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Company No: 08607212 (England and Wales)

KIVUE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

KIVUE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

KIVUE LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
KIVUE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
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
KIVUE LIMITED

BALANCE SHEET

As at 31 May 2024
KIVUE LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 582,763 564,752
Tangible assets 5 11,762 27,857
594,525 592,609
Current assets
Debtors 6 304,669 320,884
Cash at bank and in hand 7 513,816 843,066
818,485 1,163,950
Creditors: amounts falling due within one year 8 ( 773,614) ( 898,460)
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 ( 38,500) ( 38,500)
Net assets 600,896 819,599
Capital and reserves
Called-up share capital 1,000 1,000
Share premium account 215,484 215,484
Other reserves 589 591
Profit and loss account 383,823 602,524
Total shareholders' funds 600,896 819,599

The notes on page 12 to 16 form part of these financial statements.

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kivue Limited (registered number: 08607212) were approved and authorised for issue by the Board of Directors on 16 December 2024. They were signed on its behalf by:

R J Taylor
Director
A C Parsons
Director
KIVUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
KIVUE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is recognised as earned when, and to the extent that, the firm obtains the rights to consideration in exchange for its performance under these contracts. It is measured at fair value of the right to consideration, which represents amount chargeable to clients, including expenses and disbursements but excluding value added tax.

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

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.

Taxation

Current tax
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.

Intangible assets

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

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 3 years straight line
Research and development

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

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

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

Leases

The Company as lessee
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.

Impairment of assets

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 debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Holiday pay accrual

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.

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 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 21

3. Share-based payments

Equity-settled share-based payment schemes

Certain employees of the company have been granted options in the share option scheme of the company for the primary purpose of providing incentives to the selected employees. Under the scheme, the board of the directors may grant options to eligible employees of the company to subscribe for shares in the company.

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
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 6,294 0 9,154 13.00
Granted during the period 11,850 0 0 0
Forfeited during the period ( 440) 19.00 ( 2,860) 13.00
Correction to prior year 790 0 0 0
Outstanding at the end of the period 18,494 0 6,294 0
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

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%.

There were share options granted prior to the transition date of 1 June 2015, in accordance with Section35.10b of FRS102, the company is exempt from the requirements of Section 26 in accounting for share-based payments.

4. Intangible assets

Development costs Total
£ £
Cost
At 01 June 2023 3,260,646 3,260,646
Additions 392,167 392,167
At 31 May 2024 3,652,813 3,652,813
Accumulated amortisation
At 01 June 2023 2,695,894 2,695,894
Charge for the financial year 374,156 374,156
At 31 May 2024 3,070,050 3,070,050
Net book value
At 31 May 2024 582,763 582,763
At 31 May 2023 564,752 564,752

5. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 June 2023 29,773 6,275 29,075 65,123
Additions 0 0 596 596
Disposals 0 0 ( 796) ( 796)
At 31 May 2024 29,773 6,275 28,875 64,923
Accumulated depreciation
At 01 June 2023 15,714 2,338 19,214 37,266
Charge for the financial year 9,925 1,254 5,512 16,691
Disposals 0 0 ( 796) ( 796)
At 31 May 2024 25,639 3,592 23,930 53,161
Net book value
At 31 May 2024 4,134 2,683 4,945 11,762
At 31 May 2023 14,059 3,937 9,861 27,857

6. Debtors

2024 2023
£ £
Trade debtors 168,342 203,893
Prepayments 61,744 89,038
Deferred tax asset 19,139 7,889
Corporation tax 35,380 0
Other debtors 20,064 20,064
304,669 320,884

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 513,816 843,066

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 69,154 65,812
Amounts owed to Group undertakings 315,625 304,085
Accruals 327,893 442,832
Other taxation and social security 59,456 79,605
Other creditors 1,486 6,126
773,614 898,460

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 38,500 38,500

There are no amounts included above in respect of which any security has been given by the small entity.

10. Deferred tax

2024 2023
£ £
At the beginning of financial year 7,889 60,844
Credited/(charged) to the Profit and Loss Account 11,250 ( 52,955)
At the end of financial year 19,139 7,889

11. Commitments under operating leases

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