Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01truefalsefalseNo description of principal activity44falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08729567 2023-01-01 2023-12-31 08729567 2022-01-01 2022-12-31 08729567 2023-12-31 08729567 2022-12-31 08729567 2022-01-01 08729567 1 2023-01-01 2023-12-31 08729567 1 2022-01-01 2022-12-31 08729567 5 2023-01-01 2023-12-31 08729567 5 2022-01-01 2022-12-31 08729567 d:Director1 2023-01-01 2023-12-31 08729567 d:Director2 2023-01-01 2023-12-31 08729567 d:Director5 2023-01-01 2023-12-31 08729567 d:RegisteredOffice 2023-01-01 2023-12-31 08729567 d:Agent1 2023-01-01 2023-12-31 08729567 e:OfficeEquipment 2023-01-01 2023-12-31 08729567 e:OfficeEquipment 2023-12-31 08729567 e:OfficeEquipment 2022-12-31 08729567 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08729567 e:ComputerEquipment 2023-01-01 2023-12-31 08729567 e:ComputerEquipment 2023-12-31 08729567 e:ComputerEquipment 2022-12-31 08729567 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08729567 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 08729567 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08729567 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08729567 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 08729567 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 08729567 e:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 08729567 e:CurrentFinancialInstruments 2023-12-31 08729567 e:CurrentFinancialInstruments 2022-12-31 08729567 e:Non-currentFinancialInstruments 2023-12-31 08729567 e:Non-currentFinancialInstruments 2022-12-31 08729567 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 08729567 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 08729567 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 08729567 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 08729567 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 08729567 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 08729567 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 08729567 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 08729567 e:ShareCapital 2023-12-31 08729567 e:ShareCapital 2022-12-31 08729567 e:ShareCapital 2022-01-01 08729567 e:SharePremium 2023-12-31 08729567 e:SharePremium 1 2023-01-01 2023-12-31 08729567 e:SharePremium 2022-12-31 08729567 e:SharePremium 2022-01-01 08729567 e:SharePremium 1 2022-01-01 2022-12-31 08729567 e:CapitalRedemptionReserve 2023-12-31 08729567 e:CapitalRedemptionReserve 1 2023-01-01 2023-12-31 08729567 e:CapitalRedemptionReserve 2022-12-31 08729567 e:CapitalRedemptionReserve 2022-01-01 08729567 e:RevaluationReserve 1 2022-01-01 2022-12-31 08729567 e:OtherMiscellaneousReserve 2023-12-31 08729567 e:OtherMiscellaneousReserve 1 2023-01-01 2023-12-31 08729567 e:OtherMiscellaneousReserve 2022-12-31 08729567 e:OtherMiscellaneousReserve 2022-01-01 08729567 e:OtherMiscellaneousReserve 1 2022-01-01 2022-12-31 08729567 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08729567 e:RetainedEarningsAccumulatedLosses 2023-12-31 08729567 e:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 08729567 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08729567 e:RetainedEarningsAccumulatedLosses 2022-12-31 08729567 e:RetainedEarningsAccumulatedLosses 2022-01-01 08729567 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2022-12-31 08729567 d:FRS102 2023-01-01 2023-12-31 08729567 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08729567 d:FullAccounts 2023-01-01 2023-12-31 08729567 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08729567 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 08729567 e:CopyrightsPatentsTrademarksServiceOperatingRights e:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 08729567 2 2023-01-01 2023-12-31 08729567 6 2023-01-01 2023-12-31 08729567 e:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 08729567 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2023-01-01 2023-12-31 08729567 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2023-01-01 2023-12-31 08729567 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 08729567










FRESH4CAST LTD








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FRESH4CAST LTD
 
 
COMPANY INFORMATION


Directors
M F Ciobanu 
M A Molina Sierra 
J A Fagandini 




Registered number
08729567



Registered office
5 New Street Square

London

EC4A 3TW




Accountants
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG




Bankers
Barclays Bank Plc

Leicester

Leicestershire

LE87 2BB





 
FRESH4CAST LTD
 

CONTENTS



Page
Directors' Report
 
1 - 2
Accountants' Report
 
3
Statement of Comprehensive Income
 
4
Statement of Financial Position
 
5 - 6
Statement of Changes in Equity
 
7
Notes to the Financial Statements
 
8 - 16


 
FRESH4CAST LTD
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Business review

2023 was a year of consolidation. As anticipated in the previous annual report, turnover declined due to the pivot towards planning software, which is more scalable and profitable than forecasting models. The planning tools continued to gain traction, while some legacy subscriptions were reduced or terminated. We expect both trends to continue in 2024, when the growth in planning tools should offset all of the decline in other packages, resulting in a constant turnover. Given the scalability of the planning tool, the Company was in a position to reduce one software development position in the second half of 2023, which will result in lower costs going forward.
At the end of 2023 we decided to close the US subsidiary, which did not gain traction. The subsidiary was dissolved in December 2023 and the investment written off, which impacted the Company’s profitability for the year.
We expect 2024 to set the foundations for new growth. The planning tools are used more widely in our top clients, and there are plans to expand them further. Given the high performance of our algorithms and user interface, and the advanced functionality specific to perishable goods, we will look for complementary relationships with other software companies.

Page 1

 
FRESH4CAST LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

M F Ciobanu 
M A Molina Sierra 
J A Fagandini 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M F Ciobanu
Director

Date: 23 September 2024

Page 2

 
FRESH4CAST LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FRESH4CAST LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fresh4cast Ltd for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Fresh4cast Ltd, as a body, in accordance with the terms of our engagement letter dated 31 July 2019Our work has been undertaken solely to prepare for your approval the financial statements of Fresh4cast Ltd and state those matters that we have agreed to state to the Board of Directors of Fresh4cast Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fresh4cast Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Fresh4cast Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fresh4cast Ltd. You consider that Fresh4cast Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Fresh4cast Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Haysmacintyre LLP
 
10 Queen Street Place
London
EC4R 1AG
24 September 2024
Page 3

 
FRESH4CAST LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£


Turnover
354,017
434,162

Cost of sales
(18)
(273)

Gross profit
353,999
433,889

Administrative expenses
(484,734)
(468,703)

Other operating income
10,550
56,349

Operating (loss)/profit
(120,185)
21,535

Loss on disposal of investments
(47,432)
-

Interest receivable and similar income
715
16

(Loss)/profit before tax
(166,902)
21,551

Tax on (loss)/profit
(15,817)
15,817

(Loss)/profit for the financial year
(182,719)
37,368

Other comprehensive income for the year

Share option charge
4,397
5,125

Total comprehensive income for the year
(178,322)
42,493

The notes on pages 8 to 16 form part of these financial statements.

Page 4

 
FRESH4CAST LTD
REGISTERED NUMBER:08729567

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
                                                                   Note
£
£

Fixed assets
  

Intangible assets
 4 
165,088
231,601

Tangible assets
 5 
5,620
4,739

Investments
 6 
-
8

  
170,708
236,348

Current assets
  

Debtors: amounts falling due within one year
 7 
51,847
172,944

Cash at bank and in hand
 8 
59,611
76,507

  
111,458
249,451

Creditors: amounts falling due within one year
 9 
(43,914)
(59,225)

Net current assets
  
 
 
67,544
 
 
190,226

Total assets less current liabilities
  
238,252
426,574

Creditors: amounts falling due after more than one year
 10 
(19,167)
(29,167)

  

Net assets
  
219,085
397,407


Capital and reserves
  

Called up share capital 
  
14,293
14,293

Share premium account
  
763,633
763,633

Capital redemption reserve
  
2,104
2,104

Other reserves
  
37,711
33,314

Profit and loss account
  
(598,656)
(415,937)

  
219,085
397,407


Page 5

 
FRESH4CAST LTD
REGISTERED NUMBER:08729567
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.





M F Ciobanu
Director

The notes on pages 8 to 16 form part of these financial statements.

Page 6

 
FRESH4CAST LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 January 2022
14,293
763,633
2,104
28,189
(453,305)
354,914


Comprehensive income for the year

Profit for the year
-
-
-
-
37,368
37,368

Share option charge
-
-
-
5,125
-
5,125



At 1 January 2023
14,293
763,633
2,104
33,314
(415,937)
397,407


Comprehensive income for the year

Loss for the year
-
-
-
-
(182,719)
(182,719)

Share option charge
-
-
-
4,397
-
4,397


At 31 December 2023
14,293
763,633
2,104
37,711
(598,656)
219,085


The notes on pages 8 to 16 form part of these financial statements.

Page 7

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Fresh4cast Ltd is a private company, limited by shares, registered in England and Wales, registration number 08729567. The registered office is 5 New Street Square, London, EC4A 3TW. The principal activity is forecasting for fresh produce. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 8

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic life which has been determined as 3 years.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 9

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 10

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25% straight line
Computer equipment
-
25% straight line
Other fixed assets
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.15

Creditors

Short-term creditors are measured at the transaction price.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 11

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Intangible assets




Development expenditure
Trademarks
Total

£
£
£



Cost


At 1 January 2023
702,822
340
703,162


Additions - internal
64,818
-
64,818



At 31 December 2023

767,640
340
767,980



Amortisation


At 1 January 2023
471,251
309
471,560


Charge for the year
131,301
31
131,332



At 31 December 2023

602,552
340
602,892



Net book value



At 31 December 2023
165,088
-
165,088



At 31 December 2022
231,571
31
231,602



Page 12

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
553
8,869
9,422


Additions
183
3,706
3,889


Disposals
-
(2,305)
(2,305)



At 31 December 2023

736
10,270
11,006



Depreciation


At 1 January 2023
135
4,548
4,683


Charge for the year
161
1,635
1,796


Disposals
-
(1,093)
(1,093)



At 31 December 2023

296
5,090
5,386



Net book value



At 31 December 2023
440
5,180
5,620



At 31 December 2022
418
4,321
4,739


6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2023
8


Disposals
(8)



At 31 December 2023
-




Page 13

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
46,884
46,189

Amounts owed by group undertakings
-
80,966

Other debtors
848
355

Prepayments and accrued income
4,115
13,545

Tax recoverable
-
16,072

Deferred taxation
-
15,817

51,847
172,944



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
59,611
76,507



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
2,505
9,793

Other taxation and social security
4,211
8,411

Other creditors
670
990

Accruals and deferred income
26,528
30,031

43,914
59,225



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,167
29,167


Page 14

 
FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
9,167
19,167


29,167
39,167


The bank loan, received on 27 November 2020, relates to the Bounce Back Loan Scheme. The loan term is 6 years with no interest to payable for the first 12 months and thereafter the interest rate is fixed at 2.5%. 

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FRESH4CAST LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share-based payments

Share options are fair valued using the Black-Scholes option pricing model. The risk free rate was 1%. The expected volatility is estimated by reference to historical volatility over the last two years and estimated as noted below. The average share price is based on the value of share issues in the year.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year


24,800

 
24,300
 
Granted during the year

1600

8,500

1600
 
500
 
Lapsed during the year

16000

(1,000)

 
-
 
Outstanding at the end of the year

32,300

 
24,800
 

2023
2022

Option pricing model used


Black Scholes

Black Scholes
 
Weighted average share price (pence)


580

580
 
Exercise price (pence)


1600

1600
 
Weighted average contractual life (days)


10

10
 
Expected volatility


40

40
 
Expected dividend growth rate


0

0
 
Risk-free interest rate


1

1
 



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions payable by the Company to the fund and amounted to £4,029 (2022: £4,317). Contributions totalling £670 (2022: £990) were payable to the fund at the reporting date and are included in creditors.


14.


Controlling party

The ultimate controlling party is M Ciobanu.

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