Company registration number 09660317 (England and Wales)
ACQUIRED LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ACQUIRED LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ACQUIRED LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,260,611
1,155,734
Tangible assets
5
19,933
11,937
1,280,544
1,167,671
Current assets
Debtors
6
996,436
598,125
Cash at bank and in hand
360,233
14,112
1,356,669
612,237
Creditors: amounts falling due within one year
7
(926,213)
(562,553)
Net current assets
430,456
49,684
Total assets less current liabilities
1,711,000
1,217,355
Creditors: amounts falling due after more than one year
8
(921,719)
(231,564)
Provisions for liabilities
(3,671)
Net assets
785,610
985,791
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
784,610
984,791
Total equity
785,610
985,791
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 19 October 2023 and are signed on its behalf by:
K Cleavely
Director
Company registration number 09660317 (England and Wales)
ACQUIRED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Acquired Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glasshouse, Alderley Park, Nether Alderley, Cheshire, England, SK10 4ZE.
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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises of amounts receivable for payment processing services, it is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
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.
1.5
Intangible fixed assets other than goodwill
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:
Development costs
20% straight line
1.6
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.
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:
Computers
33% 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.
ACQUIRED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Impairment of fixed 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.
1.8
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.
1.9
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors 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.
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 creditors, bank loans, 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.
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable.
ACQUIRED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
18
ACQUIRED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Intangible fixed assets
Other
£
Cost
At 1 April 2022
1,962,557
Additions
621,736
At 31 March 2023
2,584,293
Amortisation and impairment
At 1 April 2022
806,823
Amortisation charged for the year
516,859
At 31 March 2023
1,323,682
Carrying amount
At 31 March 2023
1,260,611
At 31 March 2022
1,155,734
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
20,064
Additions
16,419
At 31 March 2023
36,483
Depreciation and impairment
At 1 April 2022
8,127
Depreciation charged in the year
8,423
At 31 March 2023
16,550
Carrying amount
At 31 March 2023
19,933
At 31 March 2022
11,937
ACQUIRED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
299,443
81,423
Corporation tax recoverable
204,719
238,417
Other debtors
492,274
278,285
996,436
598,125
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
67,706
60,000
Trade creditors
142,946
100,347
Taxation and social security
128,386
173,787
Other creditors
587,175
228,419
926,213
562,553
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdraft
171,719
231,564
Other creditors
750,000
921,719
231,564
A Covid-19 Bounce Back Loan was taken out during the the year ended 31 March 2021. This loan was for £50,000 and is repayable over 6 years with an annual interest rate of 2.50%. This loan does not carry any security over the Company's assets as the loan carries a 100% Government Guarantee.
A Coronavirus Business Interruption Loan was taken out during the prior year. This loan was for £250,000 and is repayable over 5 years with an annual interest rate of 12.69%.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jason Selig BA ACA CTA DChA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
25 October 2023
ACQUIRED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
10
Events after the reporting date
There were no events after the reporting period end date which require disclosure at the balance sheet date.
11
Related party transactions
2023
2022
Amounts due to related parties
£
£
Connected companies
1,000,000
-
During the year Acquired entered into a loan from Quint Holdings Limited totalling £250,000 (2022 - nil). The loan carries a 10% interest rate and is fully repayable in 18 months from drawdown. At the balance sheet date this loan was repayable within 12 months.
During the year Acquired entered into a convertible loan note from Quint Group Limited totalling £750,000 (2022 - nil). The loan provides key funding needed to enable the business in its aim to achieve its ambitious growth plans over the next few years. Dependant upon certain outcomes from this funding, this could be converted to the issue of shares to Quint Group Limited in the future. The loan carries a 10% interest rate and in fully convertible up to the maturity date, being 24 months of drawdown. At the balance sheet date this loan was repayable more than one year.
12
Ultimate controlling party
There is no ultimate controlling party due to there being no majority holding of the issued share capital in the company.