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REGISTERED NUMBER: 07000305 (England and Wales)















CARBON AND FINCH LIMITED

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 August 2023






CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Report of the Director 2

Balance Sheet 3

Notes to the Financial Statements 5


CARBON AND FINCH LIMITED

Company Information
for the year ended 31 August 2023







DIRECTOR: J Jakobsen





SECRETARY: Mrs A Jakobsen





REGISTERED OFFICE: Suite 5 & 6 in the Epsom Workhub
Second Floor, Epsom Square
6-7 Derby Square
Epsom
Surrey
KT19 8AG





REGISTERED NUMBER: 07000305 (England and Wales)





ACCOUNTANTS: Tudor John Limited
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Report of the Director
for the year ended 31 August 2023

The director presents his report with the financial statements of the company for the year ended 31 August 2023.

REVIEW OF BUSINESS
Carbon & Finch continued it's growth in acquiring new customers and have seen a 100+ growth in revenue and a 25% in profits. This trend has been positive and we see this growth continuing into the new year.

JeffreyAI has been going through a number of market validations and adjustments to attract more users to it's platform. Additional staff has been hired to accelerate the market fit as well as building the AI components. We have invested a considerable amount in the development of this product to bring low cost high value software to SME and Micro businesses. Our expectation for 2024 is that JeffreyAI will attract investment to accelerate the R&D and bring the product to a wider market.

During the year JeffreyAI had 600+ new accounts being created.

DIRECTOR
J Jakobsen held office during the whole of the period from 1 September 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J Jakobsen - Director


14 February 2024

CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 668,717 573,278
Tangible assets 6 4,607 4,714
673,324 577,992

CURRENT ASSETS
Debtors 7 456,900 401,549
Cash at bank 210 988
457,110 402,537
CREDITORS
Amounts falling due within one year 8 312,903 433,838
NET CURRENT ASSETS/(LIABILITIES) 144,207 (31,301 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

817,531

546,691

CREDITORS
Amounts falling due after more than one
year

9

34,687

80,938
NET ASSETS 782,844 465,753

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 782,842 465,751
SHAREHOLDERS' FUNDS 782,844 465,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 February 2024 and were signed by:





J Jakobsen - Director


CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Carbon and Finch Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis.

TURNOVER
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

3. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial Liabilities

Basic financial liabilities, including trade and other payables, loans from fellow group companies 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 receipts discounted at a market rate of interest.

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

Trade 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

5. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 September 2022 816,224
Additions 196,735
At 31 August 2023 1,012,959
AMORTISATION
At 1 September 2022 242,946
Amortisation for year 101,296
At 31 August 2023 344,242
NET BOOK VALUE
At 31 August 2023 668,717
At 31 August 2022 573,278

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 5,957
Additions 2,302
At 31 August 2023 8,259
DEPRECIATION
At 1 September 2022 1,243
Charge for year 2,409
At 31 August 2023 3,652
NET BOOK VALUE
At 31 August 2023 4,607
At 31 August 2022 4,714

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 443,246 274,390
Other debtors 13,654 127,159
456,900 401,549

CARBON AND FINCH LIMITED (REGISTERED NUMBER: 07000305)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 65,621 135,194
Trade creditors 77,962 10,955
Taxation and social security 116,833 166,315
Other creditors 52,487 121,374
312,903 433,838

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 34,687 80,938

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

11. RESERVES
Retained
earnings
£   

At 1 September 2022 465,751
Profit for the year 589,691
Dividends (272,600 )
At 31 August 2023 782,842