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COMPANY REGISTRATION NUMBER: 9301127
Streetify Limited
Filleted Unaudited Financial Statements
30 November 2023
Streetify Limited
Financial Statements
Year Ended 30th November 2023
Contents
Pages
Officers and Professional Advisers
1
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
2
Statement of Financial Position
3 to 4
Notes to the Financial Statements
5 to 8
Streetify Limited
Officers and Professional Advisers
The Board of Directors
A. M. Turner
M. J. Banbury
Registered Office
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
Accountants
Peyton Tyler Mears
Chartered accountants
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
Streetify Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Streetify Limited
Year Ended 30th November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Streetify Limited for the year ended 30th November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Streetify Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Streetify Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Streetify Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Streetify Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Streetify Limited. You consider that Streetify Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Streetify Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peyton Tyler Mears Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
19 August 2024
Streetify Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
4
53,639
62,477
Tangible assets
5
25,847
33,119
--------
--------
79,486
95,596
Current Assets
Debtors
6
1,102
1,750
Cash at bank and in hand
117
1,283
-------
-------
1,219
3,033
Creditors: amounts falling due within one year
7
17,801
21,454
--------
--------
Net Current Liabilities
16,582
18,421
--------
--------
Total Assets Less Current Liabilities
62,904
77,175
Creditors: amounts falling due after more than one year
8
240,693
202,193
---------
---------
Net Liabilities
( 177,789)
( 125,018)
---------
---------
Capital and Reserves
Called up share capital
223
223
Share premium account
49,987
49,987
Profit and loss account
( 227,999)
( 175,228)
---------
---------
Shareholders Deficit
( 177,789)
( 125,018)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Streetify Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
A. M. Turner
M. J. Banbury
Director
Director
Company registration number: 9301127
Streetify Limited
Notes to the Financial Statements
Year Ended 30th November 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, CO1 1QT, Essex.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer program and app
-
10% straight line
Equipment
-
15% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible Assets
Development costs
£
Cost
At 1st December 2022 and 30th November 2023
88,378
--------
Amortisation
At 1st December 2022
25,901
Charge for the year
8,838
--------
At 30th November 2023
34,739
--------
Carrying amount
At 30th November 2023
53,639
--------
At 30th November 2022
62,477
--------
5. Tangible Assets
Computer program and app
Equipment
Total
£
£
£
Cost
At 1st December 2022 and 30th November 2023
68,159
3,045
71,204
--------
-------
--------
Depreciation
At 1st December 2022
36,598
1,487
38,085
Charge for the year
6,816
456
7,272
--------
-------
--------
At 30th November 2023
43,414
1,943
45,357
--------
-------
--------
Carrying amount
At 30th November 2023
24,745
1,102
25,847
--------
-------
--------
At 30th November 2022
31,561
1,558
33,119
--------
-------
--------
6. Debtors
2023
2022
£
£
Other debtors
1,102
1,750
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,000
5,000
Trade creditors
6,129
11,777
Other creditors
6,672
4,677
--------
--------
17,801
21,454
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,417
10,417
Other creditors
235,276
191,776
---------
---------
240,693
202,193
---------
---------
9. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
M. J. Banbury
( 191,776)
( 43,500)
( 235,276)
---------
--------
---------
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
M. J. Banbury
( 138,276)
( 53,500)
( 191,776)
---------
--------
---------