Company registration number 09347013 (England and Wales)
BLADEBUG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BLADEBUG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BLADEBUG LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
37,543
26,641
Tangible assets
4
5,635
5,078
43,178
31,719
Current assets
Debtors
5
117,533
226,567
Cash at bank and in hand
176,829
158,667
294,362
385,234
Creditors: amounts falling due within one year
6
(294,313)
(340,099)
Net current assets
49
45,135
Total assets less current liabilities
43,227
76,854
Creditors: amounts falling due after more than one year
7
(13,611)
(17,850)
Net assets
29,616
59,004
Capital and reserves
Called up share capital
8
140
115
Share premium account
1,018,741
299,985
Profit and loss reserves
(989,265)
(241,096)
Total equity
29,616
59,004
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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BLADEBUG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
C R CIESLAK
C R Cieslak
Director
Company Registration No. 09347013
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BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
Company information
Bladebug Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Cleveley Crescent, London, United Kingdom, W5 1DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.true
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents granted
Straight line to patent expiration date
Patents pending
Not amortised
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10 years straight line
Fixtures and fittings
5 years straight line
Computers
2 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
1.9
Retirement benefits
The company operates a defined contribution plan for it's 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 the Statement of comprehensive income 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.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
11
8
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BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Intangible fixed assets
Patents granted
Patents pending
Total
£
£
£
Cost
At 1 January 2022
26,641
26,641
Additions
1,079
11,022
12,101
Transfers
(8,531)
8,531
At 31 December 2022
19,189
19,553
38,742
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
1,199
1,199
At 31 December 2022
1,199
1,199
Carrying amount
At 31 December 2022
17,990
19,553
37,543
At 31 December 2021
26,641
26,641
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2022
3,734
1,654
11,102
16,490
Additions
2,752
1,230
3,982
At 31 December 2022
6,486
1,654
12,332
20,472
Depreciation and impairment
At 1 January 2022
1,493
1,410
8,509
11,412
Depreciation charged in the year
1,291
122
2,012
3,425
At 31 December 2022
2,784
1,532
10,521
14,837
Carrying amount
At 31 December 2022
3,702
122
1,811
5,635
At 31 December 2021
2,241
244
2,593
5,078
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BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
43,839
43,839
Other debtors
73,694
119,373
117,533
163,212
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
63,355
Total debtors
117,533
226,567
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,075
3,150
Trade creditors
6,206
62,403
Taxation and social security
12,783
15,595
Other creditors
271,249
258,951
294,313
340,099
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
13,611
17,850
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares
1,389,283
1,150,000
139
115
Ordinary B shares
12,256
0
1
1,401,539
1,150,000
140
115
=======
During the year, the company issued 239,283 Ordinary shares of £0.0001 each, and 12,256 Ordinary B shares of £0.0001 each.
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BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Related party transactions
During the year, there was no movement in the director's loan account, resulting in amounts due by the company at the year end of £250,002 (2021 - £250,002).
The loan is unsecured and interest free with no fixed repayment terms in place.
10
Events after the reporting date
On the 30 March 2023 the company issued 27,268 Ordinary class shares for consideration of £102,255.
An investment of £200,000 from Offshore Wind Growth Partnership was received post year end.
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