29 false false false false false false false false false false true false false false false true true No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08838909 2023-02-01 2024-01-31 08838909 2024-01-31 08838909 2023-01-31 08838909 2022-02-01 2023-01-31 08838909 2023-01-31 08838909 2022-01-31 08838909 core:FurnitureFittings 2023-02-01 2024-01-31 08838909 bus:Director4 2023-02-01 2024-01-31 08838909 core:FurnitureFittings 2024-01-31 08838909 core:AfterOneYear 2024-01-31 08838909 core:AfterOneYear 2023-01-31 08838909 core:WithinOneYear 2024-01-31 08838909 core:WithinOneYear 2023-01-31 08838909 core:ShareCapital 2024-01-31 08838909 core:ShareCapital 2023-01-31 08838909 core:SharePremium 2024-01-31 08838909 core:SharePremium 2023-01-31 08838909 core:CapitalRedemptionReserve 2024-01-31 08838909 core:CapitalRedemptionReserve 2023-01-31 08838909 core:OtherReservesSubtotal 2024-01-31 08838909 core:OtherReservesSubtotal 2023-01-31 08838909 core:RetainedEarningsAccumulatedLosses 2024-01-31 08838909 core:RetainedEarningsAccumulatedLosses 2023-01-31 08838909 bus:SmallEntities 2023-02-01 2024-01-31 08838909 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 08838909 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08838909 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08838909 bus:FullAccounts 2023-02-01 2024-01-31 08838909 core:ComputerEquipment 2023-02-01 2024-01-31 08838909 core:ComputerEquipment 2024-01-31
COMPANY REGISTRATION NUMBER: 08838909
Seenit Digital Limited
Filleted Unaudited Financial Statements
31 January 2024
Seenit Digital Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Current assets
Debtors
7
705,823
806,175
Cash at bank and in hand
483,698
540,298
------------
------------
1,189,521
1,346,473
Creditors: amounts falling due within one year
8
( 2,207,472)
( 2,096,534)
------------
------------
Net current liabilities
( 1,017,951)
( 750,061)
------------
---------
Total assets less current liabilities
( 1,017,951)
( 750,061)
Creditors: amounts falling due after more than one year
9
( 26,032)
( 36,681)
------------
---------
Net liabilities
( 1,043,983)
( 786,742)
------------
---------
Capital and reserves
Called up share capital
191
191
Share premium account
2,652,388
2,651,882
Capital redemption reserve
12
12
Other reserves
752,554
757,480
Profit and loss account
( 4,449,128)
( 4,196,307)
------------
------------
Shareholders deficit
( 1,043,983)
( 786,742)
------------
------------
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 has not been delivered.
For the year ending 31 January 2024 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 .
Seenit Digital Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
E Forbes
Director
Company registration number: 08838909
Seenit Digital Limited
Notes to the Financial Statements
Year ended 31 January 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 3rd Floor 150 Buckingham Palace Road, Belgravia, London, SW1W 9TR, United Kingdom.
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 financial statements have been prepared on the going concern basis. The company has incurred losses during the year, however the directors have a reasonable expectation that the company's performance will be reversed when the research and development stage has been completed. The directors believe that the company has sufficient resources available to meet its future liabilities as and when they fall due. On this basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Tangible fixed assets
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:
Office equipment
-
33% straight line
Computer equipment
-
25% straight line
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to profit or loss in the period to which they relate.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 31 ).
5. Share-based payment transaction
The company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial Position, the company had granted EMI qualifying share options to its employees. Of the total share options granted 9,810 lapsed during the year and 600 were exercised. A total of 4,562 share options vested but were not exercised.
No non-EMI qualifying options were granted during the financial year.
6. Tangible assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
8,631
60,260
68,891
-------
--------
--------
Depreciation
At 1 February 2023 and 31 January 2024
8,631
60,260
68,891
-------
--------
--------
Carrying amount
At 31 January 2024
-------
--------
--------
At 31 January 2023
-------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
519,553
578,491
Other debtors
186,270
227,684
---------
---------
705,823
806,175
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
128,852
123,068
Social security and other taxes
96,308
135,631
Other creditors
1,982,312
1,837,835
------------
------------
2,207,472
2,096,534
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,032
36,681
--------
--------
10. Related party transactions
During the year the company settled all outstanding amounts owing to the directors. As at the end of the financial year the balance outstanding is £nil (2021 - £nil).