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Company registration number: 09012100
Booking Live Software Limited
Unaudited filleted abridged financial statements
31 May 2022
Booking Live Software Limited
Contents
Abridged balance sheet
Statement of changes in equity
Notes to the financial statements
Booking Live Software Limited
Abridged Balance sheet
31 May 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - 3,833
Tangible assets 6 41,225 58,085
_______ _______
41,225 61,918
Current assets
Debtors 294,689 333,330
Cash at bank and in hand 581,669 610,858
_______ _______
876,358 944,188
Creditors: amounts falling due
within one year ( 518,417) ( 616,370)
_______ _______
Net current assets 357,941 327,818
_______ _______
Total assets less current liabilities 399,166 389,736
Creditors: amounts falling due
after more than one year ( 32,959) ( 40,000)
_______ _______
Net assets 366,207 349,736
_______ _______
Capital and reserves
Called up share capital 7 2,320 1,959
Share premium account 2,594,803 1,720,171
Other reserves 10 10
Profit and loss account ( 2,230,926) ( 1,372,404)
_______ _______
Shareholders funds 366,207 349,736
_______ _______
For the year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 (the 'Act') 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 of the Act ; and
- the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
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 Profit and loss account has not been delivered.
All of the members have consented to the preparation of the Profit and loss account and the abridged Balance sheet for the current year ending 31 May 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr M R Brooks
Director
Company registration number: 09012100
Booking Live Software Limited
Statement of changes in equity
Year ended 31 May 2022
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 June 2020 (as previously reported) 1,959 1,716,059 10 ( 983,979) 734,049
Prior period adjustments (-) 4,112 (-) (-) 4,112
_______ _______ _______ _______ _______
At 1 June 2020 (restated) 1,959 1,720,171 10 ( 983,979) 738,161
Loss for the year ( 388,425) ( 388,425)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 388,425) ( 388,425)
_______ _______ _______ _______ _______
At 31 May 2021 and 1 June 2021 1,959 1,720,171 10 ( 1,372,404) 349,736
Loss for the year ( 858,522) ( 858,522)
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - ( 858,522) ( 858,522)
Issue of shares 361 874,632 874,993
_______ _______ _______ _______ _______
Total investments by and distributions to owners 361 874,632 - - 874,993
_______ _______ _______ _______ _______
At 31 May 2022 2,320 2,594,803 10 ( 2,230,926) 366,207
_______ _______ _______ _______ _______
Booking Live Software Limited
Notes to the financial statements
Year ended 31 May 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 The Maltings, East Tyndall Street, Cardiff, CF24 5EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 accounts have been prepared on the going concern basis for the reasons set out in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Revenue from the sale of services is recognised when - the significant risks and rewards of software access have passed to the buyer;- the amount of revenue can be measured reliably; - it is probable that the associated economic benefits will flow to the entity; - and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax the company expects 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated 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:
Website costs - Straight line over 2 years
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 are 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:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 and the performance 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 becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2021: 25 ).
5. Intangible assets
£
Cost
At 1 June 2021 and 31 May 2022 10,220
_______
Amortisation
At 1 June 2021 6,387
Charge for the year 3,833
_______
At 31 May 2022 10,220
_______
Carrying amount
At 31 May 2022 -
_______
At 31 May 2021 3,833
_______
6. Tangible assets
£
Cost
At 1 June 2021 and 31 May 2022 107,744
_______
Depreciation
At 1 June 2021 49,659
Charge for the year 16,860
_______
At 31 May 2022 66,519
_______
Carrying amount
At 31 May 2022 41,225
_______
At 31 May 2021 58,085
_______
7. Called up share capital
Authorised share capital
2022 2021
No £ No £
Ordinary shares shares of £ 0.01 each 231,969 2,320 195,931 1,959
_______ _______ _______ _______
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 0.01 each 231,969 2,320 195,931 1,959
_______ _______ _______ _______
During the year 36,038 Ordinary Shares were issued at a par value of £0.01 per share. The share premium generated by the issue of these shares was an additional £874,632 in the year.
8. Directors advances, credits and guarantees
There were no directors' advances, credits or guarantees in the year.
9. Going concern
At the year end, the company had cash at bank of £581,669 and shareholders' funds of £366, 207. The accounts have been prepared on a going concern basis, given the cash resources available to the company and the overall current net asset position of the balance sheet. The company has invested significant amounts in software development (around £836k in 2022 and around £546k in 2021) and chooses to expense these costs. The new platform is live. The company has seen better scalability, lower cost to serve and faster onboarding. The company notes that the development investment is discretionary and continues at a pace afforded by the support of its investors. The directors have also reviewed the company's cash flow and projections and have concluded that the company can continue as a going concern for at least twelve months from the date of