REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Sibylla Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Sibylla Ltd |
Sibylla Ltd (Registered number: 12204744) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Sibylla Ltd (Registered number: 12204744) |
Abridged Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Share premium |
Share based payment reserve | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Sibylla Ltd (Registered number: 12204744) |
Abridged Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sibylla Ltd (Registered number: 12204744) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Sibylla Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Computer equipment | - | 33% straight line |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Sibylla Ltd (Registered number: 12204744) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
AMORTISATION |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Sibylla Ltd (Registered number: 12204744) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | as restated |
£ | £ |
Ordinary | £0.00 | 1 | 99 | 99 |
B Ordinary | £0.00 | 1 | 22 | 22 |
121 | 121 |
108 B Ordinary shares of £0.001 each were allotted as fully paid |
The Ordinary shares carry full voting and dividend rights and the B Ordinary shares do not carry any voting or dividend rights. |
7. | RESERVES |
Share |
based |
payment |
reserve |
£ |
At 1 October 2023 |
Share based payments | ( |
) |
At 30 September 2024 |
Sibylla Ltd (Registered number: 12204744) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
30.9.24 | 30.9.23 |
as restated |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The loan is interest-free and there are no terms relating to the repayment of capital. |
9. | SHARE BASED PAYMENT TRANSACTIONS |
The Company has issued equity settled share based payments to employees, including 5,603 granted in the year-ended 30 September 2024 (2023: 1,925). Equity settled share based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value at the grant date of the equity settled share based payment is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. |
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee become entitled to the shares (the 'vesting date'). The expected life used in the model has been adjusted, based on management's best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations. |
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date. |
Number of Share Options |
Weighted average exercise price |
2024 | 2023 | 2024 | 2023 |
Brought forward | 16,111 | 17,106 | 1.63 | 1.63 |
Granted in period | 5,603 | 1,925 | 1.38 | 1.38 |
Forfeited in period | (1,338) | (2,920) | 1.38 | 1.85 |
Carried forward | 20,376 | 16,111 | 1.52 | 1.56 |
Exercisable at 30 September | 10,307 | - | 1.07 | 1.63 |
Of the 20,376 options outstanding at 30 September 2024, 11,945 have an exercise price of £1.07, 2,541 have an exercise price of £3.98 and 5,890 have an exercise price of £1.38. |
At the year end, Directors of the company held options over 5,950 (2023: 5,950) B Ordinary shares. |
The financial statements do not include a share-based payment reserve as the estimated market value of the options is currently less than the exercise price. |
Sibylla Ltd (Registered number: 12204744) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | CONVERTIBLE LOAN NOTES |
Included within Other Creditors (Note 8) are convertible loan notes of £650,000. The 1 year convertible loan notes of £50,000 and £600,000 were issued on 19 June 2024 and 20 June 2024 respectively. The convertible loan notes are non-interest bearing and are convertible into equity in the Company at a conversion price equal to the lower of the valuation cap and the next round price. |