12
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
69,498
402,273
471,771
40,381
40,381
431,390
69,498
xbrli:pure
xbrli:shares
iso4217:GBP
12950479
2022-01-01
2022-12-31
12950479
2022-12-31
12950479
2021-12-31
12950479
2020-10-14
2021-12-31
12950479
2021-12-31
12950479
core:PlantMachinery
2022-01-01
2022-12-31
12950479
bus:Director2
2022-01-01
2022-12-31
12950479
core:PlantMachinery
2021-12-31
12950479
core:PlantMachinery
2022-12-31
12950479
core:WithinOneYear
2022-12-31
12950479
core:WithinOneYear
2021-12-31
12950479
core:ShareCapital
2022-12-31
12950479
core:ShareCapital
2021-12-31
12950479
core:SharePremium
2022-12-31
12950479
core:SharePremium
2021-12-31
12950479
core:RetainedEarningsAccumulatedLosses
2022-12-31
12950479
core:RetainedEarningsAccumulatedLosses
2021-12-31
12950479
core:PlantMachinery
2021-12-31
12950479
bus:SmallEntities
2022-01-01
2022-12-31
12950479
bus:AuditExempt-NoAccountantsReport
2022-01-01
2022-12-31
12950479
bus:FullAccounts
2022-01-01
2022-12-31
12950479
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
12950479
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
12950479
core:ComputerSoftware
2022-01-01
2022-12-31
12950479
core:ComputerEquipment
2022-01-01
2022-12-31
12950479
core:ComputerSoftware
2021-12-31
12950479
core:ComputerSoftware
2022-12-31
12950479
core:ComputerEquipment
2022-12-31
COMPANY REGISTRATION NUMBER:
12950479
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Intangible assets |
5 |
431,390 |
69,498 |
Tangible assets |
6 |
17,790 |
1,214 |
|
--------- |
-------- |
|
449,180 |
70,712 |
|
|
|
|
Current assets
Debtors |
7 |
369,006 |
17,100 |
Cash at bank and in hand |
445,651 |
1,008,840 |
|
--------- |
------------ |
|
814,657 |
1,025,940 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
178,768 |
50,635 |
|
--------- |
------------ |
Net current assets |
635,889 |
975,305 |
|
------------ |
------------ |
Total assets less current liabilities |
1,085,069 |
1,046,017 |
|
------------ |
------------ |
Net assets |
1,085,069 |
1,046,017 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
136 |
124 |
Share premium account |
1,920,680 |
1,254,097 |
Profit and loss account |
(
835,747) |
(
208,204) |
|
------------ |
------------ |
Shareholders funds |
1,085,069 |
1,046,017 |
|
------------ |
------------ |
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
12 May 2023
, and are signed on behalf of the board by:
Company registration number:
12950479
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Athene House (Entrance Hartley Avenue), 86 The Broadway, Mill Hill, London, NW7 3TD, England.
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.
Going concern
The directors, having carefully considered the company's circumstances consider that the company has sufficient cash resources to enable the company to continue to be going concerns for at least 12 months from the date of signing the financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are in respects to the recognition of intangible assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured.
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.
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:
|
Computer software |
- |
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Plant and machinery |
- |
33% straight line |
|
Equipment |
- |
20% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. 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.
Share based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
12
(2021:
4
).
5.
Intangible assets
|
Computer software |
|
£ |
Cost |
|
At 1 January 2022 |
69,498 |
Additions |
402,273 |
|
--------- |
At 31 December 2022 |
471,771 |
|
--------- |
Amortisation |
|
Charge for the year |
40,381 |
|
--------- |
At 31 December 2022 |
40,381 |
|
--------- |
Carrying amount |
|
At 31 December 2022 |
431,390 |
|
--------- |
At 31 December 2021 |
69,498 |
|
--------- |
|
|
6.
Tangible assets
|
Plant and machinery |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 |
1,357 |
– |
1,357 |
Additions |
15,495 |
3,383 |
18,878 |
|
-------- |
------- |
-------- |
At 31 December 2022 |
16,852 |
3,383 |
20,235 |
|
-------- |
------- |
-------- |
Depreciation |
|
|
|
At 1 January 2022 |
143 |
– |
143 |
Charge for the year |
1,873 |
429 |
2,302 |
|
-------- |
------- |
-------- |
At 31 December 2022 |
2,016 |
429 |
2,445 |
|
-------- |
------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2022 |
14,836 |
2,954 |
17,790 |
|
-------- |
------- |
-------- |
At 31 December 2021 |
1,214 |
– |
1,214 |
|
-------- |
------- |
-------- |
|
|
|
|
7.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Other debtors |
369,006 |
17,100 |
|
--------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
66,843 |
25,284 |
Social security and other taxes |
16,321 |
7,362 |
Other creditors |
95,604 |
17,989 |
|
--------- |
-------- |
|
178,768 |
50,635 |
|
--------- |
-------- |
|
|
|