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Registered Number: 11346552
England and Wales

 

 

 

DATASPARQ LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 30,779    24,054 
30,779    24,054 
Current assets      
Debtors 5 2,220,219    1,381,732 
Cash at bank and in hand 112,073    547,780 
2,332,292    1,929,512 
Creditors: amount falling due within one year 6 (978,104)   (939,055)
Net current assets 1,354,188    990,457 
 
Total assets less current liabilities 1,384,967    1,014,511 
Creditors: amount falling due after more than one year 7 (1,209,999)   (1,209,999)
Net assets 174,968    (195,488)
 

Capital and reserves
     
Called up share capital 1    1 
Reserves 8 9,629    4,911 
Profit and loss account 165,338    (200,400)
Shareholders' funds 174,968    (195,488)
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 24 September 2024 and were signed on its behalf by:


-------------------------------
John Wyllie
Director
1
General Information
DATASPARQ LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11346552, registration address Orion House C/O Mml Capital Partners Llp, Upper St. Martin's Lane, London, England, WC2H 9EA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 2 years Straight Line
Computer Equipment 2 years Straight Line
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 balance sheet 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.
2.

Average number of employees

Average number of employees during the year was 46 (2022 : 24).
3.

Financial Commitments, Guarantees and Contingencies

Total future minimum payments under non-cancellable operating leases at 31 December 2023 was £1,101,083 (2022: £197,923).




4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 January 2023   44,443    44,443 
Additions 1,558    30,637    32,195 
Disposals   (3,980)   (3,980)
At 31 December 2023 1,558    71,100    72,658 
Depreciation
At 01 January 2023   20,389    20,389 
Charge for year 585    24,885    25,470 
On disposals   (3,980)   (3,980)
At 31 December 2023 585    41,294    41,879 
Net book values
Closing balance as at 31 December 2023 973    29,806    30,779 
Opening balance as at 01 January 2023   24,054    24,054 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 1,730,578    1,038,847 
Prepayments & Accrued Income 240,563    178,185 
Other Debtors 86,916    1,260 
Deferred tax asset 162,162    163,440 
2,220,219    1,381,732 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 16,051    5,818 
Taxation and social security costs 441,600    392,511 
Accruals and deferred income 520,084    539,267 
Other Creditors 369    1,459 
978,104    939,055 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Amounts Owed to Group Undertakings 1,209,999    1,209,999 
1,209,999    1,209,999 

8.

Reserves

2023
£
  2022
£
Share Options Reserve b/fwd 4,911   
Issue of Options during the Year 4,718    7,411 
Lapse of Share Options in the Year   (2,500)
9,629    4,911 

9.

Share Options

Share Options


                                                     Number of EMI options
At 1 January 2023                         93,750
issued during the year                 48,750    
lapsed during the year                 -
At 31 December 2023                  142,500   
     
non-vested                                    142.500

During the year ended 31 December 2020, the company granted the following Enterprise Management Incentive options:


Number of shares                        75,000
Option Price                                 £1 each
Number employees                     8
Vesting period                             on exit
6250 Enterprise Management Incentive Options, with an option price of £1 lapsed during this period.


During the year ended 31 December 2021, the company granted the following Enterprise Management Incentive options:

Number of shares                    31,250
Option Price                             £1 each
Number employees                 4
Vesting period                         on exit


6250 Enterprise Management Incentive Options, with an option price of £1 lapsed during the year ended 31 December 2022

During the year ended 31 December 2023, the company granted the following Enterprise Management Incentive options:


Number of shares 48,750
Option Price £1 each
Number employees 6
Vesting period on exit

The HMRC valuation of the share options is £0.20 per share.
The share options have been granted by the holding company, Datasparq Holdings Limited, to the employees of Datasparq Limited







10.

Controlling Party

Datasparq Ltd is a 100% owned subsidiary of Datasparq Holdings Limited.
The registered office of Datasparq Holdings Limited is:
Orion House
C/o MML Capital Partners LLP
Upper St. Martin's Lane
London
WC2H 9EA

2