Company Registration No. 10640637 (England and Wales)
NINETEEN21 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
NINETEEN21 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NINETEEN21 LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
135,268
164,546
Tangible assets
4
67
135,268
164,613
Current assets
Debtors
5
1,654,136
1,498,735
Cash at bank and in hand
86,771
14,105
1,740,907
1,512,840
Creditors: amounts falling due within one year
6
(1,394,048)
(1,115,767)
Net current assets
346,859
397,073
Total assets less current liabilities
482,127
561,686
Creditors: amounts falling due after more than one year
7
(7,170)
(11,052)
Net assets
474,957
550,634
Capital and reserves
Called up share capital
8
322
322
Share premium account
3,588,641
3,588,641
Capital redemption reserve
36
36
Profit and loss reserves
(3,114,042)
(3,038,365)
Total equity
474,957
550,634
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NINETEEN21 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
A Perrin
Director
Company Registration No. 10640637
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Nineteen21 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income
Income represents net commission receivable from the service providers net of VAT and other sales related taxes.
Income is recognised once the amount has been confirmed to the company by the providers.
1.4
Intangible fixed assets other than goodwill
Intangible assets represent costs incurred in relation to trade marks application costs and website development costs.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:
Website development costs
Over 10 years
Trade marks
Over 10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
Over 4 years
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets, includes cash in hand and deposits held at call with bank.
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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 measured at 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 classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified 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 liabilities
Basic financial liabilities including creditors and bank loans 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.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Intangible fixed assets
Website development costs
Trade marks
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
292,221
560
292,781
Amortisation and impairment
At 1 March 2023
127,927
308
128,235
Amortisation charged for the year
29,222
56
29,278
At 28 February 2024
157,149
364
157,513
Carrying amount
At 28 February 2024
135,072
196
135,268
At 28 February 2023
164,294
252
164,546
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 March 2023 and 28 February 2024
1,973
Depreciation and impairment
At 1 March 2023
1,906
Depreciation charged in the year
67
At 28 February 2024
1,973
Carrying amount
At 28 February 2024
At 28 February 2023
67
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
245,009
130,117
Corporation tax recoverable
53,795
Other debtors
12,363
9,000
Prepayments and accrued income
1,396,764
1,305,823
1,654,136
1,498,735
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,249
4,000
Other finance facilities (secured)
110,231
105,948
Loan notes (unsecured)
461,480
440,180
Trade creditors
173,847
78,638
Other taxation and social security
153,134
158,440
Other creditors
101,251
101,648
Accruals
384,856
226,913
1,394,048
1,115,767
Included in other creditors is an amount of £99,836 (2023: £99,836) due to the directors of the company and it is payable on demand.
The other finance facilities are secured by a debenture.
Loan notes represent unsecured loans received at 20% fixed interest rate during the year.
NINETEEN21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
7,170
11,052
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
8,412
8,412
84
84
Ordinary B shares of 1p each
16,400
16,400
164
164
Ordinary C shares of 1p each
6,346
6,346
63
63
VV shares of 1p each
1,140
1,140
11
11
32,298
32,298
322
322
In the prior year, the company issued 2,595 ordinary 'C' shares for a total consideration of £1.25 million in exchange for advertising services to be received over a period of time.
9
Warrants
Under the warrants scheme, the company has granted 737 warrants. The exercise price is £481.66 per warrant.
The warrant holders can exercise their warrants upon the occurrence of an exit.
As at the year end, all warrants were outstanding.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
37,333
3,333