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REGISTERED NUMBER: 11254753 (England and Wales)









Financial Statements

for the Year Ended 31 December 2022

for

CULTUREIQ LTD

CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CULTUREIQ LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: J T Borland
J D Nguyen





REGISTERED OFFICE: Bath House
6-8 Bath Street
Bristol
BS1 6HL





REGISTERED NUMBER: 11254753 (England and Wales)





AUDITORS: Haines Watts Bristol Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 6,083
- 6,083

CURRENT ASSETS
Debtors 6 1,269,287 1,188,240
Cash at bank 63,097 153,452
1,332,384 1,341,692
CREDITORS
Amounts falling due within one year 7 (4,241,803 ) (4,250,069 )
NET CURRENT LIABILITIES (2,909,419 ) (2,908,377 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,909,419

)

(2,902,294

)

PROVISIONS FOR LIABILITIES - (1,156 )
NET LIABILITIES (2,909,419 ) (2,903,450 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (2,909,420 ) (2,903,451 )
(2,909,419 ) (2,903,450 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





J D Nguyen - Director


CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022


1. COMPANY INFORMATION

CultureIQ Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Preparation on a basis other than going concern
At the end of the previous financial year the directors took the decision to conclude existing contracts with customers with an intention to cease trading when all contracts have been completed. As such the financial statements have been prepared on a basis other than that of the going concern basis.

This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been considered in respect of contracts which may have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Significant judgements and estimates
In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The entities' estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. These include, but are not limited to, depreciation on tangible assets, amortisation on intangible assets, recoverability of debtors and intercompany management charges.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets acquired in connection with the acquisition of a business in 2018 are measured at cost. After initial recognition, intangible assets are measured at costs less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided evenly over the following periods in order to write off the asset over its estimated useful life:

Customer relationships - 3 years
Non-compete agreement - 5 years

CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 2,921,824
AMORTISATION
At 1 January 2022
and 31 December 2022 2,921,824
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2022
and 31 December 2022 22,810
DEPRECIATION
At 1 January 2022 16,727
Charge for year 6,083
At 31 December 2022 22,810
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 6,083

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 1,269,287 1,184,961
VAT - 878
Prepayments and accrued income - 2,401
1,269,287 1,188,240

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 4,871 2,489
Amounts owed to group undertakings 4,205,756 4,205,756
Tax 11,276 9,321
Other creditors - 1,212
Accruals and deferred income 19,900 31,291
4,241,803 4,250,069

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew J Jordan FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Bristol Limited

CULTUREIQ LTD (REGISTERED NUMBER: 11254753)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

Emphasis of matter

Financial statements prepared on a basis other than going concern

We draw attention to Note 2 to the financial statements which explains that the directors intend to cease operations once current contracts are completed and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Accordingly the financial statements have been prepared on a basis other than that of the going concern as described in Note 2.

Our report is not modified in respect of this matter.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Culture IQ Inc a company registered in the United States of America, whose registered office and principle place of business is 28765 Single Oak Dr 250, Temecula, California, 92590.

The company's ultimate parent is Perceptyx Holdings LLC, which is incorporated in the United States.