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COMPANY REGISTRATION NUMBER: 11797448
Cadro Technologies Limited
Financial Statements
7 February 2024
Cadro Technologies Limited
Financial Statements
Period from 1 February 2023 to 7 February 2024
Contents
Page
Strategic report
1
Directors' report
4
Independent auditor's report to the members
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
Cadro Technologies Limited
Strategic Report
Period from 1 February 2023 to 7 February 2024
The directors present their Strategic Report together with the audited financial statements for the period ended 7 February 2024. Principal activities The company's principal activity during the period continued to be the provision of investment management services. Business and financial performance review Cadro's growth plan continues apace with additional capital injection in the period in order to continue development on its mobile application to facilitate its tech-enabled offerings and the recruitment of client advisers to bolster the team. As a result, we are reporting a loss before tax for the period of £1,702,574 (2023: £1,006,981). Our client base continues to grow with exceptional client satisfaction. Incidentally, client asset remains strong with record net new asset intake. Pipeline growth is showing pleasing results, and we are excited about the future prospect of Cadro. This year, we were proud to be recognised and designated WealthTech 100 company 2024 by WealthTech 100 and being shortlisted in the below categories; - WealthTech of the Year (UK Fintech Awards); - WealthTech firm of the Year (Wealth and Asset Management Awards) - Technology Innovators of the year (Citywealth Magic Circle Awards) The financial key performance indicators for the year are as follows;
2024 2023
£ £
Turnover 185,479
Loss before tax 1,702,574 1,006,981
Principal risks and uncertainties The business is subject to a number of risks which are monitored by the Board. Liquidity risk The Board regularly monitors its investment requirement in conjunction with reviewing the forecast cash position and as the company is regulated by the Financial Conduct Authority (FCA), regular reporting requirements need to be met and sustained, which ensure the company remains liquid. Foreign currency exchange rate risk Currently, the company has a normal level of exposure to price and credit risks arising from trading activities which are largely conducted in sterling. In the future, the company will be receiving fee income in other currencies, therefore currency risk may need to be managed in the future. Credit risk The company has no credit risk as client monies are held by third parties. It is the policy of the Board to settle trade and other debts within the terms agreed. Economic risk The company and its clients are impacted by general economic conditions. The company's major costs are variable and therefore it is able to respond and adapt to meet clients' needs in the provision of its investment management services. Interest rate risk The company has interest bearing assets. Interest bearing assets comprise only cash and cash equivalents which earn interest at fixed and variable rates. This is not considered a material income for the company going forward. Going concern risk The company is currently loss making and relies on funding from its investors until it reaches breakeven. Future developments The company will continue to innovate its tech-based offerings and expand, in time, into other services not currently provided and new markets. Streamlined Energy & Carbon Report After undertaking a calculation, the company's energy consumption amounted to less 40 megawatt-hours (MWh), thereby eliminating the requirement for disclosure in the financial statements. Section 172 Statement In considering how to promote the success of the company as set out in Section 172 of the Companies Act 2006, the Directors are required to explain how they consider the interests of the key stakeholders when seeking to promote the company's success. The key stakeholder groups are set out below, how we engage with them and how we measure the effectiveness of the engagement: Engagement with stakeholders is central to the Company's approach to doing business. The Directors regularly review the performance of the business employing financial and non-financial metrics. Due to the fast-changing nature of the industry, regular forecasting is performed to ensure that the Company can meet customer demands at all times as swiftly and efficiently as possible. We actively engage with and support our employees as a responsible employer. We also consider health, safety, and welfare to be a primary responsibility and maintain appropriate structure and process to support this. We are focussed on delivering value to our customers and we recognise the importance of all in our network who make this possible. Our business nurtures and integrates supplier relationships as an inherent part of our operations. It is our aim pro-actively to support the communities which we impact. The Company plans to scale its operations significantly via network effects and through building a community supporting a more accessible approach to finance. We are also proud of our commitment to shaping the future development of personal finance, via the innovative use of technology, to improve accessibility and help modernise our industry. Maintaining a reputation for excellence and high standards of service are central to our ethos and a key part of engaging with and maintaining positive relations with prospective and existing clients. Given its FCA-regulated status, the Company's conformity with the comprehensive set of prescribed standards required thereby, ensures that, in addition to complying with the UK's financial sector regulatory framework, as it expands, the Company invests continuously in systems, processes and training to ensure that compliance and accreditation is maintained and that high standards are assured.
This report was approved by the board of directors on 13 September 2024 and signed on behalf of the board by:
Mr J Buck
Mrs N Williams
Director
Director
Registered office:
Berkeley Square House
Berkeley Square
London
United Kingdom
W1J 6BD
Cadro Technologies Limited
Directors' Report
Period from 1 February 2023 to 7 February 2024
The directors present their report and the financial statements of the company for the period ended 7 February 2024 .
Directors
The directors who served the company during the period were as follows:
Mr J Buck
Mrs N Williams
Mr E Heaton
(Appointed 19 October 2023)
Mr P Martin
(Resigned 7 May 2023)
Mr G Hurst was appointed on 4 March 2024 .
Dividends
The directors do not recommend the payment of a dividend.
Events after the reporting period
Particulars of events after the reporting date are detailed in note 22 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 13 September 2024 and signed on behalf of the board by:
Mr J Buck
Mrs N Williams
Director
Director
Registered office:
Berkeley Square House
Berkeley Square
London
United Kingdom
W1J 6BD
Cadro Technologies Limited
Independent Auditor's Report to the Members of Cadro Technologies Limited
Period from 1 February 2023 to 7 February 2024
Opinion
We have audited the financial statements of Cadro Technologies Limited (the 'company') for the period ended 7 February 2024 which comprise the statement of comprehensive income, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 7 February 2024 and of its loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform auditor procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management and the finance team, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes asking questions and reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist with the organisation for fraud. Key areas include timing of recognising income around the year end and posting o unusual journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alexander Baker
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
17 September 2024
Cadro Technologies Limited
Statement of Comprehensive Income
Period from 1 February 2023 to 7 February 2024
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
Note
£
£
Turnover
4
185,479
Cost of sales
32,623
---------
----
Gross profit
152,856
Administrative expenses
1,874,387
1,009,714
Other operating income
5
1,817
------------
------------
Operating loss
6
( 1,721,531)
( 1,007,897)
Other interest receivable and similar income
10
18,957
919
Interest payable and similar expenses
11
3
------------
------------
Loss before taxation
( 1,702,574)
( 1,006,981)
Tax on loss
12
( 218,506)
------------
------------
Loss for the financial period and total comprehensive income
( 1,484,068)
( 1,006,981)
------------
------------
All the activities of the company are from continuing operations.
Cadro Technologies Limited
Statement of Financial Position
7 February 2024
7 Feb 24
31 Jan 23
Note
£
£
Fixed assets
Intangible assets
13
984,429
506,265
Tangible assets
14
33,450
31,671
Investments
15
1
1
------------
---------
1,017,880
537,937
Current assets
Debtors
16
235,254
30,867
Cash at bank and in hand
1,795,173
623,414
------------
---------
2,030,427
654,281
Creditors: amounts falling due within one year
17
269,830
142,534
------------
---------
Net current assets
1,760,597
511,747
------------
------------
Total assets less current liabilities
2,778,477
1,049,684
------------
------------
Net assets
2,778,477
1,049,684
------------
------------
Capital and reserves
Called up share capital
19
174
113
Share premium account
20
5,325,970
2,113,170
Profit and loss account
20
( 2,547,667)
( 1,063,599)
------------
------------
Shareholders funds
2,778,477
1,049,684
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr J Buck
Mrs N Williams
Director
Director
Company registration number: 11797448
Cadro Technologies Limited
Statement of Cash Flows
Period from 1 February 2023 to 7 February 2024
7 Feb 24
31 Jan 23
£
£
Cash flows from operating activities
Loss for the financial period
( 1,484,068)
( 1,006,981)
Adjustments for:
Depreciation of tangible assets
10,630
4,897
Amortisation of intangible assets
175,976
51,860
Other interest receivable and similar income
( 18,957)
( 919)
Interest payable and similar expenses
3
Tax on loss
( 218,506)
Accrued expenses
19,650
51,018
Changes in:
Trade and other debtors
( 204,387)
( 17,960)
Trade and other creditors
107,646
36,075
------------
------------
Cash generated from operations
( 1,612,016)
( 882,007)
Interest paid
( 3)
Interest received
18,957
919
Tax received
218,506
------------
---------
Net cash used in operating activities
( 1,374,553)
( 881,091)
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 12,409)
( 36,568)
Purchase of intangible assets
( 654,140)
( 531,553)
Acquisition of subsidiaries
( 1)
------------
---------
Net cash used in investing activities
( 666,549)
( 568,122)
------------
---------
Cash flows from financing activities
Proceeds from issue of ordinary shares
3,212,861
2,005,743
Proceeds from loans from group undertakings
1
------------
------------
Net cash from financing activities
3,212,861
2,005,744
------------
------------
Net increase in cash and cash equivalents
1,171,759
556,531
Cash and cash equivalents at beginning of period
623,414
66,883
------------
---------
Cash and cash equivalents at end of period
1,795,173
623,414
------------
---------
Cadro Technologies Limited
Notes to the Financial Statements
Period from 1 February 2023 to 7 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Berkeley Square House, Berkeley Square, London, W1J 6BD, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, therefore the company continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
App Development
-
5 year straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
4 year straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Rendering of services
185,479
---------
----
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Other operating income
1,817
----
-------
6. Operating loss
Operating profit or loss is stated after charging:
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Amortisation of intangible assets
175,976
51,860
Depreciation of tangible assets
10,630
4,897
Foreign exchange differences
1,658
1,187
---------
--------
7. Auditor's remuneration
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Fees payable for the audit of the financial statements
7,500
5,825
-------
-------
8. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
7 Feb 24
31 Jan 23
No.
No.
Administrative staff
11
3
Management staff
3
3
----
----
14
6
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Wages and salaries
877,363
462,884
Social security costs
101,883
50,564
Other pension costs
34,465
14,847
------------
---------
1,013,711
528,295
------------
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Remuneration
220,194
139,610
Company contributions to defined contribution pension plans
4,307
1,957
---------
---------
224,501
141,567
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Aggregate remuneration
85,667
80,000
--------
--------
10. Other interest receivable and similar income
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Interest on cash and cash equivalents
18,957
919
--------
----
11. Interest payable and similar expenses
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Other interest payable and similar charges
3
----
----
12. Tax on loss
Major components of tax income
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Current tax:
UK current tax income
( 218,506)
---------
----
Tax on loss
( 218,506)
---------
----
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24 % (2023: 19 %).
Period from
1 Feb 23 to
Year to
7 Feb 24
31 Jan 23
£
£
Loss on ordinary activities before taxation
( 1,702,574)
( 1,006,981)
------------
------------
Loss on ordinary activities by rate of tax
( 441,426)
( 191,326)
Adjustment to tax charge in respect of prior periods
( 114,121)
Effect of expenses not deductible for tax purposes
11,511
15,886
Effect of capital allowances and depreciation
( 427)
( 8,102)
Unused tax losses
551,219
219,521
Revenue items capitalised
( 120,877)
( 35,979)
Research and development tax credit
(104,385)
------------
------------
Tax on loss
( 218,506)
------------
------------
13. Intangible assets
App Development
£
Cost
At 1 February 2023
565,595
Additions
654,140
------------
At 7 February 2024
1,219,735
------------
Amortisation
At 1 February 2023
59,330
Charge for the period
175,976
------------
At 7 February 2024
235,306
------------
Carrying amount
At 7 February 2024
984,429
------------
At 31 January 2023
506,265
------------
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
14. Tangible assets
Equipment
£
Cost
At 1 February 2023
36,568
Additions
12,409
--------
At 7 February 2024
48,977
--------
Depreciation
At 1 February 2023
4,897
Charge for the period
10,630
--------
At 7 February 2024
15,527
--------
Carrying amount
At 7 February 2024
33,450
--------
At 31 January 2023
31,671
--------
15. Investments
Shares in group undertakings
£
Cost
At 1 February 2023 and 7 February 2024
1
----
Impairment
At 1 February 2023 and 7 February 2024
----
Carrying amount
At 7 February 2024
1
----
At 31 January 2023
1
----
At the balance sheet date, the company's investments consisted of the ownership of 100% of the ordinary share capital of Cadro Capital Ltd.
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Cadro Capital Ltd
Berkeley Square House, Berkeley Square, London, W1J 6BD
Ordinary
100
16. Debtors
7 Feb 24
31 Jan 23
£
£
Trade debtors
19,277
Prepayments and accrued income
79,836
4,338
Corporation tax repayable
104,385
Other debtors
31,756
26,529
---------
--------
235,254
30,867
---------
--------
17. Creditors: amounts falling due within one year
7 Feb 24
31 Jan 23
£
£
Trade creditors
75,113
11,051
Amounts owed to group undertakings
1
1
Accruals and deferred income
72,681
53,031
Social security and other taxes
54,598
33,481
Director loan accounts
42,977
39,657
Other creditors
24,460
5,313
---------
---------
269,830
142,534
---------
---------
18. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 34,465 (2023: £ 14,847 ).
19. Called up share capital
Issued, called up and fully paid
7 Feb 24
31 Jan 23
No.
£
No.
£
Ordinary shares of £ 0.001 each
173,719
174
113,099
113
---------
----
---------
----
The company's authorised and allotted share capital consists of 173,719 (2023: 113,099) Ordinary shares.
20. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Analysis of changes in net debt
At 1 Feb 2023
Cash flows
At 7 Feb 2024
£
£
£
Cash at bank and in hand
623,414
1,171,759
1,795,173
Debt due within one year
(39,658)
(3,320)
(42,978)
---------
------------
------------
583,756
1,168,439
1,752,195
---------
------------
------------
22. Events after the reporting period
The company raised additional funding of £1,500,000 on 6 June 2024 through a new share issue.
Cadro Technologies Limited
Notes to the Financial Statements (continued)
Period from 1 February 2023 to 7 February 2024
23. Related party transactions
At the balance sheet date the company owed the directors £42,977 (2023: £39,657). At the balance sheet date the company owed £1 (2023: £1) to a subsidiary company.