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Registration number: 11673088

Tradesserve Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Tradesserve Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Tradesserve Ltd

(Registration number: 11673088)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

49,273

52,512

Investments

5

100

-

 

49,373

52,512

Current assets

 

Debtors

19,737

8,162

Cash at bank and in hand

 

486

496

 

20,223

8,658

Creditors: Amounts falling due within one year

(135,391)

(76,115)

Net current liabilities

 

(115,168)

(67,457)

Net liabilities

 

(65,795)

(14,945)

Capital and reserves

 

Called up share capital

8

40,003

40,003

Retained earnings

(105,798)

(54,948)

Shareholders' deficit

 

(65,795)

(14,945)

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Tradesserve Ltd

(Registration number: 11673088)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Andrew Brown
Director

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Sandals Cottages
Church Lane
East Worldham
Alton
GU34 3AS
England and Wales

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have reviewed the company's plans and funding requirements for a period of 12 months from the date of signing the accounts and are satisfied that they can continue to adopt the going concern basis in preparing these financial statements. The company continues to benefit from the support of its shareholders.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Development costs

Costs directly attributable to software development are capitalised as intangible assets once the technical feasibility of the software has been demonstrated, there is an intention and ability to complete the development activities and the costs can be measured reliably. Such costs include services supplied by thrird party developers. Research costs are recognised as an expense when incurred.

Development costs will begin to be amortised on the commencement of commercial adoption by third party users.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 December 2022

70,016

70,016

Additions internally developed

19,020

19,020

At 30 November 2023

89,036

89,036

Amortisation

At 1 December 2022

17,504

17,504

Amortisation charge

22,259

22,259

At 30 November 2023

39,763

39,763

Carrying amount

At 30 November 2023

49,273

49,273

At 30 November 2022

52,512

52,512

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 30 November 2023

100

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Appyquote Ltd

2 Sandals Cottages
Church Lane
East Worldham
Hampshire

United Kingdom

Ordinary

100%

0%

Subsidiary undertakings

Appyquote Ltd

The principal activity of Appyquote Ltd is Dormant.

6

Debtors

2023
£

2022
£

Prepayments

362

300

Other debtors

12,528

-

Amounts owed by directors

6,279

6,374

VAT Control account

568

1,488

19,737

8,162

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

11,214

629

Other related parties

109,376

60,821

Accruals and deferred income

1,250

1,250

Other creditors

13,551

13,415

135,391

76,115

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.00001 each

300,000

3

300,000

3

Ordinary Shares B of £0.50000 each

80,000

40,000

80,000

40,000

 

380,000

40,003

380,000

40,003

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £45,000 (2022 - £45,000). Two of the directors have provided consultancy services in support of the business development needs of the company. The agreed fee is dependent upon the company meeting future financial targets. No invoices have been raised and no provision has been made for the fee at the balance sheet date.

 

Tradesserve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Related party transactions

Transactions with directors

Advances to directors are repayable on demand and subject to interest at the HMRC official rate.

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

(6,374)

(9,250)

9,380

(6,244)

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

7,837

(16,141)

1,930

(6,374)

 

Other transactions with directors

Consulting fees include £35,454 charged by the directors including £12,527 of pre trading costs held on behalf of Appyquote Ltd, a 100% subsidiary.

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

60,821

60,821

Advanced

53,555

53,555

Repaid

(5,000)

(5,000)

At end of period

109,376

109,376

2022

Other related parties
£

Total
£

At start of period

45,540

45,540

Advanced

54,696

54,696

Repaid

(39,415)

(39,415)

At end of period

60,821

60,821

Terms of loans from related parties

Loans from Other Related Parties includes amounts advanced from Hubbell Ventures UK Ltd and Trustco Capital Ltd to provide short term funding support. Mr John Hubbell has a participating interest in and is a director of both companies. The amounts advanced are not subject to interest and are repayable on demand.