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Company No: 09924540 (England and Wales)

NEW MOTION LABS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

NEW MOTION LABS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

NEW MOTION LABS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
NEW MOTION LABS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS P E David
M Fowler
E A Gazda (Resigned 26 August 2023)
A D Hall (Resigned 10 January 2024)
C Joly
D Murphy (Appointed 29 August 2023)
S J Senior (Resigned 31 October 2023)
REGISTERED OFFICE Quay House The Gallery
Kings Wharf
Exeter
EX2 4AN
United Kingdom
COMPANY NUMBER 09924540 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
NEW MOTION LABS LIMITED

BALANCE SHEET

As at 31 December 2023
NEW MOTION LABS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 435,495 64,636
Tangible assets 4 13,226 5,256
448,721 69,892
Current assets
Debtors 5 884,244 284,742
Cash at bank and in hand 61,893 341,002
946,137 625,744
Creditors: amounts falling due within one year 6 ( 476,467) ( 619,168)
Net current assets 469,670 6,576
Total assets less current liabilities 918,391 76,468
Creditors: amounts falling due after more than one year 7 ( 19,327) ( 14,527)
Net assets 899,064 61,941
Capital and reserves
Called-up share capital 8 219 178
Share premium account 2,830,103 1,241,848
Profit and loss account ( 1,931,258 ) ( 1,180,085 )
Total shareholder's funds 899,064 61,941

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of New Motion Labs Limited (registered number: 09924540) were approved and authorised for issue by the Board of Directors on 29 April 2024. They were signed on its behalf by:

M Fowler
Director
NEW MOTION LABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
NEW MOTION LABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

New Motion Labs Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Quay House The Gallery, Kings Wharf, Exeter, EX2 4AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Trademarks, patents and licences 20 years straight line
Website costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is 10 years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 20 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 10

3. Intangible assets

Development costs Trademarks, patents
and licences
Website costs Total
£ £ £ £
Cost
At 01 January 2023 0 63,045 7,938 70,983
Additions 351,797 61,733 425 413,955
At 31 December 2023 351,797 124,778 8,363 484,938
Accumulated amortisation
At 01 January 2023 0 4,759 1,588 6,347
Charge for the financial year 35,180 6,243 1,673 43,096
At 31 December 2023 35,180 11,002 3,261 49,443
Net book value
At 31 December 2023 316,617 113,776 5,102 435,495
At 31 December 2022 0 58,286 6,350 64,636

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 8,859 8,859
Additions 13,099 13,099
At 31 December 2023 21,958 21,958
Accumulated depreciation
At 01 January 2023 3,603 3,603
Charge for the financial year 5,129 5,129
At 31 December 2023 8,732 8,732
Net book value
At 31 December 2023 13,226 13,226
At 31 December 2022 5,256 5,256

5. Debtors

2023 2022
£ £
Trade debtors 47 14,175
Amounts owed by own subsidiaries 796,693 257,770
Corporation tax 77,129 0
Other debtors 10,375 12,797
884,244 284,742

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,200 5,200
Trade creditors 57,628 97,098
Other taxation and social security 17,688 13,607
Other creditors 395,951 503,263
476,467 619,168

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 9,327 14,527
Other creditors 10,000 0
19,327 14,527

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
218,670 Ordinary shares of £ 0.001 each (2022: 178,456 shares of £ 0.001 each) 219 178