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COMPANY REGISTRATION NUMBER: 11797448
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Financial Statements
31 January 2023
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Financial Statements
Year ended 31 January 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Strategic Report
Year ended 31 January 2023
The principle activity of the company is investment management services. The directors present their strategic report for the year ended 31 January 2023. Business review The directors announce an overall loss before tax for the year of £1,006,981 (2022: £58,912). The financial key performance indicators for the year are as follows:
2023 2022
£ £
Turnover
Loss before tax 1,006,981 58,912
During the 2023 financial year, the company was in its growth phase. The company obtained significant investment during the year which it utilised on the continued development of a mobile application for wealth and management services, obtaining an office space, recruiting key members of staff and branding and marketing. Principal risks and uncertainties The business is subject to a number of risks which are monitored by the Board. The principal risks facing the company remains the availability of external funding and the impact this has on liquidity whilst the company is in its growth phase. To mitigate the liquidity risk, the Board regularly monitors its investment requirement in conjuction with reviewing the forecast cash position and as the company is regulated by the Financial Conduct Authority (FCA), regaular reporting requirements need to be met and sustained, which ensure the company remains liquid. Currently, the company has a normal level of exposure to price and credit risks arising from trading activities which a largely conducted in sterling. In the future, the company will be receiving fee income in other currencies, therefore currency risk may need to be managed in the future. The company's finances are supervised at Board level. It's financial instruments comprise cash and trade creditors which arise from it's trade. The company depends on key personnel and staff and to mitigate the risks of retention issues the company provides training and reward schemes. It is the policy of the Board to settle trade and other debts within the terms agreed. Future developments The company started receiving fee income in the first quarter of 2024 and will look to expand its service offering and client base throughout the latter part of 2024. The company also plans to move into a larger office space and continue to recruit and grow its workforce. The directors are committed to continue investing in the growth and evolution of the business and continue to review the business strategies in place, to ensure that it remains aligned with projections and market demands.
Streamlined Energy & Carbon Report After undertaking a calculation, the company's energy consumption amounted to less 40 megawatt-hours (MWh), thereby eliminating the requirement for disclosure in the financial statements. Section 172 Statement In considering how to promote the success of the company as set out in Section 172 of the Companies Act 2006, the Directors are required to explain how they consider the interests of the key stakeholders when seeking to promote the company's success. The key stakeholder groups are set out below, how we engage with them and how we measure the effectiveness of the engagement: The Directors' regularly review the performance of the business through financial and non-financial metrics. Due to the fast and changing nature of the industry, regular forecasting is performed to ensure we can meet customer demand as efficiently as possible. We actively engage with and support our employees as a responsible employer. We also consider health, safety, and welfare as our primary responsibility with structure and process to support this. We are focussed on delivering value to our future customers and we recognise the importance of all in our network who make this possible. Our business integrates and manages supplier relationships as an inherent part of our operations. We are actively looking to support the communities which we impact. The business is planned to scale its operations significantly by relying on a network effect and through building a community, supporting the accessible approach to finance. We are also proud of our attention and commitment to engage in proactively shaping the future development of personal finance applications and approach, to improve accessibility and play a role in modernising the industry. Our reputation and high standards of service are critical to all our customers. In order to serve the Financial Sector, conformance against comprehensive audit schemes is a prerequisite as the company invests in systems, processes and training to ensure that compliance and accreditation is maintained and that high standards are assured. Our business is regularly audited by the Financial Conduct Authority (FCA) which ensures compliance which promotes consumer protection, enhanced market integrity and the promotion of competition in the interests of consumers.
This report was approved by the board of directors on 31 May 2023 and signed on behalf of the board by:
Mr J Buck
Mrs N Williams
Director
Director
Registered office:
Lansdowne House
57 Berkeley Square
London
United Kingdom
W1J 6ER
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Directors' Report
Year ended 31 January 2023
The directors present their report and the financial statements of the company for the year ended 31 January 2023 .
Directors
The directors who served the company during the year were as follows:
Mrs N Williams
Mr J Buck
(Appointed 24 June 2022)
Mr P Martin
(Appointed 15 November 2022)
Mr P Martin resigned on 7 May 2023.
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 31 May 2023 and signed on behalf of the board by:
Mr J Buck
Mrs N Williams
Director
Director
Registered office:
Lansdowne House
57 Berkeley Square
London
United Kingdom
W1J 6ER
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Independent Auditor's Report to the Members of Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Year ended 31 January 2023
Opinion
We have audited the financial statements of Cadro Technologies Limited (formerly known as Wellrose Technologies Limited) (the 'company') for the year ended 31 January 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform auditor procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management and the finance team, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes asking questions and reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist with the organisation for fraud. Key areas include timing of recognising income around the year end and posting o unusual journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alexander Baker
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
18 July 2023
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Statement of Comprehensive Income
Year ended 31 January 2023
2023
2022
Note
£
£
Cost of sales
1,329
----
-------
Gross loss
( 1,329)
Administrative expenses
1,009,714
57,583
Other operating income
4
1,817
------------
--------
Operating loss
5
( 1,007,897)
( 58,912)
Other interest receivable and similar income
9
919
Interest payable and similar expenses
10
3
------------
--------
Loss before taxation
( 1,006,981)
( 58,912)
Tax on loss
11
( 4,911)
------------
--------
Loss for the financial year and total comprehensive income
( 1,006,981)
( 54,001)
------------
--------
All the activities of the company are from continuing operations.
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
506,265
26,572
Tangible assets
13
31,671
---------
--------
537,936
26,572
Current assets
Debtors
14
30,867
12,907
Cash at bank and in hand
623,414
66,883
---------
--------
654,281
79,790
Creditors: amounts falling due within one year
15
142,533
55,440
---------
--------
Net current assets
511,748
24,350
------------
--------
Total assets less current liabilities
1,049,684
50,922
------------
--------
Net assets
1,049,684
50,922
------------
--------
Capital and reserves
Called up share capital
17
113
101
Share premium account
18
2,113,170
107,439
Profit and loss account
18
( 1,063,599)
( 56,618)
------------
---------
Shareholders funds
1,049,684
50,922
------------
---------
These financial statements were approved by the board of directors and authorised for issue on 31 May 2023 , and are signed on behalf of the board by:
Mr J Buck
Mrs N Williams
Director
Director
Company registration number: 11797448
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Statement of Changes in Equity
Year ended 31 January 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 February 2021
100
( 2,617)
( 2,517)
Loss for the year
( 54,001)
( 54,001)
----
----
--------
--------
Total comprehensive income for the year
( 54,001)
( 54,001)
Issue of shares
1
107,439
107,440
----
---------
--------
---------
Total investments by and distributions to owners
1
107,439
107,440
At 31 January 2022
101
107,439
( 56,618)
50,922
Loss for the year
( 1,006,981)
( 1,006,981)
----
---------
------------
------------
Total comprehensive income for the year
( 1,006,981)
( 1,006,981)
Issue of shares
12
2,005,731
2,005,743
----
------------
----
------------
Total investments by and distributions to owners
12
2,005,731
2,005,743
----
------------
------------
------------
At 31 January 2023
113
2,113,170
( 1,063,599)
1,049,684
----
------------
------------
------------
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Statement of Cash Flows
Year ended 31 January 2023
2023
2022
£
£
Cash flows from operating activities
Loss for the financial year
( 1,006,981)
( 54,001)
Adjustments for:
Depreciation of tangible assets
4,897
Amortisation of intangible assets
51,860
6,808
Other interest receivable and similar income
( 919)
Interest payable and similar expenses
3
Tax on loss
( 4,911)
Accrued expenses
51,018
1,250
Changes in:
Trade and other debtors
( 17,960)
( 12,907)
Trade and other creditors
35,199
14,646
------------
--------
Cash generated from operations
( 882,883)
( 49,115)
Interest paid
( 3)
Interest received
919
Tax received
4,911
---------
--------
Net cash used in operating activities
( 881,967)
( 44,204)
---------
--------
Cash flows from investing activities
Purchase of tangible assets
( 36,568)
Purchase of intangible assets
( 531,553)
( 26,462)
---------
--------
Net cash used in investing activities
( 568,121)
( 26,462)
---------
--------
Cash flows from financing activities
Proceeds from issue of ordinary shares
2,005,743
107,440
Proceeds from borrowings
876
30,009
------------
---------
Net cash from financing activities
2,006,619
137,449
------------
---------
Net increase in cash and cash equivalents
556,531
66,783
Cash and cash equivalents at beginning of year
66,883
100
---------
--------
Cash and cash equivalents at end of year
623,414
66,883
---------
--------
Cadro Technologies Limited (formerly known as Wellrose Technologies Limited)
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lansdowne House, 57 Berkeley Square, London, W1J 6ER, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore the company continues to adopt the going concern basis in preparing its financial statements.
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.
Income tax
The taxation expense represents the aggregate amount of current 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.
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:
App Development
-
5 year 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:
Equipment
-
4 year 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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. Other operating income
2023
2022
£
£
Other operating income
1,817
-------
----
5. Operating loss
Operating profit or loss is stated after charging:
2023
2022
£
£
Amortisation of intangible assets
51,860
6,808
Depreciation of tangible assets
4,897
Foreign exchange differences
1,187
--------
-------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
5,825
-------
----
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
3
Management staff
3
1
----
----
6
1
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
462,884
Social security costs
50,564
Other pension costs
14,847
---------
----
528,295
---------
----
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
139,610
Company contributions to defined contribution pension plans
1,957
---------
----
141,567
---------
----
9. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
919
----
----
10. Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
3
----
----
11. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 4,911)
----
-------
Tax on loss
( 4,911)
----
-------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 1,006,981)
( 58,912)
------------
--------
Loss on ordinary activities by rate of tax
( 191,326)
( 11,193)
Effect of expenses not deductible for tax purposes
15,886
1,529
Effect of capital allowances and depreciation
( 8,102)
Utilisation of tax losses
( 4,911)
Unused tax losses
219,521
11,894
Revenue items capitalised
( 35,979)
( 2,230)
------------
--------
Tax on loss
( 4,911)
------------
--------
12. Intangible assets
App Development
£
Cost
At 1 February 2022
34,042
Additions
531,553
---------
At 31 January 2023
565,595
---------
Amortisation
At 1 February 2022
7,470
Charge for the year
51,860
---------
At 31 January 2023
59,330
---------
Carrying amount
At 31 January 2023
506,265
---------
At 31 January 2022
26,572
---------
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
13. Tangible assets
Equipment
£
Cost
At 1 February 2022
Additions
36,568
--------
At 31 January 2023
36,568
--------
Depreciation
At 1 February 2022
Charge for the year
4,897
--------
At 31 January 2023
4,897
--------
Carrying amount
At 31 January 2023
31,671
--------
At 31 January 2022
--------
14. Debtors
2023
2022
£
£
Prepayments and accrued income
4,338
343
Corporation tax repayable
4,911
Other debtors
26,529
7,653
--------
--------
30,867
12,907
--------
--------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,051
9,646
Accruals and deferred income
53,031
2,013
Social security and other taxes
33,481
Director loan accounts
39,657
38,781
Other creditors
5,313
5,000
---------
--------
142,533
55,440
---------
--------
16. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 14,847 (2022: £Nil).
17. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.001 each
113,099
113
101,025
101
---------
----
---------
----
The company's authorised and allotted share capital consists of 113,099 (101,025) Ordinary shares.
18. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
19. Analysis of changes in net debt
At 1 Feb 2022
Cash flows
At 31 Jan 2023
£
£
£
Cash at bank and in hand
66,883
556,531
623,414
Debt due within one year
(38,781)
(876)
(39,657)
--------
---------
---------
28,102
555,655
583,757
--------
---------
---------
20. Related party transactions
At the balance sheet date the company owed the directors £39,657 (2022: £38,781).