TISA Universal Reporting Network Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12664213 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2021 TO 31 DECEMBER 2022

FOR

TISA UNIVERSAL REPORTING NETWORK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G Bond

Mr L Banda

Mr P Chandramohan

Mr N B Chouguley

Mr J P H Fry

SECRETARY:

Mrs C L Knight

REGISTERED OFFICE:

Dakota House

25 Falcon Court

Preston Farm Industrial Estate

Stockton on Tees

TS18 3TX

REGISTERED NUMBER:

12664213 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Trevor Cook FCA

AUDITORS:

Baines Jewitt Limited

Statutory Auditor

Spitfire House

19 Falcon Court

Preston Farm Industrial Estate

Stockton-on-Tees

TS18 3TU

CURRENT ASSETS

Debtors

4

28,019

24,891

Cash at bank

12,657

100,284

40,676

125,175

CREDITORS

Amounts falling due within one year

5

320,176

226,411

NET CURRENT LIABILITIES

(279,500

)

(101,236

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(279,500

)

(101,236

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(279,600

)

(101,336

)

SHAREHOLDERS' FUNDS

(279,500

)

(101,236

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2023 and were signed on its behalf by:

Mr L Banda - Director

1.	STATUTORY INFORMATION

TISA Universal Reporting Network Limited is a private company, limited by shares , registered in England and Wales. 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.

The financial year end of the company was changed from 30 June 2022 to 31 December 2022 as a result of progress on the undertaking to raise investment funding. The Board wanted the financial year end to more closely match new funding periods. Accordingly, the current financial statements are prepared for 18 months from 1 July 2021 to 31 December 2022, and as a result, comparative figures referenced in the accounts are not comparable.

In order to prepare the financial statements on the going concern basis, the directors need to assess the financial stability of the company and its ability to meet its obligations and continue in business for the foreseeable future.

The funding required to establish the business has been provided by the parent company. Of the funds provided to the company, a loan has been provided with interest being charged at 4.5% above base rate.

The business has suffered losses since it began trading. Subsequent to the period end, the Directors have secured investment from Venture Capitalists and external investors, including some but not all of the Directors of TISA Universal Reporting Network Limited and the Parent Company, to move the business forward. The Directors are satisfied that the going concern basis for preparing the financial statements to 31 December 2022 is entirely appropriate.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2021 - 8 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

18,000

18,000

Other debtors

10,019

6,891

28,019

24,891

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

7,033

31,440

Amounts owed to group undertakings

306,485

189,971

Taxation and social security

27

-

Other creditors

6,631

5,000

320,176

226,411

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Trevor Cook FCA (Senior Statutory Auditor)

for and on behalf of Baines Jewitt Limited

7.	POST BALANCE SHEET EVENTS

Subsequent to the period end, the Directors have secured investment from Venture Capitalists and external investors, including some but not all of the Directors of TISA Universal Reporting Network Limited and the Parent Company. The Company has issued 762 A preference shares of 1p each for £905,069 to move the business forward.

8.	ULTIMATE CONTROLLING PARTY

The parent company is The Investing and Saving Alliance, a company limited by guarantee and registered in England and Wales. The liability of the members is limited and every member of the company undertakes to contribute such an amount as may be required (not exceeding £1) to the company's assets if it is wound up whilst they are a member.