Company No:
Contents
DIRECTORS | A C Parsons |
R J Taylor |
REGISTERED OFFICE | 100 Longwater Avenue |
Reading | |
RG2 6GP | |
United Kingdom |
COMPANY NUMBER | 08607212 (England and Wales) |
ACCOUNTANT | Evelyn Partners (South East) Limited |
Brockbourne House | |
77 Mount Ephraim | |
Royal Tunbridge Wells | |
TN4 8BS |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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594,525 | 592,609 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand | 7 |
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818,485 | 1,163,950 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 44,871 | 265,490 | ||
Total assets less current liabilities | 639,396 | 858,099 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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The notes on page 12 to 16 form part of these financial statements.
Directors' responsibilities:
The financial statements of Kivue Limited (registered number:
R J Taylor
Director |
A C Parsons
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Kivue Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 100 Longwater Avenue, Green Park, Reading, RG2 6GP, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Turnover is generally recognised as contract activity progresses so that for incomplete contacts it reflects the partial performance of the contractual obligations. For such contracts the amount of turnover reflects the accrual of the right to consideration by reference to the value of work performed.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
All intangible assets are considered to have finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Development costs |
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Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of income and retained earnings.
Leasehold improvements |
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Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.
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 the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
The Black-Scholes option pricing model has been used to calculate the value of the options granted.
Details of the share options outstanding during the financial year are as follows:
2024 | 2023 | ||||
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Forfeited during the period | (
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Correction to prior year | 790 | 0 | 0 | 0 | |
Outstanding at the end of the period |
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Exercisable at the end of the period |
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A debit of £2 (2023: expense of £163) has been recorded in administrative expenses.
The inputs to the Black-Scholes pricing model are as follows. The weighted average share price 19p. The exercise price was 19p. The weighted average contractual life in 7 years. The expected volatility is 20%. The risk-free interest rates 3.09%.
Development costs | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated amortisation | |||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||
At 31 May 2024 |
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At 31 May 2023 |
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Leasehold improve- ments |
Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 June 2023 |
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Additions |
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Disposals |
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At 31 May 2024 |
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Accumulated depreciation | |||||||
At 01 June 2023 |
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Charge for the financial year |
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Disposals |
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At 31 May 2024 |
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Net book value | |||||||
At 31 May 2024 |
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At 31 May 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Deferred tax asset |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year |
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Credited/(charged) to the Profit and Loss Account |
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At the end of financial year |
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2024 | 2023 | ||
£ | £ | ||
Not later than 1 year | 0 | 25,078 | |
Later than 1 year and not later than 5 years | 0 | 0 | |
0 | 25,078 |