REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
JURO ONLINE LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
JURO ONLINE LIMITED |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JURO ONLINE LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 10 |
Share premium |
Other reserves |
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. |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Juro Online Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Critical accounting judgements and key sources of estimation uncertainty |
Deferred income is recognised based on the period of the contract at the date of the statement of financial position. |
The estimated carrying value of the deferred income reflects the unexpired portion of the contract period. |
Share based payments as set out in the notes to the accounts have been made to employees and advisers of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model. |
No other significant judgements or estimates have been used in order to arrive at the figures contained within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Going concern |
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the directors believe that the company has sufficient financial resources to allow the company to meet its obligations, if and when, they fall due and they have a reasonable expectation that the company will be able to continue to trade for a period of at least 12 months from the statement of financial position date. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value. |
Share based payments |
The company operates an equity-settled compensation plan for employees of the company and its subsidiaries. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the Income Statement of the entity in which the relevant employee is employed. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, 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 financial 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 of the relevant entity. The credit entry is taken to reserves because the share options are equity-settled. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Patents and |
licences |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
JURO ONLINE LIMITED (REGISTERED NUMBER: 09684844) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.00001 | 13 | 17 |
Series Seed Shares | £0.00001 | 4 | 10 |
Series A & B | £0.00001 | 10 | - |
27 | 27 |
11. | Share-based payment transactions |
The company operates an EMI-qualifying share option scheme for its employees. At the Statement of Financial Position date, the company had granted a total of 162,060 EMI qualifying share options to 88 employees (including former employees) at an average weighted exercise price of £1.70 per share. At the year-end date, 116,120 options had vested. Of these vested options 4,789 options had been exercised and 71,534 options had lapsed. 45,940 options had yet to vest. EMI qualifying share options typically vest over 4 years with a 1-year cliff. |
The company also operates an unapproved share option scheme for personnel and advisers who are not eligible for the company's EMI-qualifying share option scheme. At the Statement of Financial Position date, the company had granted 52,451 unapproved share options to contractors and advisers. At the year-end date, 45,533 unapproved options had vested. Of these vested options, no options had been exercised and 17,225 options had lapsed. 6,918 options had yet to vest. Unapproved share options typically vest over 4 years with a 1-year cliff. |
All share options are exercisable over ordinary shares in the company. |