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REGISTERED NUMBER: 11235998 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

METHOD APPS LIMITED

METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


METHOD APPS LIMITED

Company Information
for the year ended 31 December 2023







DIRECTORS: D Moorhouse
I M Jones
T Knights
J A Van Vestraut





REGISTERED OFFICE: 11 Laura Place
Bath
BA2 4BL





REGISTERED NUMBER: 11235998 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Method Apps Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Method Apps Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Method Apps Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Method Apps Limited and state those matters that we have agreed to state to the Board of Directors of Method Apps Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Method Apps Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Method Apps Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Method Apps Limited. You consider that Method Apps Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Method Apps Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


9 April 2024

METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,822 18,454

CURRENT ASSETS
Debtors 5 131,585 247,165
Cash at bank 143,008 404,693
274,593 651,858
CREDITORS
Amounts falling due within one year 6 167,560 153,867
NET CURRENT ASSETS 107,033 497,991
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,855

516,445

CREDITORS
Amounts falling due after more than one
year

7

181,500

187,500
NET (LIABILITIES)/ASSETS (52,645 ) 328,945

CAPITAL AND RESERVES
Called up share capital 8 156 156
Share premium 1,556,690 1,594,445
Retained earnings (1,609,491 ) (1,265,656 )
SHAREHOLDERS' FUNDS (52,645 ) 328,945

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

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

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.

METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)

Balance Sheet - continued
31 December 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 Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by:





D Moorhouse - Director


METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)

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

1. STATUTORY INFORMATION

Method Apps 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As at the balance sheet date, the company has negative retained reserves. The directors understand that this is normal for an early-stage tech (SaaS) business and believe that with a growing customer and subscription base the viability of the company is not wholly reliant on the level of current distributable retained reserves.

During the reporting period, and since the balance sheet date, there have been active conversations with our highly-supportive equity investors to agree further equity investment raise options; with this contingency in place, we can ensure that the entity will continue trading for the foreseeable future and, at least, for the next 12 months from signing these financial statements. Since the balance sheet date, early year new sales make this (equity raise) contingency action increasingly unlikely - but it is there in extremis. The board meets regularly to review cash flow projections (with a focus on net burn rate/runway) and business performance generally in order to mitigate risks. For the reasons given, the accounts have been prepared on a 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 tax.

Revenue is recognised when services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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.

METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)

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

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Critical accounting estimates and uncertainties
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

3. EMPLOYEES AND DIRECTORS

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

METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)

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

4. TANGIBLE FIXED ASSETS
Office Computer
Equipment equipment Totals
£    £    £   
COST
At 1 January 2023 417 28,055 28,472
Additions 2,678 8,312 10,990
Disposals (417 ) - (417 )
At 31 December 2023 2,678 36,367 39,045
DEPRECIATION
At 1 January 2023 69 9,949 10,018
Charge for year 698 6,605 7,303
Eliminated on disposal (98 ) - (98 )
At 31 December 2023 669 16,554 17,223
NET BOOK VALUE
At 31 December 2023 2,009 19,813 21,822
At 31 December 2022 348 18,106 18,454

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 29,315 104,480
Other debtors 102,270 142,685
131,585 247,165

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,000 6,000
Trade creditors 1,993 27,770
Taxation and social security 16,940 30,038
Other creditors 142,627 90,059
167,560 153,867

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,500 17,500
Other creditors 170,000 170,000
181,500 187,500

The bank loan relates to a government supported bounce back loan.

METHOD APPS LIMITED (REGISTERED NUMBER: 11235998)

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
15,604,739 A Ordinary £0.00001 156 156

121,077 A ordinary shares issued in the prior year, with a premium of £37,755, were not paid for at the time of signing the accounts.The investment will not be made and therefore the share premium has been reversed in these accounts. The shares remain available for allocation.