Company registration number 02065100 (England and Wales)
FEEDBACK FERRET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
FEEDBACK FERRET LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
FEEDBACK FERRET LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
338,670
Tangible assets
4
394
Investments
5
1,158
1,158
1,158
340,222
Current assets
Debtors
6
52,914
162,532
Cash at bank and in hand
276,324
460,263
329,238
622,795
Creditors: amounts falling due within one year
7
(49,298)
(84,321)
Net current assets
279,940
538,474
Total assets less current liabilities
281,098
878,696
Capital and reserves
Called up share capital
9
1,250
1,250
Share premium account
7,010
7,010
Profit and loss reserves
272,838
870,436
Total equity
281,098
878,696
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 31 August 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
P Alington
Director
Company Registration No. 02065100
FEEDBACK FERRET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2020
1,250
7,010
1,023,888
1,032,148
Year ended 31 August 2021:
Profit and total comprehensive income for the year
-
-
156,310
156,310
Dividends
-
-
(309,762)
(309,762)
Balance at 31 August 2021
1,250
7,010
870,436
878,696
Year ended 31 August 2022:
Loss and total comprehensive income for the year
-
-
(259,591)
(259,591)
Dividends
-
-
(338,007)
(338,007)
Balance at 31 August 2022
1,250
7,010
272,838
281,098
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 3 -
1
Accounting policies
Company information
Feedback Ferret Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
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 convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
As explained in the directors' report, the company ceased trading on 31 August 2022 and therefore the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. Provision has been made for the future costs of terminating the business, as such costs were committed at the reporting date. true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Sale of goods
Revenue arises from the sale of computer software.
Revenue is recognised when the customer accepts delivery of the goods.
Rendering of services
Revenue arises from the provision of software consultancy services.
Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill
Intangible assets are comprised of development expenditure.
Intangible assets are initially recognised at cost, which is the purchase price plus any directly attributable costs. Subsequently intangible assets are measured at cost less any accumulated amortisation and impairment losses.
An intangible asset in respect of development expenditure is recognised when it can demonstrate:
a) the technical feasibility of completing the intangible asset so that it will be available for use or sale.
b) its intention to complete the intangible asset and use or sell it.
c) its ability to use or sell the intangible asset.
d) how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset.
e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
f) its ability to measure reliably the expenditure attributable to the intangible asset during its development.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
3 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Share-based payments
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 using a capitalisation of earnings method, which is felt to be the most appropriate method of valuing the options of a privately-owned trading company.
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.
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 6 -
1.13
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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
9
11
3
Intangible fixed assets
Other
£
Cost
At 1 September 2021
3,327,428
Disposals
(3,327,428)
At 31 August 2022
Amortisation and impairment
At 1 September 2021
2,988,758
Amortisation charged for the year
227,274
Disposals
(3,216,032)
At 31 August 2022
Carrying amount
At 31 August 2022
At 31 August 2021
338,670
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021
185,513
Disposals
(185,513)
At 31 August 2022
Depreciation and impairment
At 1 September 2021
185,119
Depreciation charged in the year
394
Eliminated in respect of disposals
(185,513)
At 31 August 2022
Carrying amount
At 31 August 2022
At 31 August 2021
394
5
Fixed asset investments
2022
2021
£
£
Investments
1,158
1,158
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2021 & 31 August 2022
1,158
Carrying amount
At 31 August 2022
1,158
At 31 August 2021
1,158
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 8 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
48,048
100,789
Other debtors
4,866
61,670
52,914
162,459
Deferred tax asset
73
52,914
162,532
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,276
5,850
Amounts owed to group undertakings
602
602
Taxation and social security
20,994
42,957
Other creditors
26,426
34,912
49,298
84,321
8
Share-based payment transactions
The company operates an equity-settled Enterprise Management Incentive (EMI) share option plan under which options have been granted to an employee.
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 September 2021 and 31 August 2022
26
26
258.29
258.29
Exercisable at 31 August 2022
26
26
258.29
258.29
The options outstanding at 31 August 2022 had an exercise price of £258.29 and a remaining contractual life of 5 years.
FEEDBACK FERRET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 9 -
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
1,000
1,000
1,000
1,000
Ordinary B Shares of £1 each
125
125
125
125
Ordinary C Shares of £1 each
125
125
125
125
1,250
1,250
1,250
1,250
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:
2022
2021
£
£
Within one year
2,997
In over five years
2,997
11
Related party transactions
The Company has taken advantage of the exemption permitted by FRS 102 section 1.AC.35 not to provide disclosures of transactions entered into with other wholly-owned members of the group.