Silverfin false 31/01/2023 01/02/2022 31/01/2023 Michael Barrett Mcfadgen 20/12/2022 Igor Pikovsky 02/06/2020 Ralph Rogge 07/01/2019 24 October 2023 Business and domestic software development. 11752182 2023-01-31 11752182 bus:Director1 2023-01-31 11752182 bus:Director2 2023-01-31 11752182 bus:Director3 2023-01-31 11752182 2022-01-31 11752182 core:CurrentFinancialInstruments 2023-01-31 11752182 core:CurrentFinancialInstruments 2022-01-31 11752182 core:ShareCapital 2023-01-31 11752182 core:ShareCapital 2022-01-31 11752182 core:SharePremium 2023-01-31 11752182 core:SharePremium 2022-01-31 11752182 core:OtherCapitalReserve 2023-01-31 11752182 core:OtherCapitalReserve 2022-01-31 11752182 core:RetainedEarningsAccumulatedLosses 2023-01-31 11752182 core:RetainedEarningsAccumulatedLosses 2022-01-31 11752182 core:ShareCapital 2021-01-31 11752182 core:SharePremium 2021-01-31 11752182 core:OtherCapitalReserve 2021-01-31 11752182 core:RetainedEarningsAccumulatedLosses 2021-01-31 11752182 2021-01-31 11752182 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-31 11752182 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 11752182 core:OfficeEquipment 2022-01-31 11752182 core:ComputerEquipment 2022-01-31 11752182 core:OfficeEquipment 2023-01-31 11752182 core:ComputerEquipment 2023-01-31 11752182 core:CostValuation 2022-01-31 11752182 core:AdditionsToInvestments 2023-01-31 11752182 core:CostValuation 2023-01-31 11752182 core:ProvisionsForImpairmentInvestments 2022-01-31 11752182 core:ProvisionsForImpairmentInvestments 2023-01-31 11752182 bus:OrdinaryShareClass1 2023-01-31 11752182 bus:PreferenceShareClass1 2023-01-31 11752182 2022-02-01 2023-01-31 11752182 bus:AbridgedAccounts 2022-02-01 2023-01-31 11752182 bus:SmallEntities 2022-02-01 2023-01-31 11752182 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 11752182 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11752182 bus:Director1 2022-02-01 2023-01-31 11752182 bus:Director2 2022-02-01 2023-01-31 11752182 bus:Director3 2022-02-01 2023-01-31 11752182 core:ShareCapital 2021-02-01 2022-01-31 11752182 core:SharePremium 2021-02-01 2022-01-31 11752182 core:OtherCapitalReserve 2021-02-01 2022-01-31 11752182 core:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 11752182 2021-02-01 2022-01-31 11752182 core:ShareCapital 2022-02-01 2023-01-31 11752182 core:SharePremium 2022-02-01 2023-01-31 11752182 core:OtherCapitalReserve 2022-02-01 2023-01-31 11752182 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 11752182 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-02-01 2023-01-31 11752182 core:OfficeEquipment core:TopRangeValue 2022-02-01 2023-01-31 11752182 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 11752182 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-01 2023-01-31 11752182 core:OfficeEquipment 2022-02-01 2023-01-31 11752182 core:ComputerEquipment 2022-02-01 2023-01-31 11752182 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 11752182 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 11752182 bus:PreferenceShareClass1 2022-02-01 2023-01-31 11752182 bus:PreferenceShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11752182 (England and Wales)

CREZCO LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 31 January 2023

CREZCO LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

CREZCO LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2023
CREZCO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTORS Michael Barrett Mcfadgen
Igor Pikovsky
Ralph Rogge
REGISTERED OFFICE 192 Campden Hill Road
London
W8 7TH
England
United Kingdom
COMPANY NUMBER 11752182 (England and Wales)
ACCOUNTANT OnTheGo Accountants Limited
330 Holborn Gate
High Holborn
London
WC1V 7QH
England
CREZCO LIMITED

BALANCE SHEET

As at 31 January 2023
CREZCO LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 6 853 962
Tangible assets 7 16,226 13,334
Investments 8 2,122 0
19,201 14,296
Current assets
Debtors 16,359 196,057
Cash at bank and in hand 5,255,408 2,392,147
5,271,767 2,588,204
Creditors: amounts falling due within one year ( 158,932) ( 100,137)
Net current assets 5,112,835 2,488,067
Total assets less current liabilities 5,132,036 2,502,363
Net assets 5,132,036 2,502,363
Capital and reserves
Called-up share capital 10 488 359
Share premium account 8,550,640 3,664,109
Other reserves 43,520 4
Profit and loss account ( 3,462,612 ) ( 1,162,109 )
Total shareholders' funds 5,132,036 2,502,363

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Crezco Limited (registered number: 11752182) were approved and authorised for issue by the Board of Directors on 24 October 2023. They were signed on its behalf by:

Ralph Rogge
Director
CREZCO LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 January 2023
CREZCO LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 January 2023
Called-up share capital Share premium account Other reserves Profit and loss account Total
£ £ £ £ £
At 01 February 2021 243 715,561 1 ( 280,962) 434,843
Loss for the financial year 0 0 0 ( 881,147) ( 881,147)
Total comprehensive loss 0 0 0 ( 881,147) ( 881,147)
Issue of share capital 116 2,948,548 0 0 2,948,664
Credit to equity for equity settled share-based payment 0 0 3 0 3
At 31 January 2022 359 3,664,109 4 ( 1,162,109) 2,502,363
At 01 February 2022 359 3,664,109 4 ( 1,162,109) 2,502,363
Loss for the financial year 0 0 0 ( 2,300,504) ( 2,300,504)
Total comprehensive loss 0 0 0 ( 2,300,504) ( 2,300,504)
Issue of share capital 129 4,886,531 0 0 4,886,660
Credit to equity for equity settled share-based payment 0 0 43,516 1 43,517
At 31 January 2023 488 8,550,640 43,520 ( 3,462,612) 5,132,036
CREZCO LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
CREZCO LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crezco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 192 Campden Hill Road, London, W8 7TH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the exercise price which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 13

3. Finance costs

2023 2022
£ £
Interest payable and similar expenses 310 0

4. Tax on loss

2023 2022
£ £
Current tax on loss
UK corporation tax 0 ( 232,619)
Total current tax 0 ( 232,619)
Deferred tax
Origination and reversal of timing differences 549 24,341
Total deferred tax 549 24,341
Total tax on loss 549 ( 208,278)

On 17 March 2020, the Provisional Collection of Taxes Act was used to substantively enact a 19% tax rate and accordingly, the deferred tax balances were re-calculated from 17% to 19% at 31 January 2022.

The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023 as well as introducing a small profits rate of 19%. These rates were substantively enacted via the Finance Bill 2021 on 24 May 2021.

At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable to the small profits rate and therefore deferred tax balances as at 31 January 2023 continue to be measured at 19%.

5. Share-based payments

Equity-settled share-based payment schemes

The Company operates an equity-settled share based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Details of the share options outstanding during the financial year are as follows:

2023 2022
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 145,000 0.10 42,500 0.16
Granted during the period 268,000 0.85 102,500 0.09
Outstanding at the end of the period 413,000 0.59 145,000 0.10
Exercisable at the end of the period 0 0 0 0

The estimated fair value of the share options at the grant date was calculated using the agreed exercise price per share.

6. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 February 2022 1,092 1,092
At 31 January 2023 1,092 1,092
Accumulated amortisation
At 01 February 2022 130 130
Charge for the financial year 109 109
At 31 January 2023 239 239
Net book value
At 31 January 2023 853 853
At 31 January 2022 962 962

7. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 February 2022 0 19,006 19,006
Additions 822 11,594 12,416
At 31 January 2023 822 30,600 31,422
Accumulated depreciation
At 01 February 2022 0 5,672 5,672
Charge for the financial year 213 9,311 9,524
At 31 January 2023 213 14,983 15,196
Net book value
At 31 January 2023 609 15,617 16,226
At 31 January 2022 0 13,334 13,334

8. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 February 2022 0 0
Additions 2,122 2,122
At 31 January 2023 2,122 2,122
Provisions for impairment
At 01 February 2022 0 0
At 31 January 2023 0 0
Carrying value at 31 January 2023 2,122 2,122
Carrying value at 31 January 2022 0 0

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 2,533) 21,808
Charged to the Profit and Loss Account ( 550) ( 24,341)
At the end of financial year ( 3,083) ( 2,533)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,918,307 Ordinary A Shares shares of £ 0.0001 each (2022: 3,593,594 shares of £ 0.0001 each) 392 359
961,244 Preferred A Shares preference shares of £ 0.0001 each (2022: nil shares) 96 0
488 359

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director's remuneration 191,667 153,333