Company registration number SC370891 (Scotland)
FIREFISH SOFTWARE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIREFISH SOFTWARE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
FIREFISH SOFTWARE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
6
112,381
214,150
Tangible assets
7
38,562
32,228
150,943
246,378
Current assets
Debtors
8
444,063
538,872
Cash at bank and in hand
3,002,066
701,521
3,446,129
1,240,393
Creditors: amounts falling due within one year
9
(701,866)
(559,397)
Net current assets
2,744,263
680,996
Net assets
2,895,206
927,374
Capital and reserves
Called up share capital
10
2,658,916
80,740
Share premium account
713,041
234,200
Profit and loss reserves
(476,751)
612,434
Total equity
2,895,206
927,374

The notes on pages 2 to 8 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 the provisions for FRS 102 section 1A - small entities.

The financial statements were approved by the board of directors and authorised for issue on 17 June 2024 and are signed on its behalf by:
W Kirk
Director
Company Registration No. SC370891
FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Firefish Software Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Aquarium (Level 1), 18-20 Eagle Street, The Sinclair Building, Glasgow, G4 9XA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors note the net liabilities position as at 31 December 2023. This is as a result of one off exceptional costs and increased operational costs being incurred in the year. This is due to significant investment being received by the company and to support the growth plans of the company. The company has sufficient cash in bank to meet its day to day working capital requirements.

 

The Directors have considered their budgets and cashflow forecasts for the next 12 months from the date of signing the financial statements. Having reviewed the projections, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

Accordingly, the Directors believe it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.4
Research and development expenditure

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

 

Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of new products. Viability of the new products us not proven until all high-risk development issues have been resolved through testing pre-launch versions of the product. As a result, technical feasibility is proven only after completion of the detailed design phase and formal approval, which occurs just before the products are ready to go to market. Accordingly, development costs have not been capitalised in the year to 31 December 2023. However, the company continues to assess the eligibility of development costs for capitalisation on a product by product basis.

FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
20% on cost
Domains
10% on cost

Amortisation of development costs is charged over 5 years as in line with the industry standard.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% reducing balance
Fixtures, fittings & equipment
10% - 20% on cost
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Leasing

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.16

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2023
2022
unaudited
£
£
Professional fees
577,492
-
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
unaudited
Number
Number
59
50
5
Directors' remuneration
2023
2022
unaudited
£
£
Remuneration for qualifying services
435,729
231,747

The Company considers key management personnel to consist of only the directors.

FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Intangible fixed assets
Development Costs
Domains
Total
£
£
£
Cost
At 1 January 2023
387,580
957
388,537
Additions
-
0
275
275
At 31 December 2023
387,580
1,232
388,812
Amortisation and impairment
At 1 January 2023
174,245
142
174,387
Amortisation charged for the year
101,935
109
102,044
At 31 December 2023
276,180
251
276,431
Carrying amount
At 31 December 2023
111,400
981
112,381
At 31 December 2022
213,335
815
214,150
7
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
32,833
75,900
47,070
155,803
Additions
2,480
-
0
23,702
26,182
Disposals
-
0
-
0
(6,180)
(6,180)
At 31 December 2023
35,313
75,900
64,592
175,805
Depreciation and impairment
At 1 January 2023
18,679
71,784
33,112
123,575
Depreciation charged in the year
3,693
1,797
14,186
19,676
Eliminated in respect of disposals
-
0
-
0
(6,008)
(6,008)
At 31 December 2023
22,372
73,581
41,290
137,243
Carrying amount
At 31 December 2023
12,941
2,319
23,302
38,562
At 31 December 2022
14,154
4,116
13,958
32,228
FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Debtors
2023
2022
unaudited
Amounts falling due within one year:
£
£
Trade debtors
194,633
114,383
Other debtors
156,674
380,195
Prepayments and accrued income
92,756
44,294
444,063
538,872
9
Creditors: amounts falling due within one year
2023
2022
unaudited
£
£
Trade creditors
84,632
48,208
Taxation and social security
186,789
157,687
Other creditors
11,203
8,034
Accruals and deferred income
419,242
345,468
701,866
559,397
10
Share capital
2023
2022
2023
2022
unaudited
unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
724,040
80,740
72,404
80,740
Ordinary A shares of 10p each
3,360
-
336
-
Deferred A shares of 10p each
250,080
-
25,008
-
Ordinary A2 shares of 0.08p each
83,360
-
67
-
Deferred B shares of 0.08p each
1,416,640
-
1,133
-
Ordinary B2 shares of 10p each
31,676
-
3,168
-
Ordinary P1 shares of 10p each
25,500,000
-
2,550,000
-
Ordinary P2 shares of 0.08p each
8,500,000
-
6,800
-
36,509,156
80,740
2,658,916
80,740
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Natalie Boyle and the auditor was Anderson Anderson & Brown Audit LLP.
FIREFISH SOFTWARE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
unaudited
£
£
Within one year
23,000
23,000
Between two and five years
11,500
34,500
34,500
57,500
13
Pension Commitments

The company contributes to a defined contribution scheme on behalf of certain directors and employees. The contributions amounted to £50,553 (2022: £35,130). At the year end there was £11,203 to be collected by the pension scheme providers (2022: £8,034).

14
Related party transactions

During the period, the company paid consultancy and non-executive director fees to Kaiconsultancy.com that is owned by Kai Murray, one of the directors, amounting to £8,454 (2022: £nil) and paid photography and videography services to NDK Photography, owned by the husband of Wendy Kirk who is a director, amounting to £22,000 (2022: £20,000).

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