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REGISTERED NUMBER: 08427059 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

MY LOCAL PITCH LTD

MY LOCAL PITCH LTD (Registered number: 08427059)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MY LOCAL PITCH LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D N Roberts
S M Day
A S Duncan
J S Foale
M E Hibbard
S A P Loudon
C Clarke
H M Griffiths





REGISTERED OFFICE: 66-67 Newman Street
London
W1T 3EQ





REGISTERED NUMBER: 08427059 (England and Wales)






MY LOCAL PITCH LTD (Registered number: 08427059)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,456 9,865
Plant and Machinery 5 12,629 10,435
21,085 20,300

CURRENT ASSETS
Debtors 6 316,419 375,958
Cash at bank 522,803 460,542
839,222 836,500
CREDITORS
Amounts falling due within one year 7 611,310 1,112,846
NET CURRENT ASSETS/(LIABILITIES) 227,912 (276,346 )
TOTAL ASSETS LESS CURRENT LIABILITIES 248,997 (256,046 )

CREDITORS
Amounts falling due after more than one year 8 7,509 12,808
NET ASSETS/(LIABILITIES) 241,488 (268,854 )

CAPITAL AND RESERVES
Called up share capital 152 208
Share premium 6,247,536 4,916,420
Share option reserve 12,459 -
Retained earnings (6,018,659 ) (5,185,482 )
SHAREHOLDERS' FUNDS 241,488 (268,854 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MY LOCAL PITCH LTD (Registered number: 08427059)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





J S Foale - Director


MY LOCAL PITCH LTD (Registered number: 08427059)

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


1. STATUTORY INFORMATION

MY LOCAL PITCH LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Share based payments have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model.

There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at an annual rate of 33.33% in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MY LOCAL PITCH LTD (Registered number: 08427059)

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


2. ACCOUNTING POLICIES - continued

Share based payments
The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

Prior year restatement
The comparative figures in these financial statements have been restated in the current year to reclassify other operating income to tax credit on loss. This adjustment relates to R&D claims in the year. The effects of this restatement are that other operating income has decreased by £215,328 and the tax credit on loss has increased by £215,328.

Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred.

The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits received or receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 14,092
AMORTISATION
At 1 January 2023 4,227
Charge for year 1,409
At 31 December 2023 5,636
NET BOOK VALUE
At 31 December 2023 8,456
At 31 December 2022 9,865

MY LOCAL PITCH LTD (Registered number: 08427059)

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


5. PLANT AND MACHINERY
Plant and
machinery
etc
£   
COST
At 1 January 2023 55,313
Additions 8,507
At 31 December 2023 63,820
DEPRECIATION
At 1 January 2023 44,878
Charge for year 6,313
At 31 December 2023 51,191
NET BOOK VALUE
At 31 December 2023 12,629
At 31 December 2022 10,435

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 84,234 138,732
Other debtors 232,185 237,226
316,419 375,958

Other debtors include £194,718 due from HMRC in respect of the R&D claim for the year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 5,300 5,300
ASA 100,000 626,719
Trade creditors 389,312 372,492
Taxation and social security 72,666 82,996
Other creditors 44,032 25,339
611,310 1,112,846

ASA of £100,000 (£626,719) represents shares to be issued under an advanced subscription agreement

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loan 7,509 12,808