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Registered number: 13526879
Morphoses Skills Ltd
Unaudited Financial Statements
For the Period 1 August 2022 to 31 December 2022
OnTheGo Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13526879
31 December 2022 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 2,577 2,577
Tangible Assets 4 7,158 7,739
9,735 10,316
CURRENT ASSETS
Debtors 5 22,287 91,920
Cash at bank and in hand 34,951 72,750
57,238 164,670
Creditors: Amounts Falling Due Within One Year 6 - (34,238 )
NET CURRENT ASSETS (LIABILITIES) 57,238 130,432
TOTAL ASSETS LESS CURRENT LIABILITIES 66,973 140,748
Creditors: Amounts Falling Due After More Than One Year 7 (342,462 ) (198,473 )
NET LIABILITIES (275,489 ) (57,725 )
CAPITAL AND RESERVES
Called up share capital 8 90 100
Other reserves 142,049 123,409
Profit and Loss Account (417,628 ) (181,234 )
SHAREHOLDERS' FUNDS (275,489) (57,725)
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For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Anna Natsvlishvili
Director
09/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Morphoses Skills Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13526879 . The registered office is 128 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets ar amortised to profit and loss account over its estimated economic life of infinite years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% Straight line
2.6. Financial Instruments
Financial Asset: A financial asset is any asset that is cash, an equity instrument of another entity, a contractual right to receive cash or another financial asset from another entity, or a contractual right to exchange financial instruments with another entity under conditions that are potentially favourable.
Financial Liability: A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial instruments with another entity under conditions that are potentially unfavourable.
Equity Instrument: An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Recognition and Measurement
Financial instruments are recognised when the entity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at their transaction price (including transaction costs, unless it is a financial instrument that is subsequently measured at fair value through profit or loss), unless the arrangement constitutes a financing transaction. Financing transactions are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire or are settled. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled, or expires.
Impairment of Financial Assets
At the end of each reporting period, financial assets not carried at fair value through profit or loss are assessed for indicators of impairment. If evidence of impairment exists, an impairment loss is recognised in the profit or loss.
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2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. 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.
2.10. 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.
2.11. 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 payableand 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.
Share capital
...CONTINUED
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2.11. Trade creditors - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 3 (2022: 3)
3 3
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 August 2022 9,702
Additions 876
As at 31 December 2022 10,578
Depreciation
As at 1 August 2022 1,963
Provided during the period 1,457
As at 31 December 2022 3,420
Net Book Value
As at 31 December 2022 7,158
As at 1 August 2022 7,739
5. Debtors
31 December 2022 31 July 2022
£ £
Due within one year
Trade debtors 3,013 -
Prepayments and accrued income 364 -
Other debtors 17,550 49,195
Deferred tax current asset 1,360 42,725
22,287 91,920
6. Creditors: Amounts Falling Due Within One Year
31 December 2022 31 July 2022
£ £
Trade creditors - 1
Other loans - 34,237
- 34,238
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7. Creditors: Amounts Falling Due After More Than One Year
31 December 2022 31 July 2022
£ £
Other loans 342,462 198,473
342,462 198,473
8. Share Capital
31 December 2022 31 July 2022
£ £
Allotted, Called up and fully paid 90 100
9. Financial Instruments
Convertible Loans
As of 31 July 2022, the Company had outstanding convertible loan notes totaling £232,432. During the period to 31 December 2022, additional notes were issued amounting to £46,128, bearing an interest rate of 3% and maturing on 1 October 2023. The combined carrying amount of these notes as of 31 December 2022, after accounting for interest accruals, was £342,461. These notes are convertible into shares of the Company's common stock at the holders' discretion, subject to the terms outlined in the loan agreements. The Company manages associated financial risks, including interest rate and liquidity risks, through established risk management policies.
10. Related Party Transactions
Within the current year the company had a closing intercompany loan of balance owed to the company of £15,527 (£46,781 July 2022). The loan is made at arms length with a Morphoses IKE who are related through Directorship.
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