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Registration number: 04682558

Bubble Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Bubble Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Bubble Limited

Company Information
__________________________________________________________________________

Directors

L Erickson

P R Hoyland

J D Platt

Registered office

28 Ashley Lane
Hendon
London
NW4 1HG


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Bubble Limited

(Registration number: 04682558)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

2

 

220,000

 

130,000

Tangible assets

3

 

18,920

 

21,352

Investments

4

 

68,300

 

68,300

   

307,220

 

219,652

Current assets

   

 

Debtors

5

572,818

 

595,785

 

Cash at bank and in hand

 

365,098

 

268,303

 

 

937,916

 

864,088

 

Creditors: Amounts falling due within one year

6

(476,082)

 

(431,847)

 

Net current assets

   

461,834

 

432,241

Total assets less current liabilities

   

769,054

 

651,893

Creditors: Amounts falling due after more than one year

6

 

(14,766)

 

(24,900)

Net assets

   

754,288

 

626,993

Capital and reserves

   

 

Called up share capital

7

3

 

3

 

Retained earnings

754,285

 

626,990

 

Shareholders' funds

   

754,288

 

626,993

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Bubble Limited

(Registration number: 04682558)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:


P R Hoyland

Director

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Developed software

over 5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

2

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

350,000

350,000

Additions internally developed

200,000

200,000

At 31 December 2023

550,000

550,000

Amortisation

At 1 January 2023

220,000

220,000

Amortisation charge

110,000

110,000

At 31 December 2023

330,000

330,000

Carrying amount

At 31 December 2023

220,000

220,000

At 31 December 2022

130,000

130,000

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

47,687

47,687

Additions

3,874

3,874

At 31 December 2023

51,561

51,561

Depreciation

At 1 January 2023

26,335

26,335

Charge for the year

6,306

6,306

At 31 December 2023

32,641

32,641

Carrying amount

At 31 December 2023

18,920

18,920

At 31 December 2022

21,352

21,352

4

Investments

2023
£

2022
£

Investments in subsidiaries

68,300

68,300

Subsidiaries

£

Cost or valuation

At 1 January 2023

68,300

Provision

Carrying amount

At 31 December 2023

68,300

At 31 December 2022

68,300

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Bubble Innovator Ltd

28 Ashley Lane,
London NW4 1HG

Ordinary

96%

96%

Bubble PPM Ltd

28 Ashley Lane,
London NW4 1HG

Ordinary

100%

100%

Bubble Innovation Ltd

28 Ashley Lane,
London NW4 1HG

Ordinary

100%

100%

Subsidiary undertakings

Bubble Innovator Ltd

The principal activity of Bubble Innovator Ltd is Software development.

Bubble PPM Ltd

The principal activity of Bubble PPM Ltd is Dormant.

Bubble Innovation Ltd

The principal activity of Bubble Innovation Ltd is Dormant.

5

Debtors

Current

2023
£

2022
£

Trade debtors

489,040

499,003

Other debtors

83,778

96,782

 

572,818

595,785

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10,164

82,563

Trade creditors

 

25,696

9,504

Taxation and social security

 

61,694

50,992

Other creditors

 

378,528

288,788

 

476,082

431,847

Due after one year

 

Loans and borrowings

14,766

24,900

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.000001 each

2,500,000

2.50

2,500,000

2.50

B Ordinary of £0.000001 each

104,167

0.10

104,167

0.10

 

2,604,167

3

2,604,167

3

At 31 December 2023, the company had outstanding given options for 190,500 B ordinary shares of £0.000001 each (At 31 December 2022: 183,500). During the year, during the year 22,000 (2022: 118,500) options were granted and 15,000 (2022: Nil) cancelled.
These options are only exercisable in the event that the company is sold and the options are cancelled in the event of an employee leaving the company.
 

8

Staff numbers and Directors' remuneration

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

 

Bubble Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
__________________________________________________________________________

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

102,271

101,369

9

Related party transactions

Summary of transactions with subsidiaries

Bubble Innovator Ltd, a subsidiary of Bubble Limited by virtue of 96% controlling shareholding.
 During the year, Bubble Ltd was charged by Bubble Innovator Limited management fees to the value of £115,000 (2022: £30,000) and Bubble Ltd sold to Bubble Innovator Ltd software licenses fees to the value of £210,916 (2022: £275,640).
At the balance sheet date the amount owing to Bubble Innovator Ltd was £(369,707) (2022: £(248,707)).

 

Summary of transactions with other related parties

Bubble Group Ltd, a company controlled by common Directors
 During the year, Bubble Ltd charged Bubble Group Ltd management fees to the the value of £50,000 (2022: Bubble Group Ltd charged Bubble Ltd management fee of £(35,000)).
At the balance sheet date the amount due from Bubble Group Ltd was £10,400 (2022 - £(32,600)).