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Registered number: 08423300
Fluentify UK Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Veritons
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08423300
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2 2,446
Tangible Assets 5 1,929 3,293
Investments 6 7,884 7,884
9,815 13,623
CURRENT ASSETS
Debtors 7 971,757 563,532
Cash at bank and in hand 153,098 600,103
1,124,855 1,163,635
Creditors: Amounts Falling Due Within One Year 8 (1,652,318 ) (1,396,552 )
NET CURRENT ASSETS (LIABILITIES) (527,463 ) (232,917 )
TOTAL ASSETS LESS CURRENT LIABILITIES (517,648 ) (219,294 )
NET LIABILITIES (517,648 ) (219,294 )
CAPITAL AND RESERVES
Called up share capital 9 11,250 11,250
Share premium account 139,350 139,350
Profit and Loss Account (668,248 ) (369,894 )
SHAREHOLDERS' FUNDS (517,648) (219,294)
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Giacomo Moiso
Director
30/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fluentify UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08423300 . The registered office is Regis House, 45 King WIlliam Street, London, EC4R 9AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate.  The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future.  The directors believe this to be the case as the company has positive cash balances and no significant long term liabilities that would result in cash outlays. 
Having regard to the above,  the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from provision of training through either whitelabelling or through the company's own brand.  
Whitelabelling 
The company will raise an invoice for the number of training sessions planned for the current month.   Should this change over the course of the month the company will include an adjustment in the following months invoice to ensure the actual training provided is reflected.  
Provision of training through own brand 
Training courses are provided over either a 6 or 12 month basis.  Training income is recognised according to the requisite number of months training provided at the financial year end and the relevant proportion deferred.   Tutor costs are incurred retrospectively to the training course but are accrued accordingly for the courses provided as at the balance sheet date. 
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. 
Intangible assers acquired on business combinations are reocgnised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. 
Amortisation is recognised in the profit and loss account over the estimated economic life of the intaniglble assets on the following bases: 
Computer software 33.3% straight line 
Trademarks 33.3% straight line 
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33.3% straight line
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS102 to all of its financial instruments.  
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. 
Financial assets and liabilities are offset,  with the net amounts presented in the financial statements,  when there is a legally 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. 
Basic financial assets 
Basic financial assets,  which include debtors and cash and bank balances,  are initially mesured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction,  where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.  Financial assets are classified as receivable within one year and are not amortised. 
Classification of financial liabilities 
Financial liabilities and equity instruments are classfied 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.  
Basic financial liablities 
Basic financial liablities,  including creditors,  bank loans,  loans from fellow group companies and preference shares that are classified as debt,  are initially recognised at transaction price unless the arrangement constitutes a financing transaction,  where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.  Financial liabilities classified as payable within one year are not amortised. 
Debt instruments are subsequently carried at amortised cost,  using the effective rate method. 
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.  Amounts payable are classified as current liabilities if payment is due within one year or less.  If not,  they are presented as non-current liabilities.  Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.  
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.  The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. 
A subsidiary is an entity controlled by the company.  Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence.  The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. 
Entities in which the company has a long term interest and shares and control under a contractual arrangement are classified as jointly controlled entities. 
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2022: 3)
6 3
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4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 January 2023 2,305 38,452 40,757
As at 31 December 2023 2,305 38,452 40,757
Amortisation
As at 1 January 2023 2,216 36,095 38,311
Provided during the period 88 2,356 2,444
As at 31 December 2023 2,304 38,451 40,755
Net Book Value
As at 31 December 2023 1 1 2
As at 1 January 2023 89 2,357 2,446
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 7,255
As at 31 December 2023 7,255
Depreciation
As at 1 January 2023 3,962
Provided during the period 1,364
As at 31 December 2023 5,326
Net Book Value
As at 31 December 2023 1,929
As at 1 January 2023 3,293
6. Investments
Subsidiaries
£
Cost
As at 1 January 2023 7,884
As at 31 December 2023 7,884
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 7,884
As at 1 January 2023 7,884
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,006 452
Prepayments and accrued income 5,220 4,485
Other debtors 22,172 23,215
Other taxes and social security 8,296 -
Amounts owed by group undertakings - 4,960
Amounts owed by subsidiaries 935,063 530,420
971,757 563,532
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 841
VAT 30,402 30,810
Other creditors - 130,000
Accruals and deferred income 1,527,913 1,234,901
Amounts owed to parent undertaking 94,003 -
1,652,318 1,396,552
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 11,250 11,250
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent company is Fluentify Group Limited.  The ultimate parent undertaking is Voxy Inc. by virtue of their ownership of 100% of the issued share capital of Fluentify Group Limited.   Voxy Inc. was incorporated in the United States of America.  Copies of the group accounts may be obtained from the secretary, 64 Bleeker Street, #241, New York
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