Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 | ||||||
Tangible assets | 5 | - | |||||
Current assets | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Net (liabilities)/assets | ( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Share options | 18 | - | |||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
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Natalia Pereldik | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Going concern | ||||||||
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The accounts have been prepared under the going concern basis as the company has continuing support from its shareholders, which will enable the company to continue trading. | ||||||||
Turnover | ||||||||
Income recognition | ||||||||
Income is recognised when the service under the subscription terms has been delivered to customers such that risks and rewards of ownership has been transferred to them. The company takes up-front subscription payments and recognises them during the subscription period. Any advance subscription income which falls in the next financial year is deferred in the accounts. | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Office Equipments | over 5 years | |||||||
Research and Development | ||||||||
Expenditure on research and development is written off against profits in the year in which it is incurred. | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Financial assets | ||||||||
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment. | ||||||||
Financial liabilities and equity | ||||||||
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost. | ||||||||
Convertible debt | ||||||||
The proceeds received on issue of the company's convertible debt are allocated into their liability and equity components and presented separately in the balance sheet. The amount initially attributed to the debt component equals the disounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert. The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently re-measured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate. Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. |
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Finance cost | ||||||||
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. | ||||||||
2 | Exceptional items | 2023 | 2022 | |||||
£ | £ | |||||||
Realised currency loss on Loan to equity conversion | - | (110,161) | ||||||
Other currency gains and (losses) | (53,203) | |||||||
unrealised currency gains prior period adjustment - correction of error | - | 25,786 | ||||||
Interest on shareholder loan written off | - | 21,760 | ||||||
(53,203) | (62,615) | |||||||
3 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Intangible fixed assets | £ | ||||||
Intellectual Property: | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 31 December 2023 | ||||||||
Amortisation | ||||||||
At 1 January 2023 | ||||||||
Provided during the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
Intellectual property is being written off in equal annual instalments over its estimated economic life of 10 years. | ||||||||
5 | Tangible fixed assets | |||||||
Office Equipments | ||||||||
£ | ||||||||
Cost | ||||||||
Additions | ||||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
Charge for the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
VAT Receivables | 933 | 4,198 | ||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Accruals | 74,897 | 1,677 | ||||||
Deferred Income | 204,328 | 154,659 | ||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Convertible Loan | ||||||||
The company issued a Convertible Unsecured Loan notes on 30th September 2022 amounting to $1,650,000. The repayment date for the principal and accrued interest is upon maturity which is in 5 years after the date of the instrument. The terms of the agreement stipulate that the loan may be converted prior to maturity in the event of Exit or on subsequent qualifying round of investment. | ||||||||
9 | Share based payments | |||||||
Certain contractors of the company have been granted options over the shares in the company. The options are granted with fixed exercise price, are exercisable four years after the date of grant and expire seven years after the date of grant. The company recognises an equity-based payment expense based on their fair value at the grant date. The fair value is charged to profit and loss account equally over the vesting period. Shareholders' equity is increased by an amount equal to the charge in the profit or loss. The total charge recognised for the year was £10,364. | ||||||||
10 | Other information | |||||||
FUNEXPECTED LTD is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
71-75 Shelton Street | ||||||||
London | ||||||||
WC2H 9JQ |