Company Registration No. 10640637 (England and Wales)
NINETEEN21 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
NINETEEN21 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NINETEEN21 LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
164,546
193,824
Tangible assets
4
67
228
164,613
194,052
Current assets
Debtors
5
1,498,735
1,358,666
Cash at bank and in hand
14,105
180,713
1,512,840
1,539,379
Creditors: amounts falling due within one year
6
(1,115,767)
(717,121)
Net current assets
397,073
822,258
Total assets less current liabilities
561,686
1,016,310
Creditors: amounts falling due after more than one year
7
(11,052)
(15,389)
Net assets
550,634
1,000,921
Capital and reserves
Called up share capital
8
322
322
Share premium account
3,588,641
3,588,641
Capital redemption reserve
36
36
Profit and loss reserves
(3,038,365)
(2,588,078)
Total equity
550,634
1,000,921

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 28 February 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.

NINETEEN21 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
A Perrin
Director
Company Registration No. 10640637
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Nineteen21 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, 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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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
Income

Income represents net commission receivable from the service providers net of VAT and other sales related taxes.

 

Income is recognised once the amount has been confirmed to the company by the providers.

1.4
Intangible fixed assets other than goodwill

Intangible assets represent costs incurred in relation to trade marks application costs and website development costs.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Website development costs
Over 10 years
Trade marks
Over 10 years
1.5
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 or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
Over 4 years
1.6
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.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with bank.

NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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, 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
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.

The company claims R&D tax credits on any research and development expenses.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.12
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. 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 equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

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.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or 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 the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Website development costs
Trade marks
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
292,221
560
292,781
Amortisation and impairment
At 1 March 2022
98,705
252
98,957
Amortisation charged for the year
29,222
56
29,278
At 28 February 2023
127,927
308
128,235
Carrying amount
At 28 February 2023
164,294
252
164,546
At 28 February 2022
193,516
308
193,824
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 March 2022 and 28 February 2023
1,973
Depreciation and impairment
At 1 March 2022
1,745
Depreciation charged in the year
161
At 28 February 2023
1,906
Carrying amount
At 28 February 2023
67
At 28 February 2022
228
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
130,117
35,754
Corporation tax recoverable
53,795
60,852
Other debtors
9,000
9,000
Prepayments and accrued income
1,305,823
1,253,060
1,498,735
1,358,666
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,000
4,078
Other finance facilities (secured)
105,948
10,960
Loan notes (unsecured)
440,180
425,980
Trade creditors
78,638
59,580
Other taxation and social security
158,440
110,245
Other creditors
101,648
101,739
Accruals
226,913
4,539
1,115,767
717,121

Included in other creditors is an amount of £99,836 (2022: £99,836) due to the directors of the company and it is payable on demand.

 

The other finance facilities are secured by a debenture.

 

Loan notes represent unsecured loans received at 20% fixed interest rate during the year.

NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank and other loans
11,052
15,389
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
8,412
8,412
84
84
Ordinary B shares of 1p each
16,400
16,400
164
164
Ordinary C shares of 1p each
6,346
6,346
63
63
VV shares of 1p each
1,140
1,140
11
11
32,298
32,298
322
322

In the prior year, the company issued 2,595 ordinary 'C' shares for a total consideration of £1.25 million in exchange for advertising services to be received over a period of time.

 

The company has granted share options to 2 employees over 368 A Ordinary shares under the Enterprise Management Investment scheme, and the shares are vested in the current year. The exercise price for the 368 shares is 216.81p per share for the share options granted and none of the shares were exercised.

 

During the year, the company has granted further share options (unapproved) over 110 A ordinary shares, and the shares are vested in the current year . The exercise price is 1p per share for the share options granted in the year and none of the shares have been exercised.

9
Warrants

Under the warrants scheme, the company has granted 737 warrants. The exercise price is £481.66 per warrant.

 

The warrant holders can exercise their warrants upon the occurrence of an exit.

 

On 28/02/2023, all warrants were outstanding.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
3,333
5,000
2023-02-282022-03-01false15 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityA PerrinG BarrettMr Marcus BanksMr Peter ScottA Wright106406372022-03-012023-02-28106406372023-02-28106406372022-02-2810640637core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-02-2810640637core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2810640637core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-02-2810640637core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2810640637core:FurnitureFittings2023-02-2810640637core:FurnitureFittings2022-02-2810640637core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2810640637core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2810640637core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2810640637core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2810640637core:ShareCapital2023-02-2810640637core:ShareCapital2022-02-2810640637core:SharePremium2023-02-2810640637core:SharePremium2022-02-2810640637core:CapitalRedemptionReserve2023-02-2810640637core:CapitalRedemptionReserve2022-02-2810640637core:RetainedEarningsAccumulatedLosses2023-02-2810640637core:RetainedEarningsAccumulatedLosses2022-02-2810640637core:ShareCapitalOrdinaryShares2023-02-2810640637core:ShareCapitalOrdinaryShares2022-02-2810640637bus:Director12022-03-012023-02-2810640637core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2810640637core:FurnitureFittings2022-03-012023-02-28106406372021-03-012022-02-2810640637core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-02-2810640637core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-28106406372022-02-2810640637core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-012023-02-2810640637core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-012023-02-2810640637core:FurnitureFittings2022-02-2810640637core:CurrentFinancialInstruments2023-02-2810640637core:CurrentFinancialInstruments2022-02-2810640637core:Non-currentFinancialInstruments2023-02-2810640637core:Non-currentFinancialInstruments2022-02-2810640637bus:PrivateLimitedCompanyLtd2022-03-012023-02-2810640637bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2810640637bus:FRS1022022-03-012023-02-2810640637bus:AuditExemptWithAccountantsReport2022-03-012023-02-2810640637bus:Director22022-03-012023-02-2810640637bus:Director32022-03-012023-02-2810640637bus:Director42022-03-012023-02-2810640637bus:Director52022-03-012023-02-2810640637bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP