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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
8,951
8,951
xbrli:pure
xbrli:shares
iso4217:GBP
09928281
2023-01-01
2023-12-31
09928281
2023-12-31
09928281
2022-12-31
09928281
2022-01-01
2022-12-31
09928281
2022-12-31
09928281
2021-12-31
09928281
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-01-01
2023-12-31
09928281
core:PatentsTrademarksLicencesConcessionsSimilar
2023-01-01
2023-12-31
09928281
bus:Director1
2023-01-01
2023-12-31
09928281
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-12-31
09928281
core:PatentsTrademarksLicencesConcessionsSimilar
2022-12-31
09928281
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
09928281
core:PatentsTrademarksLicencesConcessionsSimilar
2023-12-31
09928281
core:WithinOneYear
2023-12-31
09928281
core:WithinOneYear
2022-12-31
09928281
core:AfterOneYear
2023-12-31
09928281
core:AfterOneYear
2022-12-31
09928281
core:ShareCapital
2023-12-31
09928281
core:ShareCapital
2022-12-31
09928281
core:SharePremium
2023-12-31
09928281
core:SharePremium
2022-12-31
09928281
core:RetainedEarningsAccumulatedLosses
2023-12-31
09928281
core:RetainedEarningsAccumulatedLosses
2022-12-31
09928281
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-12-31
09928281
bus:SmallEntities
2023-01-01
2023-12-31
09928281
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
09928281
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
09928281
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
09928281
bus:FullAccounts
2023-01-01
2023-12-31
09928281
core:OfficeEquipment
2023-01-01
2023-12-31
09928281
core:OfficeEquipment
2023-12-31
09928281
core:AfterOneYear
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
09928281
Filleted Unaudited Financial Statements |
|
31 December 2023
Fixed assets
Intangible assets |
4 |
73,014 |
95,737 |
|
|
|
|
Current assets
Debtors |
6 |
283,818 |
290,990 |
Cash at bank and in hand |
– |
204 |
|
--------- |
--------- |
|
283,818 |
291,194 |
|
--------- |
--------- |
|
356,832 |
386,931 |
|
--------- |
--------- |
|
|
|
|
Capital, reserves and liabilities
Called up share capital |
95 |
95 |
Share premium account |
909,982 |
909,982 |
Profit and loss account |
(
1,568,137) |
(
1,525,091) |
|
------------ |
------------ |
Shareholders deficit |
(
658,060) |
(
615,014) |
|
|
|
Creditors: amounts falling due within one year |
7 |
19,260 |
51,724 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
995,632 |
950,221 |
|
--------- |
--------- |
|
356,832 |
386,931 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Balance Sheet (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
22 October 2024
, and are signed on behalf of the board by:
Company registration number:
09928281
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Langham House, Northgate, Northwood, HA6 2TH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net losses for the first 7 years of trade. The directors have received assurances from the shareholders that the loans will remain in place as required by the company. The directors consider the company to be a going concern and the accounts are prepared on this basis.
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. Significant judgements The management consider that the only critical judgements (apart from those involving estimations) applied in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements are in respect of intangible assets and deferred tax - The cost of internally generated assets is capitalised as an intangible asset where it is determined by management's judgement that the ability to develop the assets is technically feasible, will be completed, and that the asset will generate economic benefit that outweighs its cost - The deferred tax asset in respect of the tax losses carried forward is recognised as the directors judge that these losses will be utilised against future profits Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Tangible fixed assets are depreciated over their useful economic lives taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually - Recoverability of trade debtors is assessed annually, based on assumptions about historical recovery rates and future market conditions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. They represent development costs in respect of the Playon pro app and the Playon Fan app.
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:
|
Playon Pro App |
- |
10% straight line |
|
Playon Fan App |
- |
10% 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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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 |
- |
25% straight line |
|
|
|
|
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. Directors consider the future income streams in respect of the assets, in assessing recoverable amount. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
|
Playon Pro App |
Playon Fan App |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 and 31 December 2023 |
227,232 |
26,040 |
253,272 |
|
--------- |
-------- |
--------- |
Amortisation |
|
|
|
At 1 January 2023 |
131,495 |
26,040 |
157,535 |
Charge for the year |
22,723 |
– |
22,723 |
|
--------- |
-------- |
--------- |
At 31 December 2023 |
154,218 |
26,040 |
180,258 |
|
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
73,014 |
– |
73,014 |
|
--------- |
-------- |
--------- |
At 31 December 2022 |
95,737 |
– |
95,737 |
|
--------- |
-------- |
--------- |
|
|
|
|
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
8,951 |
|
------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
8,951 |
|
------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
------- |
At 31 December 2022 |
– |
|
------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
7,100 |
Other debtors |
283,818 |
283,890 |
|
--------- |
--------- |
|
283,818 |
290,990 |
|
--------- |
--------- |
|
|
|
Included within other debtors is £282,745 deferred tax asset in respect of losses. The directors expect to utilise these losses against future profits, with utilisation commencing in year ended 31 December 2025 therefore the deferred tax asset will not be recoverable before 31 December 2024.
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
5,833 |
6,794 |
Trade creditors |
12,577 |
44,080 |
Other creditors |
850 |
850 |
|
-------- |
-------- |
|
19,260 |
51,724 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
32,703 |
32,703 |
Other creditors |
962,929 |
917,518 |
|
--------- |
--------- |
|
995,632 |
950,221 |
|
--------- |
--------- |
|
|
|
In previous years a BounceBack Loan of £50,000 was advanced, with initial interest rate 2.5%.
As at 31 December 2023 £962,927 (2022 £917,517) was outstanding in respect of shareholder loans, including accrued interest. The loan terms specify repayment following future equity investments or when there are funds in the company, whichever is earliest.