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Registration number: 12744137

Coalescent Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Coalescent Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Coalescent Limited

Company Information

Directors

G D Giles

L M Hawkins

J Latham

Registered office

Granary Court House Bank Street
Bishops Waltham
Southampton
SO32 1AE

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Coalescent Limited

(Registration number: 12744137)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

1,736

983

Current assets

 

Receivables

5

78,606

72,751

Cash at bank and in hand

 

53,912

77,169

 

132,518

149,920

Payables: Amounts falling due within one year

6

(409,163)

(314,624)

Net current liabilities

 

(276,645)

(164,704)

Net liabilities

 

(274,909)

(163,721)

Equity

 

Called up share capital

8

125

100

Retained earnings

8

(275,034)

(163,821)

Shareholders' deficit

 

(274,909)

(163,721)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
 

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Coalescent Limited were approved and authorised for issue by the Board on 9 November 2023 and signed on its behalf by:

.........................................

L M Hawkins
Director

 

Coalescent Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023

1

General information

Coalescent Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities and is net of Value Added Tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Coalescent Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of receivable is established when there is objective evidence that the company will not be
able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Coalescent Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

 

Coalescent Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

1,543

1,543

Additions

1,518

1,518

At 31 July 2023

3,061

3,061

Depreciation

At 1 August 2022

560

560

Charge for the year

765

765

At 31 July 2023

1,325

1,325

Carrying amount

At 31 July 2023

1,736

1,736

At 31 July 2022

983

983

5

Receivables

2023
£

2022
£

Trade receivables

4,865

32

Other receivables

71,604

66,295

Prepayments

2,137

6,424

78,606

72,751

 

Coalescent Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

6

Payables

Payables: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade payable

55,806

43,511

Other payables

321,705

179,904

Accruals

31,652

91,209

409,163

314,624

7

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2022

100

(163,821)

(163,721)

Loss for the year

-

(111,213)

(111,213)

Total comprehensive income

-

(111,213)

(111,213)

New share capital subscribed

25

-

25

At 31 July 2023

125

(275,034)

(274,909)

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

 

Coalescent Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary shares of £1 each

105

105

96

96

B Ordinary shares of £1 each

5

5

4

4

Growth B shares of £1 (2022 - £0) each

15

15

-

-

 

125

125

100

100

On 31 July 2023 the company issued 9 Ordinary A shares, 1 Ordinary B shares and 15 Growth B shares for total proceeds of £25.

The A Ordinary and B Ordinary shares rank pari passu in all respects and the B Growth shares do not entitle the holder to a vote and have a right to distributions above £500,000 where the distribution is after 1 January 2024.