Company Registration Number 07928073 (England and Wales)
THRIVE THERAPEUTIC SOFTWARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
THRIVE THERAPEUTIC SOFTWARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
THRIVE THERAPEUTIC SOFTWARE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,915,197
2,493,660
Tangible assets
4
45,426
57,434
Investments
5
314
313
2,960,937
2,551,407
Current assets
Debtors
6
770,584
1,072,927
Cash at bank and in hand
132,944
408,245
903,528
1,481,172
Creditors: amounts falling due within one year
7
(917,529)
(1,045,454)
Net current (liabilities)/assets
(14,001)
435,718
Total assets less current liabilities
2,946,936
2,987,125
Creditors: amounts falling due after more than one year
8
(29,680)
(40,716)
Accruals and deferred income
9
(1,045,769)
(999,173)
Net assets
1,871,487
1,947,236
Capital and reserves
Called up share capital
682,054
596,826
Share premium account
4,499,370
3,241,635
Other reserves
315,587
Profit and loss reserves
(3,309,937)
(2,206,812)
Total equity
1,871,487
1,947,236
THRIVE THERAPEUTIC SOFTWARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
Dr. J A Saez Fonseca
Director
Company registration number 07928073 (England and Wales)
THRIVE THERAPEUTIC SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
596,826
3,241,635
-
(1,652,914)
2,185,547
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
(553,898)
(553,898)
Advance subscription agreements for A Ordinary shares
-
-
315,587
-
315,587
Balance at 31 March 2023
596,826
3,241,635
315,587
(2,206,812)
1,947,236
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(1,103,125)
(1,103,125)
Issue of share capital
85,228
1,257,735
-
-
1,342,963
Advance subscription agreements for A Ordinary shares
-
-
(315,587)
-
(315,587)
Balance at 31 March 2024
682,054
4,499,370
-
(3,309,937)
1,871,487
THRIVE THERAPEUTIC SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Thrive Therapeutic Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celixir House, Stratford Business & Technology Park, Innovation Way, Banbury Road, Stratford-upon-Avon, Warwickshire, United Kingdom, CV37 7GZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
The directors have considered the outlook for the business including the effect of the current economic conditions. On the basis of sales and expenditure forecasts and in view of additional finance that in the opinion of the directors the company has a reasonable expectation of optionally raising from external investors post year-end, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, net of discounts, sales tax and value added taxes. Turnover comprises revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the transaction. The stage of completion of a transaction is generally measured for subscription-based revenue evenly over the period of subscription, and for other revenue by comparing the costs incurred for work performed to date to the estimated total costs.
1.3
Research and development expenditure
Research expenditure and non capital development costs are written off against profits in the year in which they are incurred. Development costs of a capital nature are capitalised as development costs and written off over a period of 5 years, or their useful economic life if shorter.
1.4
Intangible fixed assets other than goodwill
Intangible assets internally developed or acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
THRIVE THERAPEUTIC SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
written off over a period of 5 years, or their useful economic life if shorter
1.5
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.3% straight line
1.6
Share-based payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market vesting conditions) at the date of grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the profit and loss account.
The company has no cash-settled arrangements.
1.7
Taxation
The tax expense represents the sum of the tax currently payable 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
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.
THRIVE THERAPEUTIC SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.8
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.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
66
70
THRIVE THERAPEUTIC SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 April 2023
4,273,677
Additions - internally developed
1,266,607
At 31 March 2024
5,540,284
Amortisation and impairment
At 1 April 2023
1,780,017
Amortisation charged for the year
845,070
At 31 March 2024
2,625,087
Carrying amount
At 31 March 2024
2,915,197
At 31 March 2023
2,493,660
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2023
142,983
Additions
25,779
Disposals
(785)
At 31 March 2024
167,977
Depreciation and impairment
At 1 April 2023
85,549
Depreciation charged in the year
37,133
Eliminated in respect of disposals
(131)
At 31 March 2024
122,551
Carrying amount
At 31 March 2024
45,426
At 31 March 2023
57,434
THRIVE THERAPEUTIC SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
Other investments other than loans
313
313
314
313
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
-
313
313
Additions
1
-
1
At 31 March 2024
1
313
314
Carrying amount
At 31 March 2024
1
313
314
At 31 March 2023
-
313
313
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
371,789
507,649
Other debtors
398,795
565,278
770,584
1,072,927
THRIVE THERAPEUTIC SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Convertible loans
103,350
103,350
Bank loans
10,295
10,123
Trade creditors
175,660
196,683
Taxation and social security
303,079
404,565
Other creditors
325,145
330,733
917,529
1,045,454
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
29,680
40,716
9
Accruals and deferred income
2024
2023
£
£
Deferred revenue
1,045,769
999,173
Revenue to be recognised within one year £1,031,248 (2023: £960,938).
Revenue to be recognised after more than one year £14,521 (2023: £38,325).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
16,735
24,639
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