Silverfin false 31/03/2023 01/04/2022 31/03/2023 O Hughes 14/03/2016 Dr O Pike 14/03/2016 16 November 2023 The principal activity of the Company during the financial year was that of software development enabling collaborative analysis of large volumes of data. 10061321 2023-03-31 10061321 bus:Director1 2023-03-31 10061321 bus:Director2 2023-03-31 10061321 2022-03-31 10061321 core:CurrentFinancialInstruments 2023-03-31 10061321 core:CurrentFinancialInstruments 2022-03-31 10061321 core:Non-currentFinancialInstruments 2023-03-31 10061321 core:Non-currentFinancialInstruments 2022-03-31 10061321 core:ShareCapital 2023-03-31 10061321 core:ShareCapital 2022-03-31 10061321 core:SharePremium 2023-03-31 10061321 core:SharePremium 2022-03-31 10061321 core:OtherCapitalReserve 2023-03-31 10061321 core:OtherCapitalReserve 2022-03-31 10061321 core:RetainedEarningsAccumulatedLosses 2023-03-31 10061321 core:RetainedEarningsAccumulatedLosses 2022-03-31 10061321 core:OtherResidualIntangibleAssets 2022-03-31 10061321 core:OtherResidualIntangibleAssets 2023-03-31 10061321 core:OfficeEquipment 2022-03-31 10061321 core:OfficeEquipment 2023-03-31 10061321 core:CurrentFinancialInstruments 10 2023-03-31 10061321 core:CurrentFinancialInstruments 10 2022-03-31 10061321 2022-04-01 2023-03-31 10061321 bus:FullAccounts 2022-04-01 2023-03-31 10061321 bus:SmallEntities 2022-04-01 2023-03-31 10061321 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10061321 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10061321 bus:Director1 2022-04-01 2023-03-31 10061321 bus:Director2 2022-04-01 2023-03-31 10061321 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-04-01 2023-03-31 10061321 core:OfficeEquipment core:BottomRangeValue 2022-04-01 2023-03-31 10061321 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 10061321 2021-04-01 2022-03-31 10061321 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 10061321 core:OfficeEquipment 2022-04-01 2023-03-31 10061321 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 10061321 (England and Wales)

COUNT TECHNOLOGIES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

COUNT TECHNOLOGIES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

COUNT TECHNOLOGIES LTD

COMPANY INFORMATION

For the financial year ended 31 March 2023
COUNT TECHNOLOGIES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS O Hughes
Dr O Pike
SECRETARY Dr E Hill
REGISTERED OFFICE Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom
COMPANY NUMBER 10061321 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COUNT TECHNOLOGIES LTD

For the financial year ended 31 March 2023

ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COUNT TECHNOLOGIES LTD (continued)

For the financial year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Count Technologies Ltd for the financial year ended 31 March 2023 which comprise the Balance Sheet and the related notes 1 to 10 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that Count Technologies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Count Technologies Ltd. You consider that Count Technologies Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Count Technologies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Count Technologies Ltd, as a body, in accordance with the terms of our engagement letter dated 20 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Count Technologies Ltd and state those matters that we have agreed to state to the Board of Directors of Count Technologies Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Count Technologies Ltd and its Board of Directors as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

16 November 2023

COUNT TECHNOLOGIES LTD

BALANCE SHEET

As at 31 March 2023
COUNT TECHNOLOGIES LTD

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 14,552 20,449
Tangible assets 4 13,256 18,855
27,808 39,304
Current assets
Debtors 5 8,167 67,441
Cash at bank and in hand 828,136 1,328,758
836,303 1,396,199
Creditors: amounts falling due within one year 6 ( 16,933) ( 17,120)
Net current assets 819,370 1,379,079
Total assets less current liabilities 847,178 1,418,383
Creditors: amounts falling due after more than one year 7 ( 2,534,541) ( 2,000,000)
Net liabilities ( 1,687,363) ( 581,617)
Capital and reserves
Called-up share capital 1,352 1,352
Share premium account 2,046,555 2,046,555
Other reserves 44,367 24,594
Profit and loss account ( 3,779,637 ) ( 2,654,118 )
Total shareholders' deficit ( 1,687,363) ( 581,617)

For the financial year ending 31 March 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 Count Technologies Ltd (registered number: 10061321) were approved and authorised for issue by the Board of Directors on 16 November 2023. They were signed on its behalf by:

O Hughes
Director
COUNT TECHNOLOGIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
COUNT TECHNOLOGIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Count Technologies Ltd (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 Finsgate 5-7 Cranwood Street, London, EC1V 9EE, United Kingdom.

The financial statements have been prepared under the historical cost convention 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.

The functional currency of Count Technologies Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors note that the business has net liabilities of £1,687,363 which is due to the loans in place to support the Company. The directors have considered the forecast monthly cash outflow for a minimum period of 12 months from the date of signing the financial statements and have noted they will require further funding to support the business. Whilst they have been successful post year end in raising some funding, the directors note additional funding will be required.

The directors are of the opinion that the matters described above are material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. However, the directors have a reasonable expectation that future funding will be raised given their track record of raising funds in the past. Therefore, the directors have a reasonable expectation that the Company will continue in operational existence for a period of at least 12 months from the date of approval of 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 an appropriate pricing model 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 relate to the Company's website domain. This is amortised over the period during which the Company is expected to benefit. Provision is made for impairment.

Other intangible assets 5 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, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life.

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.

Office equipment 3 - 4 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 6

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2022 30,382 30,382
At 31 March 2023 30,382 30,382
Accumulated amortisation
At 01 April 2022 9,933 9,933
Charge for the financial year 5,897 5,897
At 31 March 2023 15,830 15,830
Net book value
At 31 March 2023 14,552 14,552
At 31 March 2022 20,449 20,449

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2022 44,881 44,881
Additions 2,188 2,188
At 31 March 2023 47,069 47,069
Accumulated depreciation
At 01 April 2022 26,026 26,026
Charge for the financial year 7,787 7,787
At 31 March 2023 33,813 33,813
Net book value
At 31 March 2023 13,256 13,256
At 31 March 2022 18,855 18,855

5. Debtors

2023 2022
£ £
Trade debtors 140 131
Corporation tax 0 59,342
Other taxation and social security 6,370 3,780
Other debtors 1,657 4,188
8,167 67,441

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 129
Trade creditors 2,703 11,702
Other creditors 14,230 5,289
16,933 17,120

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 2,534,541 2,000,000

Other creditors consists of convertible loans which are due to convert to equity or be repaid any time on or after 1 August 2024.

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 5,717 5,136

9. Related party transactions

Remuneration was paid to the directors of £168,097 (2022: £149,518 ). The directors are the only key management personnel of the Company.

10. Ultimate controlling party

There is no individual ultimate controlling party.