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Registration number: 7183164

2iC Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

2iC Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

2iC Ltd

Company Information

Directors

G Booth

N Peach

C Ward

R Keyse

C Witts

J Patterson

Registered office

2 Venture Road
Southampton Science Park
Chilworth
Southampton
SO16 7NP

Accountants

Andrew Jenvey, AIMS Accountants for Business
The Incuhive Space
Hursley Park Road
Hursley
Winchester
SO21 2JN

 

2iC Ltd

(Registration number: 7183164)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

607,000

577,250

Tangible assets

5

3,740

2,065

 

610,740

579,315

Current assets

 

Debtors

6

231,231

121,434

Cash at bank and in hand

 

599,777

119,842

 

831,008

241,276

Creditors: Amounts falling due within one year

7

(199,345)

(84,852)

Net current assets

 

631,663

156,424

Total assets less current liabilities

 

1,242,403

735,739

Creditors: Amounts falling due after more than one year

7

-

(47,833)

Net assets

 

1,242,403

687,906

Capital and reserves

 

Called up share capital

8

204

174

Share premium reserve

713,905

293,936

Retained earnings

528,294

393,796

Shareholders' funds

 

1,242,403

687,906

For the financial year ending 31 December 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.

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 Profit and Loss Account.

 

2iC Ltd

(Registration number: 7183164)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 18 January 2024 and signed on its behalf by:
 

.........................................
G Booth
Director

 

2iC Ltd

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

1

General information

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

The address of its registered office is:
2 Venture Road
Southampton Science Park
Chilworth
Southampton
SO16 7NP

These financial statements were authorised for issue by the Board on 18 January 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.

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

2iC Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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.

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

Computer equipment

33% straight line

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

Internally generated software development costs

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

2iC Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 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.

Trade creditors

Trade creditors 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.

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

2iC Ltd

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

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 directors) during the year, was 11 (2022 - 7).

 

2iC Ltd

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

1,518,500

1,518,500

Additions internally developed

300,000

300,000

At 31 December 2023

1,818,500

1,818,500

Amortisation

At 1 January 2023

941,250

941,250

Amortisation charge

270,250

270,250

At 31 December 2023

1,211,500

1,211,500

Carrying amount

At 31 December 2023

607,000

607,000

At 31 December 2022

577,250

577,250

 

2iC Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

33,019

33,019

Additions

5,610

5,610

At 31 December 2023

38,629

38,629

Depreciation

At 1 January 2023

30,954

30,954

Charge for the year

3,935

3,935

At 31 December 2023

34,889

34,889

Carrying amount

At 31 December 2023

3,740

3,740

At 31 December 2022

2,065

2,065

6

Debtors

Current

2023
£

2022
£

Trade debtors

190,809

11,007

Prepayments

-

7,614

Other debtors

40,422

102,813

 

231,231

121,434

 

2iC Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

38,879

12,346

Taxation and social security

80,635

45,243

Accruals and deferred income

71,930

25,384

Other creditors

7,901

1,879

199,345

84,852

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

47,833

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

20,427

204

17,363

174

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

47,833

 

2iC Ltd

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

10

Share-based payments

EMI Share Option Scheme

Scheme details and movements

EMI share option scheme - options issued to executive directors and employees.

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Outstanding, start of period

1,354

1,369

Granted during the period

200

100

Outstanding, end of period

1,554

1,354

Exercisable, end of period

1,554

1,354

The movements in the weighted average exercise price of share options during the year were as follows:

2023
£

2022
£

Outstanding, start of period

127.00

129.00

Outstanding, end of period

129.00

127.00

Exercisable, end of period

129.00

127.00

Unapproved share option scheme

Scheme details and movements

Unapproved share option scheme - options issued to non executive directors.

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Outstanding, start of period

755

640

Outstanding, end of period

755

755

The movements in the weighted average exercise price of share options during the year were as follows:

 

2iC Ltd

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

2023
£

2022
£

Outstanding, start of period

133.00

125.00

Outstanding, end of period

133.00

133.00

Exercisable, end of period

133.00

133.00

 

11

Share options in 2iC-Care Ltd

On 4 February 2022 the company entered into a distribution agreement and a share option agreement with 2iC-Care Ltd. This gives 2iC-Care Ltd access to the 2iC software suite in the residential social care sector. 2iC will receive royalties on that company's sales and also has 500,000 options over ordinary shares of 2iC-Care which are currently worth £182,800 and on an exit from that business may be worth significantly more. We can exercise on an exit or after ten years. It is expected that royalties will begin to be paid in 2024.