REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FEEDSTOCK LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FEEDSTOCK LTD |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FEEDSTOCK LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Building 1000 |
Cambridge Research Park |
Waterbeach |
Cambridgeshire |
CB25 9PD |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | Statutory information |
Feedstock Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis. The company incurred a loss before tax of £480,388 during the period. The company have prepared forecasts which take account of the impact of the macro-economic challenges and the directors are of the opinion that they should continue to adopt the going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Development costs are initially recognised at cost. After initial recognition they are measured at cost less any accumulated amortisation and accumulated impairment losses. |
Tangible fixed assets |
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulation depreciation. |
Depreciation |
Depreciation is provided at the following rates: |
Office equipment | 10% reducing balance |
Computer equipment | 25% straight line |
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. |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | Accounting policies - continued |
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. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
FEEDSTOCK LTD (REGISTERED NUMBER: 09604780) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number | Class | Nominal value | 31.12.2023 | 31.12.2022 |
100,000 (2022: 100,000) | Ordinary | 0.001 | 100 | 100 |
60,382 (2022: 60,382) | Ordinary A | 0.001 | 60 | 60 |
26,772 (2022: 26,772) | Series Seed | 0.001 | 27 | 27 |
3,768 (2022: 3,768) | Series Seed B | 0.001 | 4 | 4 |
55,370 (2022: 55,370) | Series A | 0.001 | 55 | 55 |
6,117 (2022: 6,117) | Series A Preferred | 0.001 | 6 | 6 |
1,800 (2022: 1,800) | Ordinary B | 0.001 | 2 | 2 |
147,644 (2022: 0) | C Preferred | 0.001 | 148 | - |
402 | 254 |
The following shares were issued during the period: |
147,644 C Preferred shares for cash of £549,088 |
10. | Share-based payment transactions |
Share Options | 31.12.2023 | 31.12.2022 |
Number | Number |
Outstanding at the beginning of the year | 19,038 | 19,238 |
Granted during the year | 1,000 | 1,300 |
Exercised during the year | - | - |
Cancelled during the year | (4,770 | ) | (1,500 | ) |
Outstanding at the end of the year | 15,268 | 19,038 |
The total charge for the year relating to employee share based payment plans was £Nil (2022: £Nil) in accordance with the provisions of FRS 102 (Section 1A). |
On 15 August 2017, the Company commenced the operation of an Enterprise Management Incentive scheme (EMI). At 31 December 2023 9,410 (2022: 12,410) EMI options remained in issue. These options have an exercise price of between £0.001 and £20.92 per share. |