Company registration number 12924603 (England and Wales)
MOAI HEALTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
MOAI HEALTH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MOAI HEALTH LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
325,548
139,933
Tangible assets
4
2,663
1,056
328,211
140,989
Current assets
Debtors
5
4,154
84
Cash at bank and in hand
202,028
3,271
206,182
3,355
Creditors: amounts falling due within one year
6
(51,281)
(73,858)
Net current assets/(liabilities)
154,901
(70,503)
Net assets
483,112
70,486
Capital and reserves
Called up share capital
180
137
Share premium account
563,329
114,963
Share option reserve
118,556
50,000
Profit and loss reserves
(198,953)
(94,614)
Total equity
483,112
70,486
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
MOAI HEALTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 July 2024
Dr PT Davey
Director
Company Registration No. 12924603
MOAI HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Moai Health Limited is a private company limited by shares incorporated in England and Wales. The registered office is 112 Scylla Road, London, SE15 3RZ.
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.
1.2
Going concern
As with most if not all Tech start-ups, the continued viability of the company relies on sourcing sufficienttrue
investment for the development. The directors consider that there is a reasonable expectation of receiving these
funds and the financial statements are therefore presented on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Trademark and app development costs are recognised as intangible assets when the directors consider that
completion of the project is feasible, and that the company will benefit economically once implemented.
Development costs are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation of the trademark and development costs commence once the project is complete and available for use.
Trademark costs
None until app if fully developed
Development costs
None until app is fully developed
MOAI HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
1
3
Intangible fixed assets
Trademark costs
Development costs
Total
£
£
£
Cost
At 1 November 2022
1,733
138,200
139,933
Additions
185,615
185,615
At 31 October 2023
1,733
323,815
325,548
Amortisation and impairment
At 1 November 2022 and 31 October 2023
Carrying amount
At 31 October 2023
1,733
323,815
325,548
At 31 October 2022
1,733
138,200
139,933
MOAI HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Computers
£
Cost
At 1 November 2022
1,583
Additions
3,202
At 31 October 2023
4,785
Depreciation and impairment
At 1 November 2022
527
Depreciation charged in the year
1,595
At 31 October 2023
2,122
Carrying amount
At 31 October 2023
2,663
At 31 October 2022
1,056
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,154
84
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,496
797
Taxation and social security
504
Other creditors
47,281
73,061
51,281
73,858