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REGISTERED NUMBER: 05954367 (England and Wales)




















Financial Statements

FOR THE YEAR ENDED

31 December 2023

for

TAKE NOTE LTD

TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TAKE NOTE LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J P Son
S Rothman





REGISTERED OFFICE: 7 Savoy Court
London
WC2R 0EX





REGISTERED NUMBER: 05954367 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 187,549 301,077
Tangible assets 5 7,106 7,328
194,655 308,405

CURRENT ASSETS
Debtors 6 497,575 509,557
Cash at bank 671,400 485,653
1,168,975 995,210
CREDITORS
Amounts falling due within one year 7 305,282 416,716
NET CURRENT ASSETS 863,693 578,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,058,348

886,899

CREDITORS
Amounts falling due after more than one
year

8

-

(40,268

)

PROVISIONS FOR LIABILITIES (36,499 ) (58,004 )
NET ASSETS 1,021,849 788,627

CAPITAL AND RESERVES
Called up share capital 11 11
Share premium 9 27,283 27,283
Distributable reserves 9 43,072 20,537
Profit and loss account 9 951,483 740,796
SHAREHOLDERS' FUNDS 1,021,849 788,627

The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





S Rothman - Director


TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Take Note Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of services are recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable

Intangible assets
Development costs are capitalized within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortized on a straight line basis over the anticipated life of the benefits arising from the completed produce or project.

Where intangible assets are acquired by Take Note Ltd from third parties the costs of acquisition are capitalized. They are amortized from the point at which the are available for use, over their estimated useful lives.

Estimated useful lives for intangible fixed assets are 5 years

At each balance sheet date, intangible assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with it’s carrying amount. If the estimated recoverable amount is I ower, the carrying amount is reduced to its estimatedrecoverable amount, and an impairment loss is recognized immediately in profit or loss.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss.

TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk

The distributable reserves relate to capital provided by shareholders in a form other than shares

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognized as an expense when it is incurred. Intangible assets are recognized from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalized development costs are subsequently amortized on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
The Company's functional and presentational currency is GBP.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 16 ) .

TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 1,232,672
AMORTISATION
At 1 January 2023 931,595
Charge for year 113,528
At 31 December 2023 1,045,123
NET BOOK VALUE
At 31 December 2023 187,549
At 31 December 2022 301,077

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 11,497
Additions 1,332
At 31 December 2023 12,829
DEPRECIATION
At 1 January 2023 4,169
Charge for year 1,554
At 31 December 2023 5,723
NET BOOK VALUE
At 31 December 2023 7,106
At 31 December 2022 7,328

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 486,124 467,041
Amounts owed by group undertakings 9,760 38,350
Other debtors 1,691 4,166
497,575 509,557

TAKE NOTE LTD (REGISTERED NUMBER: 05954367)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9 -
Trade creditors 4,591 8,877
Amounts owed to group undertakings 8,531 -
Taxation and social security 121,624 171,043
Other creditors 170,527 236,796
305,282 416,716

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors - 40,268

9. RESERVES
Profit
and loss Share Distributable
account premium reserves Totals
£    £    £    £   

At 1 January 2023 740,796 27,283 20,537 788,616
Profit for the year 210,687 210,687
Capital Contribution - - 22,535 22,535
At 31 December 2023 951,483 27,283 43,072 1,021,838

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Verbit UK Limited which is a subsidiary of Verbit Inc.

The ultimate parent company is Verbit Inc, a company registered in United States of America. Copies of Verbit Inc's consolidated financial statements are available upon request from Verbit Inc, 950 7th Avenue, New York NY 10018.

The most senior parent entity producing consolidated financial statement is Verbit Inc.

The parent of the smallest and largest group in which these financial statements are consolidated is Verbit Inc., incorporated in United States of America. The registered address of the parent company is as per the above paragraph.