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Registration number: 09021959

We Are Coherent Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

We Are Coherent Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

We Are Coherent Limited

Company Information

Director

G R Eddy

Registered office

The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

Accountants

Burton Sweet Limited
Chartered accountants & business advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

We Are Coherent Limited

(Registration number: 09021959)
Balance Sheet
31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

605,376

632,069

Tangible assets

5

12,605

15,600

 

617,981

647,669

Current assets

 

Debtors

6

155

225

Creditors: Amounts falling due within one year

7

(581,483)

(504,352)

Net current liabilities

 

(581,328)

(504,127)

Total assets less current liabilities

 

36,653

143,542

Creditors: Amounts falling due after more than one year

7

(37,591)

(43,176)

Net (liabilities)/assets

 

(938)

100,366

Capital and reserves

 

Called up share capital

126,554

126,554

Share premium reserve

146,016

146,016

Retained earnings

(273,508)

(172,204)

Shareholders' (deficit)/funds

 

(938)

100,366

 

We Are Coherent Limited

(Registration number: 09021959)
Balance Sheet
31 May 2023

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

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 February 2024
 

.........................................
G R Eddy
Director

 

We Are Coherent Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

These financial statements were authorised for issue by the director on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis in the light of the ongoing financial support by the director.

Revenue recognition

Turnover 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 shown net of value added tax,

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

We Are Coherent Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

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.

The current corporation 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Office equipment

25% on the reducing balance

Computer equipment

over 5 years on a straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research & development

Over the expected economic life of five years

Computer Software

Over the expected economic life of five years

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business and are recognised at the transaction price. A provision for the impairment of trade debtors 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.

 

We Are Coherent Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recorded at transaction price. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

 

We Are Coherent Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 June 2022

10,000

1,003,575

1,013,575

Additions internally developed

-

176,029

176,029

At 31 May 2023

10,000

1,179,604

1,189,604

Amortisation

At 1 June 2022

2,000

379,506

381,506

Amortisation charge

2,000

200,722

202,722

At 31 May 2023

4,000

580,228

584,228

Carrying amount

At 31 May 2023

6,000

599,376

605,376

At 31 May 2022

8,000

624,069

632,069

 

We Are Coherent Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

33,971

33,971

Additions

1,582

1,582

Disposals

(500)

(500)

At 31 May 2023

35,053

35,053

Depreciation

At 1 June 2022

18,371

18,371

Charge for the year

4,203

4,203

Eliminated on disposal

(126)

(126)

At 31 May 2023

22,448

22,448

Carrying amount

At 31 May 2023

12,605

12,605

At 31 May 2022

15,600

15,600

6

Debtors

2023
£

2022
£

Trade debtors

155

155

Other debtors

-

70

155

225

 

We Are Coherent Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,185

10,129

Trade creditors

 

54

35

Taxation and social security

 

73,525

85,092

Other creditors

 

498,719

409,096

 

581,483

504,352

Due after one year

 

Loans and borrowings

8

37,591

43,176

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

5,324

Bank overdrafts

3,697

4,805

Other borrowings

5,488

-

9,185

10,129