REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MYRTLE SOFTWARE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MYRTLE SOFTWARE LIMITED |
MYRTLE SOFTWARE LIMITED (REGISTERED NUMBER: 04978210) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MYRTLE SOFTWARE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 1, Cambridge House |
Camboro Business Park |
Oakington Road, Girton |
CAMBRIDGE |
Cambridgeshire |
CB3 0QH |
MYRTLE SOFTWARE LIMITED (REGISTERED NUMBER: 04978210) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MYRTLE SOFTWARE LIMITED (REGISTERED NUMBER: 04978210) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Myrtle Software Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The directors have made judgements for the useful economic lives of the fixed assets acquired in the year and owned by the company from previous years. Due to the nature of the company's business in research and development, they believe that the short useful economic lives used as the basis of the depreciation charge are justified as the assets concerned will need to be replaced far more regularly than would be the case in other businesses using similar assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Office Equipment | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
MYRTLE SOFTWARE LIMITED (REGISTERED NUMBER: 04978210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
In addition the company takes advantage of the HMRC Above the Line (ATL) Research and Development Expenditure Credit (RDEC) relief for costs which have been incurred in qualifying R&D activities, but which are subsidised by grant income. The RDEC value included in Other Income in the year is £NIL (2022: £10,443) where the company expects to receive £NIL in cash in relation to this (2022: cash receivable of £8,460). |
The company will also elect to surrender part of its trading losses for the SME version of the R&D Tax Credit from HMRC. The total receivable is £438,376 (2022: £265,034). |
The remaining taxable loss carried forward at the year end is £2,641,764 (2022: £2,211,880) |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Office | Computer |
Equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
MYRTLE SOFTWARE LIMITED (REGISTERED NUMBER: 04978210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Notice was given during 2022 to vacate an office on 31 March 2023. A new lease agreement was entered into, effective from 07 January 2023 to 01 April 2024, to lease new premises on which there is no break clause. The combined rent and service charge is £144,616 per annum. The liability stated above therefore includes an apportionment for the combined rent and service charge for the period 01 January 2024 to 31 March 2024 for within one year. |
Another lease agreement for an office in Denmark was entered into during 2022, effective from 20 June 2022. The notice period is three months. The office was still occupied at the balance sheet date, with no notice having been given. At DKK 4,188 per month, the liability stated above therefore includes £1,461 for the three months' obligation at the GBP equivalent on 31 December 2023. |
MYRTLE SOFTWARE LIMITED (REGISTERED NUMBER: 04978210) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CALLED UP SHARE CAPITAL |
Authorised: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
2,077,513 | Ordinary | 0.001p | 20 | 20 |
1,091,797 | "A" Ordinary | 0.001p | 11 | 11 |
558,256 | "A" Preferred | 0.001p | 6 | 6 |
673,136 | "A1" Preferred | 0.001p | 7 | 4 |
44 | 41 |
The company also operates an Employment Related Securities EMI option scheme. During the year, options over 8,419 Ordinary shares were granted with an exercise price of £1.60 per share (2022: 36,000 exercisable at £1.60 per option). |
No employee's shares were exercised in the year, and no options lapsed when employees left the company. At the company's year end date there were 237,618 (2022: 229,199) granted, unexercised options at exercise prices of 20p, 80p and £1.60 per option. |
The company also operates an unapproved option scheme for the directors, in which no options were granted and no options lapsed during the year. At the year end date, the number of Ordinary shares over which there were granted, unexercised options remained unchanged at 125,865 (2022: 125,865). |
9. | RELATED PARTY DISCLOSURES |
There were no material transactions with related parties that were not concluded under normal market conditions. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |