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SITESPECT LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SITESPECT LTD (REGISTERED NUMBER: 09345820)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SITESPECT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: P Romich



REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS



REGISTERED NUMBER: 09345820 (England and Wales)



SENIOR STATUTORY AUDITOR: Hari Vasdev MEng FCA



AUDITORS: Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

SITESPECT LTD (REGISTERED NUMBER: 09345820)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 275,657 93,615
Cash at bank 8,564 335,782
284,221 429,397
CREDITORS
Amounts falling due within one year 5 439,393 517,636
NET CURRENT LIABILITIES (155,172 ) (88,239 )
TOTAL ASSETS LESS CURRENT LIABILITIES (155,172 ) (88,239 )

CAPITAL AND RESERVES
Called up share capital 6 10 10
Retained earnings (155,182 ) (88,249 )
SHAREHOLDERS' FUNDS (155,172 ) (88,239 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 26 August 2024 and were signed by:





P Romich - Director


SITESPECT LTD (REGISTERED NUMBER: 09345820)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Sitespect Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company is a wholly owned subsidiary. The company has taken advantage of the exemption within the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions entered into between fellow group members that are also wholly owned within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts derived from the provision of services to customers during the year. Revenue is recognised in the income statement when a right to the consideration has been obtained through performance.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SITESPECT LTD (REGISTERED NUMBER: 09345820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Going concern
During the year ended 31 December 2023 the company incurred a net loss of £66,933 (2022: £74,002 net profit) and, as of that date, the company's current liabilities exceeded it's total assets by £155,182 (2022: £88,249).

It can be noted that included within current liabilities is deferred income amounting to £285,735 (2022: £342,755) which will be taken to the profit and loss account in future years.

Sitespect Limited is very dependant on the parent company, Sitespect Inc, more so from an operational aspect in the past couple of years however, historically they have relied upon them from a financial aspect also. If Sitespect Inc were to cease trading it is likely that the UK subsidiary would follow given the involvement Sitespect Inc has in Sitespect Limited.

SiteSpect Inc has been operating at a loss for several years, but continues to receive support from its' investor base, and is executing on a plan to achieve profitability. Further, and based on our current operations and projections through FY25, the Company is on track to attain profitability and sustainably in the next 12 months.

Separately, the Company successfully raised a convertible debt instrument from investors in late 2023, and closed a successful Series C investment in early 2024. The new fundraising will allow SiteSpect Inc to continue to operate and invest in product development through FY25. Also in June 2024 the SiteSpect Inc Board of Directors agreed to extend the redemption date of the Preferred Shares to December 31, 2025. Previously this date was December 31, 2024. In combination, the above factors helped assure that the Company can continue to operate at a loss until it achieves consistent profitability.

If Sitespect Inc were to need to raise additional capital to fund its operations, it would once again seek financing through debt and equity sources. Any additional debt funding would be contingent on the parent company meeting certain covenants at that particular point in time, and therefore cannot be guaranteed. Further, if the business were to suffer a setback due to unforeseen reasons, and particularly if the capital markets were in a volatile period at that point in time, the combination could present a challenge to raising equity financing.

Although both debt and equity financing were successfully completed, the possible outcome of these matters in the future cannot be predicted with certainty. These uncertainties, coupled with the fact that the parent company still operates at a loss, cast doubt upon the group’s ability to continue as a going concern within one year from the date the financial statements are available to be issued. As such, the company’s ability to continue as a going concern can be considered to be at risk.

Although Sitespect Limited is currently not using the financial assistance from the parent company as it has done in the past, cashflow issues and uncertainties incurred by the parent company casts significant doubt over the financial headroom available and their ability to support Sitespect Limited for the next 12 months from the date of signing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 81,923 42,500
Amounts owed by group undertakings 192,079 49,539
Prepayments 1,655 1,576
275,657 93,615

SITESPECT LTD (REGISTERED NUMBER: 09345820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 130,133 127,041
Social security and other taxes 6,493 8,306
Other creditors 442 441
Accruals and deferred income 302,325 381,848
439,393 517,636

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)
for and on behalf of Sibbalds Limited

We draw your attention to note 2 on page 4 regarding Going Concern. It is of our opinion that there is a Material Uncertainty Relating to Going Concern. Our opinion is not modified in respect of this matter.

8. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Sitespect Inc., a company incorporated as a Delaware corporation in the United States of America and whose registered office is 251 Little Falls Drive, Wilmington, Delaware, 19808. Copies of the consolidated financial statements of Sitespect Inc. are available from Sitespect Inc.'s corporate office located at 275 Grove Street, Suite 3-400, Auburndale, MA 02466.