5
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-06-30
Sage Accounts Production Advanced 2023 - FRS102_2023
11,282
493
11,775
6,988
522
7,510
4,265
4,294
xbrli:pure
xbrli:shares
iso4217:GBP
09076834
2023-06-30
2024-03-31
09076834
2024-03-31
09076834
2023-06-29
09076834
2022-06-30
2023-06-29
09076834
2023-06-29
09076834
2022-06-29
09076834
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-30
2024-03-31
09076834
core:PatentsTrademarksLicencesConcessionsSimilar
2023-06-30
2024-03-31
09076834
core:FurnitureFittings
2023-06-30
2024-03-31
09076834
bus:Director4
2023-06-30
2024-03-31
09076834
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-29
09076834
core:PatentsTrademarksLicencesConcessionsSimilar
2023-06-29
09076834
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-03-31
09076834
core:PatentsTrademarksLicencesConcessionsSimilar
2024-03-31
09076834
core:FurnitureFittings
2023-06-29
09076834
core:FurnitureFittings
2024-03-31
09076834
core:WithinOneYear
2024-03-31
09076834
core:WithinOneYear
2023-06-29
09076834
core:ShareCapital
2024-03-31
09076834
core:ShareCapital
2023-06-29
09076834
core:SharePremium
2024-03-31
09076834
core:SharePremium
2023-06-29
09076834
core:OtherReservesSubtotal
2023-06-29
09076834
core:RetainedEarningsAccumulatedLosses
2024-03-31
09076834
core:RetainedEarningsAccumulatedLosses
2023-06-29
09076834
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-29
09076834
core:FurnitureFittings
2023-06-29
09076834
bus:SmallEntities
2023-06-30
2024-03-31
09076834
bus:AuditExemptWithAccountantsReport
2023-06-30
2024-03-31
09076834
bus:SmallCompaniesRegimeForAccounts
2023-06-30
2024-03-31
09076834
bus:PrivateLimitedCompanyLtd
2023-06-30
2024-03-31
09076834
bus:FullAccounts
2023-06-30
2024-03-31
09076834
core:KeyManagementPersonnel
2023-06-30
2024-03-31
COMPANY REGISTRATION NUMBER:
09076834
Filleted Unaudited Financial Statements |
|
Period from 30 June 2023 to 31 March 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 March 2024
|
31 Mar 24 |
29 Jun 23 |
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
Intangible assets |
5 |
|
42,168 |
56,226 |
Tangible assets |
6 |
|
4,265 |
4,294 |
|
|
-------- |
-------- |
|
|
46,433 |
60,520 |
|
|
|
|
|
Current assets
Debtors |
7 |
146,549 |
|
90,613 |
Cash at bank and in hand |
38,036 |
|
13,905 |
|
--------- |
|
--------- |
|
184,585 |
|
104,518 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
213,278 |
|
177,201 |
|
--------- |
|
--------- |
Net current liabilities |
|
28,693 |
72,683 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
17,740 |
(
12,163) |
|
|
-------- |
-------- |
Net assets/(liabilities) |
|
17,740 |
(
12,163) |
|
|
-------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
278 |
239 |
Share premium account |
|
4,099,788 |
3,554,448 |
Other reserves |
|
– |
164,000 |
Profit and loss account |
|
(
4,082,326) |
(
3,730,850) |
|
|
------------ |
------------ |
Shareholders funds/(deficit) |
|
17,740 |
(
12,163) |
|
|
------------ |
------------ |
|
|
|
|
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 comprehensive income has not been delivered.
For the period ending 31 March 2024 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 period 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
.
Statement of Financial Position (continued) |
|
31 March 2024
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:
Company registration number:
09076834
Notes to the Financial Statements |
|
Period from 30 June 2023 to 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, England.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for at least one year from the date of the financial information. This is on the basis of directors continuing to support the business, together with the busines being in the process of raising further funds. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 |
|
Patents, trademarks & licences |
- |
20% 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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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.
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:
|
Fixtures and fittings |
- |
15% reducing balance |
|
|
|
|
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
5
(2023:
4
).
5.
Intangible assets
|
Development costs |
Patents, trademarks and licences |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 30 June 2023 and 31 March 2024 |
842,678 |
2,500 |
845,178 |
|
--------- |
------- |
--------- |
Amortisation |
|
|
|
At 30 June 2023 |
786,452 |
2,500 |
788,952 |
Charge for the period |
14,058 |
– |
14,058 |
|
--------- |
------- |
--------- |
At 31 March 2024 |
800,510 |
2,500 |
803,010 |
|
--------- |
------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2024 |
42,168 |
– |
42,168 |
|
--------- |
------- |
--------- |
At 29 June 2023 |
56,226 |
– |
56,226 |
|
--------- |
------- |
--------- |
|
|
|
|
6.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 30 June 2023 |
11,282 |
Additions |
493 |
|
-------- |
At 31 March 2024 |
11,775 |
|
-------- |
Depreciation |
|
At 30 June 2023 |
6,988 |
Charge for the period |
522 |
|
-------- |
At 31 March 2024 |
7,510 |
|
-------- |
Carrying amount |
|
At 31 March 2024 |
4,265 |
|
-------- |
At 29 June 2023 |
4,294 |
|
-------- |
|
|
7.
Debtors
|
31 Mar 24 |
29 Jun 23 |
|
£ |
£ |
Other debtors |
146,549 |
90,613 |
|
--------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Mar 24 |
29 Jun 23 |
|
£ |
£ |
Trade creditors |
9,202 |
13,832 |
Social security and other taxes |
7,605 |
26,337 |
Other creditors |
196,471 |
137,032 |
|
--------- |
--------- |
|
213,278 |
177,201 |
|
--------- |
--------- |
|
|
|
9.
Contingencies
The company has a contingent fee agreement in place where fees are payable should there be a sale of the business or it's assets in the future. The fee is calculated based on a exit price and is also calculated using the number of shares on the exit date. As neither of these are known at this point, the company cannot quantify the amounts.
10.
Related party transactions
At the period end, the company owed directors £139,792 (2023: £110,378).