0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 24,060 24,060 24,060 10,792 7,636 18,428 18,428 10,792 xbrli:pure xbrli:shares iso4217:GBP 12238384 2023-01-01 2023-12-31 12238384 2023-12-31 12238384 2022-12-31 12238384 2022-01-01 2022-12-31 12238384 2022-12-31 12238384 2021-12-31 12238384 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12238384 bus:Director4 2023-01-01 2023-12-31 12238384 core:WithinOneYear 2023-12-31 12238384 core:WithinOneYear 2022-12-31 12238384 core:AfterOneYear 2023-12-31 12238384 core:AfterOneYear 2022-12-31 12238384 core:ShareCapital 2023-12-31 12238384 core:ShareCapital 2022-12-31 12238384 core:SharePremium 2023-12-31 12238384 core:SharePremium 2022-12-31 12238384 core:CapitalRedemptionReserve 2023-12-31 12238384 core:CapitalRedemptionReserve 2022-12-31 12238384 core:OtherReservesSubtotal 2023-12-31 12238384 core:OtherReservesSubtotal 2022-12-31 12238384 core:RetainedEarningsAccumulatedLosses 2023-12-31 12238384 core:RetainedEarningsAccumulatedLosses 2022-12-31 12238384 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12238384 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12238384 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 12238384 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 12238384 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 12238384 core:Non-currentFinancialInstruments 2023-12-31 12238384 core:Non-currentFinancialInstruments 2022-12-31 12238384 bus:SmallEntities 2023-01-01 2023-12-31 12238384 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12238384 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12238384 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12238384 bus:FullAccounts 2023-01-01 2023-12-31 12238384 bus:OrdinaryShareClass1 2023-12-31 12238384 bus:OrdinaryShareClass1 2022-12-31 12238384 core:AllAssociates 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 12238384
Elute Intelligence Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Elute Intelligence Holdings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
24,060
24,060
Investments
5
18,428
10,792
--------
--------
42,488
34,852
Current assets
Debtors
6
919,639
694,025
Cash at bank and in hand
30,737
---------
---------
919,639
724,762
Creditors: amounts falling due within one year
7
507,150
421,527
---------
---------
Net current assets
412,489
303,235
---------
---------
Total assets less current liabilities
454,977
338,087
Creditors: amounts falling due after more than one year
8
100,000
100,000
---------
---------
Net assets
354,977
238,087
---------
---------
Capital and reserves
Called up share capital
10
708
669
Share premium account
429,071
279,117
Capital redemption reserve
32
32
Other reserves
18,154
10,518
Profit and loss account
( 92,988)
( 52,249)
---------
---------
Shareholders funds
354,977
238,087
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Elute Intelligence Holdings Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 June 2024 , and are signed on behalf of the board by:
Mr M A Rosten
Director
Company registration number: 12238384
Elute Intelligence Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 21 Church Road, Tadley, RG26 3AX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and are confident in raising sufficient funds in the upcoming fundraising to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset, over the period during which the related revenues are generated. Amortisation will be charged when the development is complete.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade receivables, prepaid expenses and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade payables, other creditors and taxes due, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Share-based payments
Equity-settled share-based payment transactions entered into with employees of the subsidiary company are measured at fair value at the date of grant. The fair value is recognised as an addition to the company's investment in its subsidiary on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.
Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any investment not yet recognised is recognised immediately.
Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Intangible assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
24,060
--------
Amortisation
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
24,060
--------
At 31 December 2022
24,060
--------
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
10,792
Additions
7,636
--------
At 31 December 2023
18,428
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
18,428
--------
At 31 December 2022
10,792
--------
Subsidiaries, associates and other investments
Class of share Percentage of
shares held
Subsidiary undertakings
Elute Intelligence Limited Ordinary 100
Additions during the year represents a capital contribution to the subsidiary in the form of the share-based payments as outlined in note titled Share-based payments.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
919,439
694,025
Other debtors
200
---------
---------
919,639
694,025
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5
Trade creditors
12,490
12,490
Loan
452,000
377,000
Other creditors
42,655
32,037
---------
---------
507,150
421,527
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Loan
100,000
Other creditors
100,000
---------
---------
100,000
100,000
---------
---------
9. Share-based payments
Certain employees of Elute Intelligence Limited, a subsidiary of Elute Intelligence Holdings Limited , have been granted options to subscribe for shares in Elute Intelligence Holdings Limited under the share option shceme, as follows:
Details of the number and weighted average exercise prices (WAEP) of share options during the year are, as follows:
No.
WAEP
No.
WAEP
Outstanding at 31 December 2021
21,390
1
Granted during the year
21,390
1
--------
----
--------
----
Outstanding at 31 December 2022
21,390
1
21,390
1
--------
----
--------
----
The total expense recognised in profit or loss for the year is as follows:
2023
2022
£
£
Equity-settled share-based payments
7,636
2,882
The estimated fair values were calculated by applying the Black-Scholes option pricing model. The model inputs were:
2023
Share price at grant date £3.57
Exercise price £0.90
Expected volatility 70%
Expected life 10 years
Risk free interest rate 0.578%
Dividend yield 0%
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.001 each
668,669
669
700,028
700
---------
----
---------
----
On 28 April 2023 9,337 shares were issued for total porceeds of £34.34, on 15 May 2023 6,082 shares were issued for total proceeds of £31.07 and on 11 July 2023 24,330 shares were issued for total proceeds of £124.32.
11. Related party transactions
At the year end loans totalling £552,000 (2022: £477,000) were due to Frontier IP Group, a shareholder of the company. £150,000 of the above loan was due for repayment on 31 December 2021. Interest has been charged daily at 1% above the base rate of the Bank of England from 1 January 2022. £227,000 of the above loan was due for repayment on 31 December 2022. Interest will be charged daily at 1% above the base rate of the Bank of England from 1 January 2023. £75,000 of the above loan was due for repayment on 31 December 2023. Interest will be charged daily at 1% above the base rate of the Bank of England from 28 March 2023 for £50,000 and from 24 April 2023 for £25,000. The balancing amount of £100,000 is due for repayment on 31 December 2025. The loan bears interest at 9% per annum .