance Sheet as at 30 June 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	3,961	11,390
Cash at bank and in hand		35,347	12,739
		39,308	24,129
Creditors: Amounts falling due within one year	5	(33,476)	(20,646)
Net assets		5,832	3,483
Capital and reserves
Called up share capital		100	100
Other reserves		(11)	(11)
Retained earnings		5,743	3,394
Shareholders' funds		5,832	3,483

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 March 2023
 

A Pombo Company secretary and director

TrueContext Limited

Notes to the Financial Statements for the Year Ended 30 June 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

The principal place of business is:
2500 Solandt Road
Suite 250
Ottawa
Ontario
K2K 3G5
Canada

These financial statements were authorised for issue by the director on 7 March 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the entity is United States Dollars. The financial statements are presented in pound sterling and are rounded to the nearest pound.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The company has continued financial support as needed from the parent company to provide capital to meet liabilities when they fall due. The COVID-19 pandemic has not had a significant, immediate impact on the Company's operations but the directors are aware that if the current situations becomes prolonged then this may change. The directors have sought and received assurances from the parent company that financial support will be forthcoming for the next 12 months. Having regard to the above and in assessing the going concern the directors have confirmed continued financial support will be provided for the foreseeable future on that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

TrueContext Limited

Notes to the Financial Statements for the Year Ended 30 June 2022

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 March 2023 was David Jacobs, who signed for and on behalf of Milsted Langdon LLP.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is shown shown net of sales, returns, rebates and discounts.

Provision of services are made to the entities parent company and are measured at a percentage mark up of costs incurred in the provision of such services.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably; and
- it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TrueContext Limited

Notes to the Financial Statements for the Year Ended 30 June 2022

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2021 - 2).

4

Debtors

	Note	2022 £	2021 £
Receivables from related parties	6	-	2,362
Prepayments		147	9,028
Other debtors		3,814	-
		3,961	11,390

TrueContext Limited

Notes to the Financial Statements for the Year Ended 30 June 2022

5

Creditors

Due within one year	Note	2022 £	2021 £
Trade creditors		6,340	391
Amounts due to related parties	6	17,026	-
Accruals		9,574	19,626
Corporation tax liability		536	629
		33,476	20,646

6	Related party transactions

The company has taken advantage of the exemptions available in Financial Reporting Standard 102 Section 1A and has not disclosed transactions between wholly owned subsidiaries within the same group.

7	Parent and ultimate parent undertaking

The company's immediate parent is ProntoForms Inc., incorporated in Canada.

 The ultimate parent is ProntoForms Corporation, incorporated in Canada.

 The most senior parent entity producing publicly available financial statements is ProntoForms Corporation. These financial statements are available upon request from 2500 Solandt Rd., 250 Kanata, Ontario, K2K 3G5, Canada.