Company registration number 08776674 (England and Wales)
THE VAMPIRE'S WIFE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE VAMPIRE'S WIFE LIMITED
COMPANY INFORMATION
Directors
S Cave
B Message
H Muelas Sanchez
L Lawson
(Appointed 4 May 2022)
Company number
08776674
Registered office
First Floor
5 Fleet Place
London
EC4M 7RD
Accountants
Wilson Wright LLP
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
THE VAMPIRE'S WIFE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
THE VAMPIRE'S WIFE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Cave
B Message
H Muelas Sanchez
J Burch
(Resigned 5 May 2022)
L Lawson
(Appointed 4 May 2022)
Post reporting date events
Subsequent to the year end, Promissory Notes to the value of £1,000,000 were issued. Interest on those Promissory Notes is charged at 10% per annum and they are repayable by 10 July 2024.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
B Message
Director
30 September 2023
THE VAMPIRE'S WIFE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE VAMPIRE'S WIFE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Vampire's Wife Limited for the year ended 31 December 2022 set out on pages 3 to 13 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Vampire's Wife Limited, as a body, in accordance with the terms of our current engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Vampire's Wife Limited and state those matters that we have agreed to state to the board of directors of The Vampire's Wife 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 The Vampire's Wife Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Vampire's Wife Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Vampire's Wife Limited. You consider that The Vampire's Wife 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 financial statements of The Vampire's Wife 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 financial statements.
Wilson Wright LLP
5 October 2023
Chartered Accountants
5 Fleet Place
London
EC4M 7RD
THE VAMPIRE'S WIFE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Year
Year
ended
ended
31 December
31 December
2022
2021
£
£
Revenue
5,065,669
3,328,424
Cost of sales
(2,219,378)
(2,261,520)
Gross profit
2,846,291
1,066,904
Administrative expenses
(2,699,769)
(3,715,486)
Operating profit/(loss)
146,522
(2,648,582)
Finance costs
(162,487)
(41,703)
Loss before taxation
(15,965)
(2,690,285)
Tax on loss
Loss for the financial year
(15,965)
(2,690,285)
THE VAMPIRE'S WIFE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 4 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets
3
94,475
153,592
Property, plant and equipment
4
41,605
71,889
Investments
5
1
1
136,081
225,482
Current assets
Inventories
1,969,784
852,057
Trade and other receivables falling due after more than one year
6
40,820
54,470
Trade and other receivables falling due within one year
6
685,669
569,919
Cash and cash equivalents
78,158
238,549
2,774,431
1,714,995
Current liabilities
7
(3,905,447)
(2,919,447)
Net current liabilities
(1,131,016)
(1,204,452)
Net liabilities
(994,935)
(978,970)
Equity
Called up share capital
9
4,852
4,852
Share premium account
7,564,364
7,564,364
Retained earnings
(8,564,151)
(8,548,186)
Total equity
(994,935)
(978,970)
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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
B Message
Director
Company Registration No. 08776674
THE VAMPIRE'S WIFE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
Share capital
Share premium account
Other reserves
Retained earnings
Total
£
£
£
£
£
Balance at 1 January 2021
2,035
3,031,939
1,011,932
(5,857,901)
(1,811,995)
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
-
(2,690,285)
(2,690,285)
Issue of share capital
2,264
3,521,046
-
-
3,523,310
Transfers of amounts received in the prior period for share issue
553
1,011,379
(1,011,932)
-
-
Balance at 31 December 2021
4,852
7,564,364
-
(8,548,186)
(978,970)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(15,965)
(15,965)
Balance at 31 December 2022
4,852
7,564,364
-
(8,564,151)
(994,935)
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
1
Accounting policies
Company information
The Vampire's Wife Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD. The company's principal place of business is The Riverside Centre, Railway Lane, Lewes, East Sussex, BN7 2AQ.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At 31 December 202true2 the company had net current liabilities amounting to £1,131,016 and net liabilities of £994,935. Subsequent to the year end the Company's trading continued to improve and it has secured further loan finance of £1m. The directors also anticipate ongoing shareholder support, consistent with the previous few years. Therefore, at the time of approval of these financial statements the directors considered that the Company had sufficient financial resources to support the business for the foreseeable future, despite the continued uncertainty of the economies where the company trades. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) with provisions made for expected returns, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Product development expenditure
Product development expenditure is written off against profits in the year in which it is incurred. Identifiable design development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible fixed assets are capitalised only to the extent that they lead to the creation of an enduring asset.
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method.
Design development costs
4 years
Website development costs
4 years
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method.
Plant and machinery
4 years
Fixtures, fittings & equipment
4 years
Computer equipment
4 years
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 the statement of income.
1.7
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
1.9
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the income statement.
1.10
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 9 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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 income statement 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.
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 income statement, 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.
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.17
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
24
25
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
3
Intangible fixed assets
Design development costs
Website development costs
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
203,308
236,470
439,778
Amortisation and impairment
At 1 January 2022
203,308
82,878
286,186
Amortisation charged for the year
59,117
59,117
At 31 December 2022
203,308
141,995
345,303
Carrying amount
At 31 December 2022
94,475
94,475
At 31 December 2021
153,592
153,592
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2022
153,173
Additions
1,966
At 31 December 2022
155,139
Depreciation and impairment
At 1 January 2022
81,284
Depreciation charged in the year
32,250
At 31 December 2022
113,534
Carrying amount
At 31 December 2022
41,605
At 31 December 2021
71,889
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings
1
1
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
6
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
492,655
338,577
Amounts owed by group undertakings
10,915
Other receivables
193,014
220,427
685,669
569,919
2022
2021
Amounts falling due after more than one year:
£
£
Other receivables
40,820
54,470
Total receivables
726,489
624,389
An invoice discounting facility was utilised in respect of trade receivables and the current liability (included in Note 7) amounted to £1,430,711 (2021 - £594,254) at the year end. There is a fixed and floating charge over the assets of the company in relation to this facility.
7
Current liabilities
2022
2021
£
£
Trade payables
624,282
1,053,740
Taxation and social security
543,930
331,962
Other payables
2,737,235
1,533,745
3,905,447
2,919,447
Other payables includes £389,919 (2021 - £263,092) in respect of loans advanced which can be converted to Ordinary or Preferred shares. However, at the year end either party can give notice for the entire amount to be repaid and so the full amount has been treated as a current liability.
8
Share-based payment transactions
During the year the company granted 12,940 share options to an employee in relation to ordinary shares in the company. The share options vest equally over a four-year period. These options were considered to have an immaterial fair value at the grant date and consequently no charge has been included within profit and loss. The options outstanding at 31 December 2022 had a remaining contractual life of 8 years.
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
146,830
146,830
1,469
1,469
THE VAMPIRE'S WIFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Called up share capital
(Continued)
- 13 -
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 1p each
338,364
338,364
3,383
3,383
Preference shares classified as equity
3,383
3,383
Total equity share capital
4,852
4,852
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
212,417
345,028
11
Events after the reporting date
Subsequent to the year end, Promissory Notes to the value of £1,000,000 were issued. Interest on those Promissory Notes is charged at 10% per annum and they are repayable by 10 July 2024.
12
Related party transactions
The company has taken advantage of the exemption available in accordance with Section 1 AC.35 of Financial Reporting Standard 102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
The company owed £120,000 (2021 - £nil) to N Cave at the year end. N Cave is a close family member of S Cave. The loan was interest free and repayable within one year.
The company owed £15,000 (2021 - £15,000) to All Things Considered Limited at the year end. B Message controls All Things Considered Limited. The loan was interest free and repayable within one year.
At 31 December 2022, the following balances were owed to the directors:
S Cave - £13,038 (2021 - £13,038)
B Message - £50,000 (2021 - £nil).
L Lawson - £126,827 (2021 - £nil).
The loans due to S Cave and B Message were interest free and repayable on demand. The loan due to L Lawson is interest free and has the option to be converted into equity at a future date.
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