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REGISTERED NUMBER: 04978210 (England and Wales)















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: P Baldwin
R D Sansom
T F Lagatta
R Blake





SECRETARY: E R Baldwin





REGISTERED OFFICE: Third Floor
59 St Andrews Street
CAMBRIDGE
Cambridgeshire
CB2 3BZ





REGISTERED NUMBER: 04978210 (England and Wales)





ACCOUNTANTS: Staffords
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 4 134,502 13,783

CURRENT ASSETS
Debtors 5 756,061 603,370
Cash at bank and in hand 2,872,167 2,164,969
3,628,228 2,768,339
CREDITORS
Amounts falling due within one year 6 132,961 210,316
NET CURRENT ASSETS 3,495,267 2,558,023
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,629,769

2,571,806

CAPITAL AND RESERVES
Called up share capital 8 44 42
Share premium 9,307,430 6,875,309
Retained earnings (5,677,705 ) (4,303,545 )
SHAREHOLDERS' FUNDS 3,629,769 2,571,806

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:



P Baldwin - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 25% on cost
Computer equipment - 50% on cost

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 20 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Office Computer
Equipment equipment Totals
£    £    £   
COST
At 1 January 2023 4,848 190,441 195,289
Additions 10,522 188,427 198,949
At 31 December 2023 15,370 378,868 394,238
DEPRECIATION
At 1 January 2023 2,509 178,997 181,506
Charge for year 2,373 75,857 78,230
At 31 December 2023 4,882 254,854 259,736
NET BOOK VALUE
At 31 December 2023 10,488 124,014 134,502
At 31 December 2022 2,339 11,444 13,783

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 85,603 37,188
Other debtors 670,458 566,182
756,061 603,370

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,604 119,130
Taxation and social security 46,659 48,684
Other creditors 48,698 42,502
132,961 210,316

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 37,516 161,325
Between one and five years - 36,055
37,516 197,380

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 P Baldwin.