2023-01-012023-12-312023-12-31false13416604We Are Rival 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We Are Rival Ltd

Registered Number
13416604
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

We Are Rival Ltd
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

E A Fulwiler

Registered Address

69 Mercers Road
London
N19 4PS

Registered Number

13416604 (England and Wales)
We Are Rival Ltd
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets411,6827,336
11,6827,336
Current assets
Debtors5113,932315,909
Cash at bank and on hand50,12984,663
164,061400,572
Creditors amounts falling due within one year6(85,059)(233,438)
Net current assets (liabilities)79,002167,134
Total assets less current liabilities90,684174,470
Provisions for liabilities7(2,681)(1,648)
Net assets88,003172,822
Capital and reserves
Called up share capital11
Profit and loss account88,002172,821
Shareholders' funds88,003172,822
The financial statements were approved and authorised for issue by the Director on 29 July 2024, and are signed on its behalf by:
E A Fulwiler
Director
Registered Company No. 13416604
We Are Rival Ltd
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
Share-based payments as set out in the notes to the accounts have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from 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. The Statement of Financial Position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the Statement of Financial Position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Operating leases
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Defined contribution pension plan
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The entity's parent company operates an equity-settled share option plan for employees of the group. The fair value of the services received from employees of the company, in exchange for the grant of the options by the parent, is recognised as an expense in the income statement, except for when it is deemed immaterial to the financial statements. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each Statement of Financial Position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to the intercompany loan account because the share options are equity-settled by the parent company.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.
Current taxation
Taxation for the period comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Revenue expenditure on research and development is written off to the income statement in the period in which it is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
2.Staff Costs
Share options The company operates an EMI qualifying share option scheme and during the year the company granted Nil (2022: 861,250) EMI qualifying share options to employees at an average weighted exercise price of £nil per share (2022: £0.0069). During the year Nil share options vested (2022: Nil), Nil lapsed (2022: Nil) and Nil options were exercised (2022: Nil). At the statement of financial position date, Nil vested share options remained exercisable (2022: Nil) and 861,250 options had yet to vest (2022: 861,250). No charge has been made to the income statement for the year in respect of the fair value of the share options on the basis that the fair value has been deemed immaterial to the financial statements. The share options typically vest over a 4 year period with a 2 year cliff. The share options are exercisable over the share capital of the parent company. In line with the company's share-based payment accounting policy.
3.Average number of employees

20232022
Average number of employees during the year66
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 239,3999,399
Additions10,38710,387
At 31 December 2319,78619,786
Depreciation and impairment
At 01 January 232,0632,063
Charge for year6,0416,041
At 31 December 238,1048,104
Net book value
At 31 December 2311,68211,682
At 31 December 227,3367,336
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables85,45299,166
Other debtors28,391216,669
Prepayments and accrued income8974
Total113,932315,909
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6,1326,603
Taxation and social security25,62270,757
Other creditors2,1011,738
Accrued liabilities and deferred income51,204154,340
Total85,059233,438
7.Provisions for liabilities

2023

2022

££
Other provisions2,6811,648
Total2,6811,648
8.Controlling party
The ultimate controlling party is We Are Rival, Pbc.