Registration number:
Aronova Interactive Limited
for the Year Ended 31 December 2023
Aronova Interactive Limited
Contents
Balance sheet |
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Notes to the Unaudited Financial Statements |
Aronova Interactive Limited
(Registration number: 4685868)
Balance sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible fixed assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Share capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Other reserves |
157,745 |
138,237 |
|
Retained earnings |
3,236,181 |
2,913,042 |
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Shareholders' funds |
3,403,926 |
3,061,279 |
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:
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• |
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 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and loss account.
The financial statements of Aronova Interactive Limited were approved and authorised for issue by the
.........................................
Director
Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
General information |
Aronova Interactive Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with 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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover comprises of amounts receivable in respect of provision of services in the ordinary course of the Company’s activities net of Value added tax. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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.
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets
Tangible assets is stated in the statement of financial position 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 is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Asset class |
Depreciation method and rate |
Computer Equipment |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for 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.
Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Share based payments
All share based payments are recognised in the financial statements.
All goods and services received in exchange for the grant of any share-based remuneration are measured at their fair values. Fair values of employee services are determined indirectly by reference to the fair value of the share options awarded. Their value is appraised at the grant dates and excludes the impact of non-market vesting conditions.
All share-based remuneration is ultimately recognised as an expense in the profit and loss account with a corresponding credit to the "share option reserve" (other reserves) in the balance sheet.
If vesting periods apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior periods if the number of share options ultimately exercised is different to that estimated on vesting. Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Tangible fixed assets |
Furniture, fittings and equipment |
Other tangible fixed assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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- |
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At 31 December 2022 |
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- |
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Debtors |
Current |
2023 |
2022 |
Trade receivables |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
Creditors |
2023 |
2022 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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- |
Other payables |
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Accruals |
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Income tax liability |
123,516 |
64,911 |
Deferred income |
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Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
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10,000 |
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10,000 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Other reserve represents cumulative share-based payment expenses arising from an issue of share options. £19,508 (2022:£31,549) was credited to the reserve during the year (note 9).
Share-based payments |
Scheme details and movements
Aronova Interactive Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)
8 |
Share-based payments (continued) |
The option entitled the employees to purchase shares in the parent entity at the fair value on the date of grant. The fair value was calculated to be £116 per share option (2022:£116) based on 75% estimated volatility. The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model, on the "Earnings" basis. This is seen as the most representative method to measure the reflection of the value it is perceived will flow from ownership of a share.
The movements in the number of share options during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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Outstanding, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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Outstanding, end of period |
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Effect of share-based payments on profit or loss and financial position
The total expense recognised in profit or loss for the year was £19,508 (2022 - £31,549).
The total carrying amount of the liabilities arising from share-based payments at the end of the year was £Nil (2022 - £
Parent and ultimate parent undertaking |
The company's immediate parent is