Company registration number 11886947 (England and Wales)
TOFFEEAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TOFFEEAM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TOFFEEAM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
991,819
565,271
Tangible assets
4
57,196
12,950
1,049,015
578,221
Current assets
Debtors
5
543,513
194,916
Cash at bank and in hand
4,413,028
201,835
4,956,541
396,751
Creditors: amounts falling due within one year
6
(177,258)
(42,661)
Net current assets
4,779,283
354,090
Net assets
5,828,298
932,311
Capital and reserves
Called up share capital
9
7
Share premium account
5,879,993
880,001
Profit and loss reserves
(51,704)
52,303
Total equity
5,828,298
932,311
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2023 and are signed on its behalf by:
Mr M Pietropaoli
Director
Company Registration No. 11886947
TOFFEEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Toffeeam Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 Wood Street, London, EC2V 7AW.
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
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.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion and when the work has been delivered. License turnover is spread over the license contract.
Grants received are recognised in line with the consultancy policy of recognition in line with service provision.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
25% on Cost
Development costs
10% on Cost
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TOFFEEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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:
Fixtures and fittings
33% on cost
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rental payable under operating leases, including any lease incentives received, are charged to profit ot 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 lease is consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 19
2023
2022
Number
Number
Total
19
12
TOFFEEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022
565,271
Additions
536,172
At 31 March 2023
1,101,443
Amortisation and impairment
At 1 April 2022
Amortisation charged for the year
109,624
At 31 March 2023
109,624
Carrying amount
At 31 March 2023
991,819
At 31 March 2022
565,271
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
17,447
17,447
Additions
9,676
50,453
60,129
At 31 March 2023
9,676
67,900
77,576
Depreciation and impairment
At 1 April 2022
4,497
4,497
Depreciation charged in the year
1,079
14,804
15,883
At 31 March 2023
1,079
19,301
20,380
Carrying amount
At 31 March 2023
8,597
48,599
57,196
At 31 March 2022
12,950
12,950
TOFFEEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
235,985
49,871
Corporation tax recoverable
173,359
128,702
Other debtors
134,169
16,343
543,513
194,916
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,108
Taxation and social security
11,001
7,412
Deferred income
101,359
21,450
Other creditors
3,564
2,137
Accruals
15,226
11,662
177,258
42,661
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future lease payments under non-cancellable operating leases. A termination notice is in place requiring 6 months written notice to terminate the rental agreement. This equates to the following potential liability as follows;
2023
2022
£
£
42,455
16,320
8
Prior period adjustment
A prior period adjustment has been put through in 2023 in relation to 2021 and 2022 R&D costs previously allocated to the Profit and Loss account. The directors feel these costs should be capitalised and put to the Balance Sheet, this adjustment reflects these movements.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
Fixed assets
Other intangibles
-
565,271
565,271
TOFFEEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Prior period adjustment
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
(Continued)
- 6 -
Capital and reserves
Profit and loss reserves
(512,968)
565,271
52,303
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Cost of sales
(14,604)
5,028
(9,576)
Administrative expenses
(541,944)
560,243
18,299
(Loss)/profit for the financial period
(278,446)
565,271
286,825
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Capitalisation of R&D costs
-
565,271
Equity as previously reported
645,486
367,040
Equity as adjusted
645,486
932,311
Analysis of the effect upon equity
Profit and loss reserves
-
565,271
Reconciliation of changes in (loss)/profit for the previous financial period
2022
£
Adjustments to prior year
Capitalisation of R&D costs
565,271
Loss as previously reported
(278,446)
Profit as adjusted
286,825