Company Registration No. 10109626 (England and Wales)
BEACON PLATFORM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BEACON PLATFORM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BEACON PLATFORM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
78,680
71,161
Current assets
Debtors
4
558,296
1,748,087
Cash at bank and in hand
6,964,025
344,228
7,522,321
2,092,315
Creditors: amounts falling due within one year
5
(6,088,684)
(1,190,138)
Net current assets
1,433,637
902,177
Total assets less current liabilities
1,512,317
973,338
Capital and reserves
Called up share capital
7
100,000
100,000
Share-based payment reserve
447,688
370,085
Profit and loss reserves
964,629
503,253
Total equity
1,512,317
973,338
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 2 November 2023 and are signed on its behalf by:
K Singh
Director
Company Registration No. 10109626
BEACON PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Beacon Platform Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER.
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
The financial statements have been prepared on a going concern basis, which assumes the company will be able to meet its liabilities as and when they fall due for the foreseeable future.
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. This is based on the continued support of the parent company and the agreement the company has with the parent company to provide ongoing services. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised in line with the cost plus agreement in place with the parent company. It 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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over 10 years
Fixtures, fittings and equipment
over 5 to 7 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 profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.6
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.
BEACON PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
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. 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 profit and loss, are assessed for indicators of impairment at each reporting end date.
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 and amounts owed to group undertakings 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the tax currently payable.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Holiday entitlement is unlimited therefore the directors have accrued the cost of any unused holiday entitlement up to the statutory minimum.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 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 the share-based payment reserve.
Upon exercise of options granted to employees the expense is accelerated to recognise the difference between the fair value equity instruments and the expense recognised to date. In addition to this, a transfer is made between the share-based payment reserve and profit and loss reserve representing the expense recognised over the life of any exercised options.
BEACON PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Rentals payable under operating leases are charged to income 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 lease asset are consumed.
2
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
51
26
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2022
11,065
100,988
112,053
Additions
28,095
28,095
At 31 December 2022
11,065
129,083
140,148
Depreciation and impairment
At 1 January 2022
1,844
39,048
40,892
Depreciation charged in the year
1,106
19,470
20,576
At 31 December 2022
2,950
58,518
61,468
Carrying amount
At 31 December 2022
8,115
70,565
78,680
At 31 December 2021
9,221
61,940
71,161
BEACON PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
259,145
162,709
Amounts due from parent undertaking
1,336,201
Other debtors
85,323
40,182
Prepayments and accrued income
50,750
45,917
395,218
1,585,009
Amounts falling due after one year:
Other debtors
163,078
163,078
Total debtors
558,296
1,748,087
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,527
19,336
Amounts due to group undertakings
4,680,485
Accruals
1,404,672
1,170,802
6,088,684
1,190,138
BEACON PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Share-based payment transactions
The company has entered into a number of options scheme with certain employees.
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 January 2022
181,044
165,630
11.49
10.08
Dilution of options
1,629,396
-
1.15
-
Granted
261,750
31,984
4.64
17.36
Forfeited
(219,030)
(3,615)
1.35
20.37
Exercised
(370,800)
(12,955)
2.31
7.61
Outstanding at 31 December 2022
1,482,360
181,044
1.57
11.49
During the year, all options which were outstanding at 31 December 2021 were subject to a dilution event which increased the number of options in circulation by a factor of 10. The options outstanding at 31 December 2022 had an exercise price ranging from $0.33 to $6.30. The expiry dates range from 13 June 2026 to 9 November 2032.
The options have a vesting period of 25% cliff year 1 and quarterly vesting over ensuing 3 years.
The directors have estimated the fair value of the options at the respective grant dates using a Black Scholes Model. As part of this they estimate the inputs for the expected life of the options, volatility and risk free interest rate.
The charge to the profit and loss account for the year, which is included within admin expenses, is £220,516 (2021: £117,317).
Some options were exercised in the period. There was a corresponding transfer from share based payment reserves to the profit and loss reserves of £142,913 (2021: £12,955).
The scheme is part of a group plan with employees having options in the parent company.
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
381,410
541,060
BEACON PLATFORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
9
Controlling party
The parent company and ultimate controlling party is Beacon Platform Incorporated, incorporated in the USA.
Its registered address is 5 Hanover Square, New York, NY 10004.
10
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.
The senior statutory auditor was Russell Cooper.
The auditor was HW Fisher LLP.