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Company No: 10951682 (England and Wales)

BRIDGEWEAVE LIMITED

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

BRIDGEWEAVE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BRIDGEWEAVE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
BRIDGEWEAVE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Saurav Adhikari
Akshaya Bhargava
Bruce Alan Keith
REGISTERED OFFICE 34 Grove End Road
London
NW8 9LJ
United Kingdom
COMPANY NUMBER 10951682 (England and Wales)
BRIDGEWEAVE LIMITED

BALANCE SHEET

As at 31 December 2023
BRIDGEWEAVE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 5 652 2,846
Investments 6 21,120 21,110
21,772 23,956
Current assets
Debtors 7 1,311,824 1,497,193
Cash at bank and in hand 72,067 269,965
1,383,891 1,767,158
Creditors: amounts falling due within one year 8 ( 237,539) ( 624,802)
Net current assets 1,146,352 1,142,356
Total assets less current liabilities 1,168,124 1,166,312
Creditors: amounts falling due after more than one year 9 ( 357,789) ( 357,789)
Net assets 810,335 808,523
Capital and reserves
Called-up share capital 10 229,813 198,143
Share premium account 8,155,562 6,903,322
Other reserves 56,393 67,131
Profit and loss account ( 7,631,433 ) ( 6,360,073 )
Total shareholders' funds 810,335 808,523

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 Bridgeweave Limited (registered number: 10951682) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Akshaya Bhargava
Director
BRIDGEWEAVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BRIDGEWEAVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

General information and basis of accounting

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
34 Grove End Road
London
NW8 9LJ
England

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The company's functional and presentational currency is GBP.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for app sales and platform fees. Turnover is
shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Computer equipment 3 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.

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.

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.

Financial instruments

Basic financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and trade and other creditors and loans from banks and third parties.

Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.


Other financial instruments

Debt instruments are measured initially and subsequently, at their fair value and any change in fair value being recognised through the profit and loss account. Where the fair value cannot be reliably measured, the liability is carried at cost less impairment until a reliable measure of fair value becomes available.

Investments
Investments in subsidiaries are held at cost less impairment.

The company is exempt from the requirement to prepare group accounts under section 399 of the Companies Act 2006 as the group is subject to the small companies regime.

Ordinary share capital

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.

Research and development costs

Expenditure on research and development is written off in the period in which it is incurred.

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 debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Prior year adjustment

The following comparative balances have been restated to reflect that in the filed version of the 2022 accounts income and debtors were incorrectly stated by £156,795, which differed from the signed and approved accounts.

These adjustments affect the 2022 comparatives only.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Debtors 1,340,398 156,795 1,497,193
0 0 0
0 0 0
0 0 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 5

4. Share-based payments

Equity-settled share-based payment schemes

During the year ended 31 December 2023 the company granted options over 1,325,500 £0.01 A shares in the company the exercise price for which was set at £0.17 per share. Of these options 225,418 vested on the grant date, with 225,418 vesting every half year to 30 June 2028. 16,667 of these share options will vest when certain performance criteria are met. Vested options are only exercisable on sale, or on asset sale.

Details of the share options outstanding during the financial year are as follows:

2023 2022
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 4,700,750 0.15 3,886,500 0.15
Granted during the period 1,325,500 0.17 1,652,750 0.17
Forfeited during the period ( 308,183) 0.17 ( 838,500) 0.17
Outstanding at the end of the period 5,718,067 0.16 4,700,750 0.15
Exercisable at the end of the period 0 0 0 0

The total expense recognised in profit or loss for the year was £(10,739) (2022 - £8,861).

5. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 9,902 9,902
At 31 December 2023 9,903 9,903
Accumulated depreciation
At 01 January 2023 7,056 7,056
Charge for the financial year 2,195 2,195
At 31 December 2023 9,251 9,251
Net book value
At 31 December 2023 652 652
At 31 December 2022 2,846 2,846

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 21,110
Additions 10
At 31 December 2023 21,120
Carrying value at 31 December 2023 21,120
Carrying value at 31 December 2022 21,110

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Bridgeweave NG LLP 101, 1st Floor, Embassy Classic, 11 Vittal Mallaya Road, Bangalore - 560001 India Technology design and development services Member interest 99.90% 99.90%
Bridgeweave India Private Limited 363, 8th Main,3rd Block, Koramangala, Bangalore South, Bangalore, Karnataka, India - 560034 Activities auxiliary to financial service activities Ordinary 100.00% 0.00%

7. Debtors

2023 2022
£ £
Trade debtors 5,550 0
Amounts owed by Group undertakings 316,146 362,459
Prepayments and accrued income 925 6,579
Deferred tax asset 763,543 597,964
VAT recoverable 23,935 10,084
Corporation tax 200,633 519,015
Other debtors 1,092 1,092
1,311,824 1,497,193

The deferred tax asset was calculated on the unrelieved trading losses using the tax rates and laws at which it is anticipated to be unwound in the future.

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 149,493 534,161
Other taxation and social security 0 24,825
Other creditors 88,046 65,816
237,539 624,802

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

2023 2022
£ £
Other creditors 357,789 357,789

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

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000,000 Founder Shares ordinary shares of £ 0.01 each 100,000 100,000
2,203,514 Ordinary Shares shares of £ 0.01 each (2022: 2,039,805 shares of £ 0.01 each) 22,035 20,398
10,777,761 Ordinary A Shares shares of £ 0.01 each (2022: 7,774,465 shares of £ 0.01 each) 107,778 77,745
229,813 198,143

In 2023 ordinary shares were allotted with an aggregate nominal value of £1,637 (2022 - £8,574) and consideration of £23,910 (2022 -£700,000) was received.

In 2023 Ordinary A shares were allotted with an aggregate nominal value of £30,033 (2022 - £1,631) and consideration of £1,260,000 (2022 - £129,982 ) was received.