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Registration number: 13971315

Bloom App Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bloom App Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Bloom App Limited

Company Information

Directors

J True

A Crane

J Bekhor

R Hunt

S Liptrap

Registered office

1st Floor
The Glassmill
1 Battersea Bridge Road
London
SW11 3BZ

Auditors

Thomas Alexander & Co Limited
590 Green Lanes
Palmers Green
London
N13 5RY

 

Bloom App Limited

(Registration number: 13971315)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

16,085

17,248

Tangible assets

5

57,274

29,210

 

73,359

46,458

Current assets

 

Debtors

6

304,111

29,542

Cash at bank and in hand

 

3,911,958

7,659,174

 

4,216,069

7,688,716

Creditors: Amounts falling due within one year

7

(284,282)

(144,863)

Net current assets

 

3,931,787

7,543,853

Net assets

 

4,005,146

7,590,311

Capital and reserves

 

Called up share capital

8

114,167

114,167

Share premium reserve

8,201,666

8,201,666

Retained earnings

(4,310,687)

(725,522)

Shareholders' funds

 

4,005,146

7,590,311

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
J Bekhor
Director

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in U.K..

The address of its registered office is:
1st Floor
The Glassmill
1 Battersea Bridge Road
London
SW11 3BZ

These financial statements were authorised for issue by the Board on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continuing support of the company shareholders and securing additional funding post year end.

The directors have considered the company's balance sheet position at the year end, its working capital forecast and have prepared cash flow projections in excess of 12 months from their approval of the financial statements which demonstrate that the company will require additional funding to continue in operational existence for the period of at least 12 months from the date of the approval of the financial statements. At the time of approving the financial statements there is a strong expectation that the current shareholders will provide continuing financial support in the form of equity or debt funding to sustain the expected operating losses and cash burn.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 September 2024 was V Chrysostomou, who signed for and on behalf of Thomas Alexander & Co Limited.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

3 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Domain

15 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 11).

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

17,442

17,442

At 31 December 2023

17,442

17,442

Amortisation

At 1 January 2023

194

194

Amortisation charge

1,163

1,163

At 31 December 2023

1,357

1,357

Carrying amount

At 31 December 2023

16,085

16,085

At 31 December 2022

17,248

17,248

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

32,093

32,093

Additions

45,817

45,817

Disposals

(832)

(832)

At 31 December 2023

77,078

77,078

Depreciation

At 1 January 2023

2,883

2,883

Charge for the year

17,152

17,152

Eliminated on disposal

(231)

(231)

At 31 December 2023

19,804

19,804

Carrying amount

At 31 December 2023

57,274

57,274

At 31 December 2022

29,210

29,210

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

27

-

Other debtors

 

71,241

26,584

Prepayments

 

59,642

2,958

Corporation tax receivable

173,201

-

 

304,111

29,542

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

99,736

33,826

Taxation and social security

80,942

39,462

Accruals and deferred income

63,746

56,502

Other creditors

39,858

15,073

284,282

144,863

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary shares of £0.01 each

9,274,798

92,747.98

9,274,798

92,747.98

A Preferred shares of £0.01 each

2,141,868

21,418.68

2,141,868

21,418.68

11,416,666

114,166.66

11,416,666

114,166.66

The A Preferred shares carry certain preference rights on liquidation and on an exit event as outlined in the Company's Articles of Association.

9

APB Ethical Standards relevant circumstances

In common with many businesses of our size and nature we use our auditors to prepare and submit tax returns to the tax authorities and to assist with the preparation of the statutory financial statements.