Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Dr Eamon Philip Fulcher 24/02/2015 Geraldine Trufil Fulcher 24/02/2015 Julian Guy 31/03/2023 Mark Richard Charles Webster 24/12/2019 28 August 2024 The principal activity of the company was that of business and domestic software development focussing on market research. 09455069 2023-12-31 09455069 bus:Director1 2023-12-31 09455069 bus:Director2 2023-12-31 09455069 bus:Director3 2023-12-31 09455069 bus:Director4 2023-12-31 09455069 2022-12-31 09455069 core:CurrentFinancialInstruments 2023-12-31 09455069 core:CurrentFinancialInstruments 2022-12-31 09455069 core:Non-currentFinancialInstruments 2023-12-31 09455069 core:Non-currentFinancialInstruments 2022-12-31 09455069 core:ShareCapital 2023-12-31 09455069 core:ShareCapital 2022-12-31 09455069 core:RetainedEarningsAccumulatedLosses 2023-12-31 09455069 core:RetainedEarningsAccumulatedLosses 2022-12-31 09455069 core:ComputerSoftware 2022-12-31 09455069 core:ComputerSoftware 2023-12-31 09455069 core:FurnitureFittings 2022-12-31 09455069 core:OfficeEquipment 2022-12-31 09455069 core:FurnitureFittings 2023-12-31 09455069 core:OfficeEquipment 2023-12-31 09455069 core:CostValuation 2022-12-31 09455069 core:CostValuation 2023-12-31 09455069 bus:OrdinaryShareClass1 2023-12-31 09455069 2023-01-01 2023-12-31 09455069 bus:FilletedAccounts 2023-01-01 2023-12-31 09455069 bus:SmallEntities 2023-01-01 2023-12-31 09455069 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09455069 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09455069 bus:Director1 2023-01-01 2023-12-31 09455069 bus:Director2 2023-01-01 2023-12-31 09455069 bus:Director3 2023-01-01 2023-12-31 09455069 bus:Director4 2023-01-01 2023-12-31 09455069 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 09455069 core:FurnitureFittings 2023-01-01 2023-12-31 09455069 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 09455069 2022-01-01 2022-12-31 09455069 core:ComputerSoftware 2023-01-01 2023-12-31 09455069 core:OfficeEquipment 2023-01-01 2023-12-31 09455069 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 09455069 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09455069 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09455069 (England and Wales)

SPLIT SECOND RESEARCH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SPLIT SECOND RESEARCH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SPLIT SECOND RESEARCH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
SPLIT SECOND RESEARCH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 99,024 123,780
Tangible assets 4 20,794 14,629
Investments 5 71,614 71,614
191,432 210,023
Current assets
Debtors 6 208,908 170,990
Cash at bank and in hand 94,038 58,069
302,946 229,059
Creditors: amounts falling due within one year 7 ( 237,901) ( 218,365)
Net current assets 65,045 10,694
Total assets less current liabilities 256,477 220,717
Creditors: amounts falling due after more than one year 8 ( 28,385) ( 33,884)
Provision for liabilities ( 29,892) ( 2,224)
Net assets 198,200 184,609
Capital and reserves
Called-up share capital 9 5 5
Profit and loss account 198,195 184,604
Total shareholders' funds 198,200 184,609

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Split Second Research Limited (registered number: 09455069) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

Dr Eamon Philip Fulcher
Director
SPLIT SECOND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SPLIT SECOND RESEARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Split Second Research Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 30 New Street, Worcester, WR1 2DP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 123,780 123,780
At 31 December 2023 123,780 123,780
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 24,756 24,756
At 31 December 2023 24,756 24,756
Net book value
At 31 December 2023 99,024 99,024
At 31 December 2022 123,780 123,780

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 4,047 19,122 23,169
Additions 7,169 4,739 11,908
At 31 December 2023 11,216 23,861 35,077
Accumulated depreciation
At 01 January 2023 987 7,553 8,540
Charge for the financial year 765 4,978 5,743
At 31 December 2023 1,752 12,531 14,283
Net book value
At 31 December 2023 9,464 11,330 20,794
At 31 December 2022 3,060 11,569 14,629

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 71,614 71,614
At 31 December 2023 71,614 71,614
Carrying value at 31 December 2023 71,614 71,614
Carrying value at 31 December 2022 71,614 71,614

6. Debtors

2023 2022
£ £
Trade debtors 156,087 77,165
Amounts owed by directors 28,471 63,359
Prepayments 701 5,722
Other debtors 23,649 24,744
208,908 170,990

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,463 5,295
Trade creditors 125,867 89,900
Amounts owed to directors 4,000 0
Accruals and deferred income 3,079 68,365
Taxation and social security 99,255 51,594
Other creditors 1,237 3,211
237,901 218,365

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 28,385 33,884

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.05 each 5 5

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by the director 28,471 63,359
Amount owed to the director 4,000 0

There is an interest rate of 2% applied to the amounts owed by the director and no fixed date of repayment of this overdrawn loan account.