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Registered number: 09899629









CLICKTECH SOLUTIONS LTD









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
CLICKTECH SOLUTIONS LTD
REGISTERED NUMBER: 09899629

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 December
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
1,435,033
1,501,516

Tangible assets
 6 
44,285
71,180

Investments
 7 
244
-

  
1,479,562
1,572,696

Current assets
  

Debtors: amounts falling due within one year
 8 
1,368,272
1,116,969

Bank and cash balances
  
762,722
1,116,341

  
2,130,994
2,233,310

Creditors: amounts falling due within one year
 9 
(4,932,606)
(2,796,310)

Net current liabilities
  
 
 
(2,801,612)
 
 
(563,000)

Total assets less current liabilities
  
(1,322,050)
1,009,696

Creditors: amounts falling due after more than one year
 10 
-
(1,675,559)

Provisions for liabilities
  

Deferred tax
  
(15,602)
(15,602)

Net liabilities
  
(1,337,652)
(681,465)


Capital and reserves
  

Called up share capital 
  
1,531
1,531

Share premium account
  
9,418,509
9,418,509

Profit and loss account
  
(10,757,692)
(10,101,505)

  
(1,337,652)
(681,465)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
CLICKTECH SOLUTIONS LTD
REGISTERED NUMBER: 09899629
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.




Mr D Sharpe
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Clicktech Solutions Ltd ("the Company") is a private company limited by shares incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

As part of their going concern review, the directors have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider that the going concern basis of accounting remains appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.6

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 recognised as an expense when it is incurred. Intangible assets are recognised 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 capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of 10 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.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
10 years
Computer software
-
5 to 10 years
Goodwill
-
5 years

 
2.12

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 annual bases:

Fixtures and fittings
-
10%
Office equipment
-
14% to 33%
Computer equipment
-
14% to 33%

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 recognised in profit or loss.

Page 6

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 31 (31 December 2022 - 37).


4.


Research and development expenditure

Research and development expenditure charged as an expense during the year made up as follows:


30 June
31 December
2024
2022
£
£

Non-staff costs


Subcontract labour
312,669
43,208

Legal and professional
59,378
37,096

Computer costs
136,567
25,431

Light and heat
2,697
-

511,311
105,735

Staff costs


Wages, national insurance and pension costs
1,030,687
188,833

Page 8

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Intangible assets






Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
1,973,931
36,561
-
2,010,492


Additions
-
216,756
68,556
285,312



At 30 June 2024

1,973,931
253,317
68,556
2,295,804



Amortisation


At 1 January 2023
493,954
15,022
-
508,976


Charge for the period on owned assets
296,088
43,996
11,711
351,795



At 30 June 2024

790,042
59,018
11,711
860,771



Net book value



At 30 June 2024
1,183,889
194,299
56,845
1,435,033



At 31 December 2022
1,479,977
21,539
-
1,501,516



Page 9

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Tangible fixed assets







Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
43,808
54,203
119,553
217,564


Additions
-
2,739
11,836
14,575


Disposals
-
(24,346)
(72,032)
(96,378)



At 30 June 2024

43,808
32,596
59,357
135,761



Depreciation


At 1 January 2023
13,507
33,059
99,818
146,384


Charge for the period on owned assets
6,570
9,763
13,663
29,996


Disposals
-
(17,073)
(67,831)
(84,904)



At 30 June 2024

20,077
25,749
45,650
91,476



Net book value



At 30 June 2024
23,731
6,847
13,707
44,285



At 31 December 2022
30,301
21,144
19,735
71,180


7.


Fixed asset investments








Unlisted investments

£



Cost or valuation


Additions
244



At 30 June 2024
244




During the year, the Company purchased a 100% shareholding in Edee AI Ltd, a private company, limited by shares, registered in England and Wales, registration number 12630304. The registered office is 7 Castle Quay, Nottingham, England, NG7 1FW.

Page 10

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Debtors

30 June
31 December
2024
2022
£
£

Trade debtors
281,441
115,526

Other debtors
144,493
98,868

Prepayments and accrued income
942,338
902,575

1,368,272
1,116,969



9.


Creditors: Amounts falling due within one year

30 June
31 December
2024
£
2022
£

Loans
3,739,521
1,546,669

Trade creditors
314,498
231,621

Other taxation and social security
53,340
293,400

Other creditors
23,491
30,933

Accruals and deferred income
801,756
693,687

4,932,606
2,796,310



10.


Creditors: Amounts falling due after more than one year

30 June
31 December
2024
£
2022
£

Loans
-
1,675,559


Loans relate to a loan agreement with a connnected entity. Interest is charged at 10% per annum on the loan, accruing daily.

Page 11

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Loans


Analysis of the maturity of loans is given below:


30 June
31 December
2024
2022
£
£

Amounts falling due within one year

Loans
3,739,521
1,546,669

Amounts falling due 1-2 years

Loans
-
1,675,559

3,739,521
3,222,228



12.


Deferred taxation






30 June 2024


£






At beginning of year
15,602



At end of year
15,602

The provision for deferred taxation is made up as follows:

30 June
31 December
2024
2022
£
£


Accelerated capital allowances
15,602
15,602

Page 12

 
CLICKTECH SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

13.


Share capital

30 June
31 December
2024
2022
£
£
Allotted, called up and fully paid



13,205 (31 December 2022 - 13,205) Ordinary A shares of £0.01 each
132.05
132.05
31,488 (31 December 2022 - 31,488) Ordinary B shares of £0.01 each
314.88
314.88
31,487 (31 December 2022 - 31,487) Ordinary C shares of £0.01 each
314.87
314.87
2,159 (31 December 2022 - 2,159) Ordinary D shares of £0.01 each
21.59
21.59
1,906 (31 December 2022 - 1,906) Ordinary E shares of £0.01 each
19.06
19.06
3,340 (31 December 2022 - 3,340) Ordinary F shares of £0.01 each
33.40
33.40
1,433 (31 December 2022 - 1,433) Ordinary G shares of £0.01 each
14.33
14.33
1,433 (31 December 2022 - 1,433) Ordinary H shares of £0.01 each
14.33
14.33
4 (31 December 2022 - 4) Ordinary I shares of £0.01 each
0.04
0.04
26 (31 December 2022 - 26) Ordinary J shares of £0.01 each
0.26
0.26
5,017 (31 December 2022 - 5,017) Ordinary K shares of £0.01 each
50.17
50.17
45,010 (31 December 2022 - 45,010) Ordinary L shares of £0.01 each
450.10
450.10
10,798 (31 December 2022 - 10,798) Ordinary M shares of £0.01 each
107.98
107.98
5,781 (31 December 2022 - 5,781) Ordinary N shares of £0.01 each
57.81
57.81

1,530.87

1,530.87



14.


Pension commitments

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the funds in respect of the year.
The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge amounted to £100,225 
(31 December 2022 - £58,017). Included in other creditors at the year end was an amount of £14,978 (31 December 2022 - £12,543) relating to outstanding contributions.


15.


Auditor's information

The auditor's report on the financial statements for the period ended 30 June 2024 was unqualified.

The audit report was signed on 18 November 2024 by Andrew Barnes (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 13