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Registered number: 08652123










THANKSBOX LIMITED (TRADING AS MO)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THANKSBOX LIMITED
REGISTERED NUMBER: 08652123

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
4
9,671
9,995

  
9,671
9,995

Current assets
  

Debtors: amounts falling due within one year
 5 
424,873
549,062

Cash at bank and in hand
 6 
732,353
1,201,705

  
1,157,226
1,750,767

Creditors: amounts falling due within one year
 7 
(2,273,007)
(1,460,067)

Net current (liabilities)/assets
  
 
 
(1,115,781)
 
 
290,700

Total assets less current liabilities
  
(1,106,110)
300,695

Creditors: amounts falling due after more than one year
 8 
(1,003,333)
(878,333)

  

Net liabilities
  
(2,109,443)
(577,638)


Capital and reserves
  

Called up share capital 
 9 
264
264

Share premium account
  
6,454,774
6,454,774

Other reserves
 10 
134,166
120,658

Profit and loss account
  
(8,698,647)
(7,153,334)

  
(2,109,443)
(577,638)


Page 1

 
THANKSBOX LIMITED
REGISTERED NUMBER: 08652123
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L Fisher
Director

Date: 21 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

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

1.


General information

Thanksbox Limited is a private company, limited by shares incorporated in England and Wales. The registered office is 85 Great Portland Street, London, England, W1W 7LT.
The principal activity of the Company is the supply of employee recognition schemes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the end of the year, the Company had net current liabilities of £2,119,114 and net liabilities of £2,109,443. Net liabilities include £1,003,333 of convertible loan notes that did not fall due until August 2027. On 19 January 2024, £996,437 of convertible loan notes were converted into equity resulting in additional share capital of £191.62 and share premium of £996,245. Also on this date, a further £238.46 of share capital was issued resulting in £1,549,762 of share premium being received.
The directors have considered the cash received from the share issue, and reviewed the forecasts and projections of the Company, and have reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing the accounts. The Company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

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

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
Over three years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 6

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

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

2.Accounting policies (continued)

 
2.17

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 - 17).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
52,804


Additions
5,287



At 31 December 2023

58,091



Depreciation


At 1 January 2023
42,809


Charge for the year
5,611



At 31 December 2023

48,420



Net book value



At 31 December 2023
9,671



At 31 December 2022
9,995

Page 8

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

5.


Debtors

2023
2022
£
£


Trade debtors
343,029
289,130

Other debtors
37,574
240,029

Prepayments and accrued income
44,270
19,903

424,873
549,062



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
732,353
1,201,705

732,353
1,201,705



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
296,175
115,393

Other taxation and social security
253,955
126,086

Other creditors
990,268
800,564

Accruals and deferred income
732,609
418,024

2,273,007
1,460,067



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Convertible loans
1,003,333
878,333

1,003,333
878,333


Page 9

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

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



530,672 (2022 - 530,000) A shares shares of £0.0001 each
53
53
63,500 (2022 - 60,000) VN shares shares of £0.0001 each
6
6
8,620 (2022 - 10,000) V shares shares of £0.0001 each
1
1
58,965 (2022 - 60,000) B shares shares of £0.0001 each
6
6
1,157,089 (2022 - 1,160,000) Ordinary shares shares of £0.0001 each
116
116
201,996 (2022 - 200,000) Deferred shares shares of £0.0001 each
20
20
360,000 (2022 - 360,000) C shares shares of £0.0001 each
36
36
234,000 (2022 - 230,000) D shares shares of £0.0001 each
23
23
30,000 (2022 - 30,000) E shares shares of £0.0001 each
3
3

264

264



10.


Share-based payments

The company operates an equity settled employee share option scheme. The fair value of share options are measured at the grant date and the share options can be exercised based on length of service. At the end of each accounting period the estimated number of share options that are likely to vest is used to calculate the share based cost, which is included in other resereves. Share based payments in respect of the share options are recognised over the vesting period. The total value of the share option cost in the year was £13,508 (2022: £20,945).
The share based payment reserve of £134,166 (2022: £120,658) is included in other reserves.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,719 (2022: £28,308). Contributions totalling £5,216 (2022: £6,517) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

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

12.


Related party transactions

During the year, the Company made sales of £68,781 (2022: £74,675) to SHL Group Limited, a company of which the director, A Bradshaw, was the Chief Executive Officer during the year. A balance of £Nil (2022: £Nil) was present within trade debtors at the year end.
During the year, the Company received rental income of £Nil (2022: £18,889) from Essentia Analytics Limited, a company of which the director, D Tsoneva, was also a director during the year. A balance of £Nil (2022: £Nil) was present within trade debtors at the year end.
During the year, the Company made sales of £2,621 (2022: £2,400) to Axol Bioscience Ltd, a company of which the director, D Tsoneva, was also a director during the year. A balance of £Nil (2022: £Nil) was present within trade debtors at the year end.
At the year end, £6,360 (2022: £6,180) was owed to the company by L Fisher, a director. The amount is interests bearing and repayable on demand.


13.


Post Balance Sheet Events

On 19 January 2024 1,044,150 Ordinary F1 shares of £0.0001 each, 1,762,821 Ordinary F2 shares of £0.0001 each, 160,256 Ordinary F3 shares of £0.0001 each, 1,200,252 Ordinary F4 shares of £0.0001 each and 133,362 Ordinary F5 shares of £0.0001 each were issued for a premium.  The company received proceeds of £2,546,007 in respect of the shares issued.
On 8 June 2024, 1,461,156 Ordinary F1 shares of £.0001 each were issued for a premium. The company received proceeds of £95,001.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 August 2024 by Georgette Alicia Crisp BSc (Hons) FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11