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Click 26 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Click 26 Limited
for the Year Ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Click 26 Limited for the year ended 31 December 2017 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Click 26 Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Click 26 Limited and state those matters that we have agreed to state to the Board of Directors of Click 26 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Click 26 Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Click 26 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Click 26 Limited. You consider that Click 26 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Click 26 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

28 September 2018

Click 26 Limited

(Registration number: 07108413)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	5,278	3,000
Tangible assets	5	268	416
		5,546	3,416
Current assets
Stocks	6	10,930	7,050
Debtors	7	-	8,191
Cash at bank and in hand		(1,640)	(935)
		9,290	14,306
Creditors: Amounts falling due within one year	9	(53,130)	(17,404)
Net current liabilities		(43,840)	(3,098)
Total assets less current liabilities		(38,294)	318
Provisions for liabilities		-	(83)
Net (liabilities)/assets		(38,294)	235
Capital and reserves
Called up share capital	8	10	10
Profit and loss account		(38,304)	225
Total equity		(38,294)	235

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 2

Click 26 Limited

(Registration number: 07108413)
Balance Sheet as at 31 December 2017

Approved and authorised by the Board on 28 September 2018 and signed on its behalf by:
 

.........................................

Mr G Hudson
Director

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 3

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
The Gatehouse
Marsh Farm
Milford
Godalming
Surrey
GU8 5AE

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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

As at 31 December 2017 the balance of shareholders' funds was in deficit following trading losses incurred during the year. The company has diversified its services and the losses incurred are attributable to the development and promotion of these services. The directors are confident that these improved services will generate future cash flows resulting in future trading profits sufficient to reverse the deficit in full. The directors therefore consider the deficit to be temporary and have pledged to financially support the company through this transitional phase. The accounts have been prepared on a going concern basis accordingly.

Page 4

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and office equipment	33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Page 5

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Asset class	Amortisation method and rate
Goodwill	10% straight line basis
Website and software	20% straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 6

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, analysed by category was as follows:

	2017  No.	2016  No.
Administration and support	3	3

Page 7

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Intangible assets

	Goodwill  £	Internally generated software development costs  £	Total £
Cost or valuation
At 1 January 2017	10,000	-	10,000
Additions acquired separately	-	4,097	4,097
At 31 December 2017	10,000	4,097	14,097
Amortisation
At 1 January 2017	7,000	-	7,000
Amortisation charge	1,000	819	1,819
At 31 December 2017	8,000	819	8,819
Carrying amount
At 31 December 2017	2,000	3,278	5,278
At 31 December 2016	3,000	-	3,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 8

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2017	2,927	2,927
Additions	400	400
At 31 December 2017	3,327	3,327
Depreciation
At 1 January 2017	2,511	2,511
Charge for the year	548	548
At 31 December 2017	3,059	3,059
Carrying amount
At 31 December 2017	268	268
At 31 December 2016	416	416

6

Stocks

	2017 £	2016 £
Work in progress	10,930	7,050

7

Debtors

	2017 £	2016 £
Trade debtors	-	3,881
Prepayments	-	4,310
	-	8,191

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	10	10	10	10

Page 9

Click 26 Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

9

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	10	39,098	7,192
Trade creditors		2,448	-
Taxation and social security		10,961	6,742
Accruals and deferred income		2,053	2,040
Other creditors		(1,430)	1,430
		53,130	17,404