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FIND FORM LTD

Registered Number
10099503
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

FIND FORM LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

N Bojanic
D W Soong

Registered Address

Studio 206 Great Western Studios
65 Alfred Road
London
W2 5EU

Registered Number

10099503 (England and Wales)
FIND FORM LTD
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets423,09017,364
Tangible assets58,41210,687
31,50228,051
Current assets
Stocks6265,249257,301
Debtors7292,036318,326
Cash at bank and on hand427,336398,610
984,621974,237
Creditors amounts falling due within one year8(947,529)(875,099)
Net current assets (liabilities)37,09299,138
Total assets less current liabilities68,594127,189
Creditors amounts falling due after one year9(301,053)(248,266)
Net assets(232,459)(121,077)
Capital and reserves
Called up share capital1,2181,218
Share premium588,148588,148
Other reserves169,969169,969
Profit and loss account(991,794)(880,412)
Shareholders' funds(232,459)(121,077)
The financial statements were approved and authorised for issue by the Board of Directors on 22 January 2025, and are signed on its behalf by:
D W Soong
Director
Registered Company No. 10099503
FIND FORM LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred trading losses for the year under review however the directors believe that the company has sufficient resources to meet its obligations if and when they fall due. It is on this basis that the directors are of the opinion the company should continue to adopt the going concern basis when preparing the financial statements.
Judgements and key sources of estimation uncertainty
Share based payments as set out in the notes to the financial statements have been made to the employees of the company. As disclosed in the Share-based Payments accounting policy above, the fair value of share options is recognised in the income statement over the course of the vesting period. The fair value of share options is estimated based on the value of issued shares at the date of granting the options. No other significant judgements or estimates have been used in order to arrive at the figures contained in the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Operating leases
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Defined contribution pension plan
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current 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 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 statement of financial position date.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are being amortised evenly over their estimated useful life of five years. Capitalised trademark costs are being amortised evenly over their estimated useful life of ten years.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant & machinery relates to fixed assets held under computer equipment.

Straight line (years)
Plant and machinery3
Fixtures and fittings5
Office Equipment5
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Staff Costs
The company operates an EMI qualifying share option scheme. During the year the company granted no share options to employees and at the Statement of Financial Position date EMI qualifying share options over a total of 15,504 shares had been granted to employees (2022: 15,504 share options granted). Of the 15,504 share options granted; - 12,770 have vested (2023: 12,770) - 2,734 had yet to vest (2023: 2,734) 12,770 share options vest monthly over a 3 year period from the date of grant and the remaining 2,734 share options vest on the ocurrence of a qualifying exit event. The share options are exercisable on the share capital of the company. An amount of £nil has been charged to the Income statement in respect of the vested share options (2023: £nil).
3.Average number of employees

20242023
Average number of employees during the year56
4.Intangible assets
Other intangible assets consist of capitalised development costs and trademarks.

Other

Total

££
Cost or valuation
At 01 May 2356,37956,379
Additions9,3639,363
At 30 April 2465,74265,742
Amortisation and impairment
At 01 May 2339,01539,015
Charge for year3,6373,637
At 30 April 2442,65242,652
Net book value
At 30 April 2423,09023,090
At 30 April 2317,36417,364
5.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 May 2316,9295,53513,25035,714
Additions2,072-2,1824,254
Disposals(4,010)--(4,010)
At 30 April 2414,9915,53515,43235,958
Depreciation and impairment
At 01 May 2311,5833,9819,46325,027
Charge for year3,1151,0252,3896,529
On disposals(4,010)--(4,010)
At 30 April 2410,6885,00611,85227,546
Net book value
At 30 April 244,3035293,5808,412
At 30 April 235,3461,5543,78710,687
6.Stocks

2024

2023

££
Finished goods265,249257,301
Total265,249257,301
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables209,217266,552
Other debtors79,31949,995
Prepayments and accrued income3,5001,779
Total292,036318,326
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables782,616679,902
Bank borrowings and overdrafts10,00010,000
Taxation and social security35,18940,278
Other creditors119,724144,919
Total947,529875,099
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,76924,040
Convertible loans243,026224,226
Other creditors45,258-
Total301,053248,266
The company's total bank borrowings and overdrafts are secured by the UK Government under the Coronavirus Business Support Scheme. The convertible loan notes accrue interest at a rate of 5% per annum and are due to mature in October 2027.
10.Other commitments
Minimum future lease payments under non-cancellable operating leases fall due as follows: Within one year: £36,225 (2023: £36,225) Between two and five years: £3,018 (2023: £39,243)
11.Controlling party
The directors consider there to be no ultimate controlling party