Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31282021-02-01falseThe principal activity of the company is the development of a web application that provides information on carbon offsets that are available to buy.6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12382318 2021-02-01 2021-12-31 12382318 2020-01-02 2021-01-31 12382318 2021-12-31 12382318 2021-01-31 12382318 2020-01-02 12382318 1 2021-02-01 2021-12-31 12382318 1 2020-01-02 2021-01-31 12382318 d:Director1 2021-02-01 2021-12-31 12382318 e:PlantMachinery 2021-02-01 2021-12-31 12382318 e:PlantMachinery 2021-12-31 12382318 e:PlantMachinery 2021-01-31 12382318 e:PlantMachinery e:OwnedOrFreeholdAssets 2021-02-01 2021-12-31 12382318 e:FurnitureFittings 2021-02-01 2021-12-31 12382318 e:FurnitureFittings 2021-12-31 12382318 e:FurnitureFittings 2021-01-31 12382318 e:FurnitureFittings e:OwnedOrFreeholdAssets 2021-02-01 2021-12-31 12382318 e:ComputerEquipment 2021-02-01 2021-12-31 12382318 e:ComputerEquipment 2021-12-31 12382318 e:ComputerEquipment 2021-01-31 12382318 e:ComputerEquipment e:OwnedOrFreeholdAssets 2021-02-01 2021-12-31 12382318 e:OwnedOrFreeholdAssets 2021-02-01 2021-12-31 12382318 e:CurrentFinancialInstruments 2021-12-31 12382318 e:CurrentFinancialInstruments 2021-01-31 12382318 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 12382318 e:CurrentFinancialInstruments e:WithinOneYear 2021-01-31 12382318 e:ShareCapital 2021-02-01 2021-12-31 12382318 e:ShareCapital 2021-12-31 12382318 e:ShareCapital 2020-01-02 2021-01-31 12382318 e:ShareCapital 2021-01-31 12382318 e:ShareCapital 2020-01-02 12382318 e:SharePremium 2021-02-01 2021-12-31 12382318 e:SharePremium 2021-12-31 12382318 e:SharePremium 1 2021-02-01 2021-12-31 12382318 e:SharePremium 2020-01-02 2021-01-31 12382318 e:SharePremium 2021-01-31 12382318 e:SharePremium 2020-01-02 12382318 e:SharePremium 1 2020-01-02 2021-01-31 12382318 e:OtherMiscellaneousReserve 2021-12-31 12382318 e:OtherMiscellaneousReserve 1 2021-02-01 2021-12-31 12382318 e:OtherMiscellaneousReserve 2021-01-31 12382318 e:OtherMiscellaneousReserve 2020-01-02 12382318 e:OtherMiscellaneousReserve 1 2020-01-02 2021-01-31 12382318 e:RetainedEarningsAccumulatedLosses 2021-02-01 2021-12-31 12382318 e:RetainedEarningsAccumulatedLosses 2021-12-31 12382318 e:RetainedEarningsAccumulatedLosses 1 2021-02-01 2021-12-31 12382318 e:RetainedEarningsAccumulatedLosses 2020-01-02 2021-01-31 12382318 e:RetainedEarningsAccumulatedLosses 2021-01-31 12382318 e:RetainedEarningsAccumulatedLosses 2020-01-02 12382318 e:RetainedEarningsAccumulatedLosses 1 2020-01-02 2021-01-31 12382318 d:OrdinaryShareClass1 2021-02-01 2021-12-31 12382318 d:OrdinaryShareClass1 2021-12-31 12382318 d:OrdinaryShareClass1 2021-01-31 12382318 d:OrdinaryShareClass2 2021-02-01 2021-12-31 12382318 d:OrdinaryShareClass2 2021-12-31 12382318 d:OrdinaryShareClass2 2021-01-31 12382318 d:OrdinaryShareClass3 2021-02-01 2021-12-31 12382318 d:OrdinaryShareClass3 2021-12-31 12382318 d:OrdinaryShareClass4 2021-02-01 2021-12-31 12382318 d:OrdinaryShareClass4 2021-12-31 12382318 d:FRS102 2021-02-01 2021-12-31 12382318 d:AuditExempt-NoAccountantsReport 2021-02-01 2021-12-31 12382318 d:FullAccounts 2021-02-01 2021-12-31 12382318 d:PrivateLimitedCompanyLtd 2021-02-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12382318









SYLVERA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

 
SYLVERA LIMITED
REGISTERED NUMBER: 12382318

BALANCE SHEET
AS AT 31 DECEMBER 2021

31 December
31 January
2021
2021
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
332,602
11,101

  
332,602
11,101

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
606,592
45,104

Cash at bank and in hand
  
26,963,496
686,410

  
27,570,088
731,514

Creditors: amounts falling due within one year
 6 
(740,799)
(603,563)

NET CURRENT ASSETS
  
 
 
26,829,289
 
 
127,951

TOTAL ASSETS LESS CURRENT LIABILITIES
  
27,161,891
139,052

  

NET ASSETS
  
27,161,891
139,052


CAPITAL AND RESERVES
  

Called up share capital 
 7 
265
95

Share premium account
  
29,609,001
76,996

Capital contribution reserve
  
-
524,001

Profit and loss account
  
(2,447,375)
(462,040)

  
27,161,891
139,052


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
SYLVERA LIMITED
REGISTERED NUMBER: 12382318
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A Furey
Director

Date: 5 August 2022

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
SYLVERA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2020
-
-
-
-
-



Loss for the period
-
-
-
(462,040)
(462,040)

Capital contributed in the year
-
-
524,001
-
524,001

Shares issued during the period
95
76,996
-
-
77,091



At 1 February 2021
95
76,996
524,001
(462,040)
139,052



Loss for the period
-
-
-
(1,985,335)
(1,985,335)

Release of reserves to share premium
-
524,001
(524,001)
-
-

Shares issued during the period
170
29,127,004
-
-
29,127,174

Share issue costs
-
(119,000)
-
-
(119,000)


AT 31 DECEMBER 2021
265
29,609,001
-
(2,447,375)
27,161,891


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SYLVERA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

1.


GENERAL INFORMATION

Sylvera Limited is a private company limited by shares and incorporated in England and Wales.  The Company's registered office address is International House, 64 Nile Street, London, N1 7SR.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SYLVERA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
straight line
Fixtures and fittings
-
33%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
SYLVERA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 6

 
SYLVERA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

  
2.13

RESEARCH AND DEVELOPMENT

Research and development expenditure is written off to the Profit and Loss Account in the period in which it is incurred.

 
2.14

GRANT INCOME

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 28 (2021 - 6).


4.


TANGIBLE FIXED ASSETS







Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 February 2021
-
1,986
10,677
12,663


Additions
233,124
14,536
125,434
373,094


Disposals
-
-
(994)
(994)



At 31 December 2021

233,124
16,522
135,117
384,763



DEPRECIATION


At 1 February 2021
-
166
1,396
1,562


Charge for the period on owned assets
19,427
1,010
30,355
50,792


Disposals
-
-
(193)
(193)



At 31 December 2021

19,427
1,176
31,558
52,161



NET BOOK VALUE



At 31 December 2021
213,697
15,346
103,559
332,602

Page 7

 
SYLVERA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

5.


DEBTORS

31 December
31 January
2021
2021
£
£


Trade debtors
219,294
6,561

Other debtors
234,541
30,267

Prepayments and accrued income
152,757
8,276

606,592
45,104



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 December
31 January
2021
2021
£
£

Other loans
-
553,334

Trade creditors
301,542
12,335

Other taxation and social security
108,758
17,955

Other creditors
11,433
1,692

Accruals and deferred income
319,066
18,247

740,799
603,563



7.


SHARE CAPITAL

31 December
31 January
2021
2021
£
£
ALLOTTED, CALLED UP AND FULLY PAID



903,645 (January 2021 - 939,893) Ordinary shares of £0.0001- each
91
94
9,091 (January 2021 - 9,091) Non-voting shares of £0.0001- each
1
1
942,921 Series Seed shares of £0.0001 each
94
-
794,294 Series A shares of £0.0001 each
79
-

265

95


Page 8

 
SYLVERA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

7.SHARE CAPITAL (CONTINUED)

On 19 April 2021 the company created a new Series Seed share class and issued 547,561 shares of £0.0001 for £6.35 each, 122,632 shares of £0.0001 for £4.76 each and 272,728 shares of £0.0001 for £1.87 each. 
On 2 November 2021 the company issued 27,492 ordinary shares £0.0001 at par. 
On 10 December 2021 the company created a new Series A share class and issued 18,078 shares of £0.0001 for £25.88 each and 713,111 shares of £0.0001 for £34.51. The company also converted 63,740 Ordinary shares £0.0001 to 63,740 Series A shares of the same value.


8.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,895 (January 2021 - £3,645). Contributions totalling £8,950 (January 2021 - £1,692) were payable to the fund at the balance sheet date and are included in creditors.


9.


CORPORATION TAX RESEARCH & DEVELOPMENT

The Company is in the process of submitting an R & D claim to HM Revenue and Customs in respect of the period to 31 January 2021 and expects the credit to total £58,000.






 
Page 9