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Registered number: 11553657
Truthsayers Ltd
Unaudited Financial Statements
For the Period 1 October 2022 to 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11553657
31 December 2023 30 September 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 36,000
Tangible Assets 5 495 1,528
495 37,528
CURRENT ASSETS
Debtors 7 86,992 14,809
Cash at bank and in hand 29,392 15,387
116,384 30,196
Creditors: Amounts Falling Due Within One Year 8 (79,030 ) (75,314 )
NET CURRENT ASSETS (LIABILITIES) 37,354 (45,118 )
TOTAL ASSETS LESS CURRENT LIABILITIES 37,849 (7,590 )
NET ASSETS/(LIABILITIES) 37,849 (7,590 )
CAPITAL AND RESERVES
Called up share capital 9 37 37
Share premium account 224,193 224,193
Revaluation reserve 10 180,000 180,000
Profit and Loss Account (366,381 ) (411,820 )
SHAREHOLDERS' FUNDS 37,849 (7,590)
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For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Andrew Dean
Director
24 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Truthsayers Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11553657 . The registered office is 6 Fairview Close, Watledge, Nailsworth, Gloucestershire, GL6 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The company has already sold some services and has a pipeline of prospects, which the directors believe will enable it to become profitable in the near future. The founder investors have expressed their willingness to continue to provide funding to the company until such time as it generates its own net cash inflows.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the licensing of products and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Licensing of products
Turnover from the licensing of products is recognised in the periods covered by the licences. Licences covering periods beyond the current year are apportioned across the applicable accounting years and future periods are held in the balance sheet as deferred income, to be released to profit and loss when the future periods complete.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated 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 is 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 to £Nil on a straight line basis over their expected useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets comprise the company's methodology and supporting platform. It is amortised to the profit and loss account over its estimated economic life of five years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% straight line
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was  3 (2022: 3)
3 3
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 October 2022 180,000
As at 31 December 2023 180,000
Amortisation
As at 1 October 2022 144,000
Provided during the period 36,000
As at 31 December 2023 180,000
Net Book Value
As at 31 December 2023 -
As at 1 October 2022 36,000
The company has made sales of services directly resulting from its investment of time and expense in the development of its bespoke solution through a combination of neuroscience, psychology, technology, data science and machine learning.
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5. Tangible Assets
Computer Equipment
£
Cost
As at 1 October 2022 3,473
As at 31 December 2023 3,473
Depreciation
As at 1 October 2022 1,945
Provided during the period 1,033
As at 31 December 2023 2,978
Net Book Value
As at 31 December 2023 495
As at 1 October 2022 1,528
6. Investments
On 30 October 2020 the company acquired 2,541,970 Class B Common Shares of Cdn$0.0001 each representing a 19% holding in the issued share capital of Torkore Portfolio Inc (Torkore), an unlisted company registered in Canada. The agreed valuation was £224,200, which was funded by the issue of 704 B Ordinary £0.01p shares in the company.
In the current year, the actions on sales for Truthsayers Limited that had been promised by Torkore in consideration for their stake in the company failed to materialise. Furthermore, the regular financial information on Torkore's performance, as included in the contract between the companies, failed to be delivered to the company. These failures removed all confidence that the directors had in Torkore and they decided to reduce the carrying value of the investment in Torkore to £15. The investment was then sold in September 2022 to Tessad Limited, a company registered in England & Wales and wholly owned by the founder directors of Truthsayers Limited. 
7. Debtors
31 December 2023 30 September 2022
£ £
Due within one year
Trade debtors 85,209 -
Other debtors < 1 year 1,783 -
Corporation tax recoverable - 14,809
86,992 14,809
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 30 September 2022
£ £
Trade creditors 28 1,129
Other taxes and social security < 1 year 2,327 1,265
VAT 17,967 6,414
Pension contributions payable 347 207
Accruals and deferred income < 1 year 57,500 750
Directors' loan accounts 861 65,549
79,030 75,314
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9. Share Capital
31 December 2023 30 September 2022
Allotted, called up and fully paid £ £
3,000 Ordinary Shares of £ 0.010 each 30 30
704 Ordinary B shares of £ 0.010 each 7 7
37 37
10. Reserves
Revaluation Reserve
£
As at 1 October 2022 180,000
As at 31 December 2023 180,000
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