REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
EIS PLATFORMS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
EIS PLATFORMS LTD |
EIS PLATFORMS LTD (REGISTERED NUMBER: 08018312) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EIS PLATFORMS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 201, Second Floor |
Metroline House |
118-122 College Road |
Harrow |
Middlesex |
HA1 1BQ |
EIS PLATFORMS LTD (REGISTERED NUMBER: 08018312) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
(389,915 | ) | (773,360 | ) |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
EIS PLATFORMS LTD (REGISTERED NUMBER: 08018312) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
EIS Platforms Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Going concern |
The financial statements have been prepared on the going concern basis and the directors confirm their belief in the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these 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. |
Tangible fixed assets |
Plant & Machinery - 25% on cost |
Financial instruments |
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issue' of FRS 102 to all its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, 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 not amortised. |
Clarification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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. |
Debt instruments are subsequently carried at an amortised cost, using the effective interest rate method. |
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. |
EIS PLATFORMS LTD (REGISTERED NUMBER: 08018312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 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. |
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. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
EIS PLATFORMS LTD (REGISTERED NUMBER: 08018312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans after 5 years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 5,074 | 4,147 |
During the year the company issued and allotted 92,759 ordinary £0.01 shares (2023: 2,790) for a total consideration of £2,567,843 (2023: £70,029), of which £1,508,040 (2023: £70,029) was received in cash, £nil (2023: £nil) was in exchange for services provided, and £1,059,803 (2023: £nil) relates to the conversion of a convertible loan note, comprising £860,000 principle and £199,803 accrued interest. |
The company received services of £448 (2023: £456) in exchange for ordinary £0.01 shares. At the year-end there was a total of 8,619 (2023: 8,395) ordinary £0.01 shares that were pending to be issued. A total of £185,502 (2023: £416,812) relating to the pending issue of ordinary £0.01 shares for services provided is included in other creditors. |
9. | DIRECTORS' SHARE OPTIONS |
As at 30th April 2024 D Rodwell had been granted a total of 9,710 (2023: 9,710) share options over £0.01 ordinary shares, at an exercisable price of £2.00. These options are exercisable as follows: |
Options over 3,884 shares are exercisable on or after the date of grant, 13th October 2019; |
Options over 3,884 shares are exercisable on or after 1st April 2020; |
Options over 1,942 shares are exercisable on or after 1st September 2020. |
As at 30th April 2024 D Rodwell had been granted a total of 25,000 (2023: 0) share options over £0.01 ordinary shares, at an exercisable price of £10.00. These options are exercisable as follows: |
Options over 25,000 shares are exercisable on or after the 1st February 2025. |
None of these options have been exercised, as of the date of the approval of these financial statements. |
EIS PLATFORMS LTD (REGISTERED NUMBER: 08018312) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | EMPLOYEE SHARE OPTIONS |
As of 30th April 2024, certain staff had been granted a total of granted a total of 46,290 (2023: 0) share options over £0.01 ordinary shares, at an exercisable price of £10.00. These options are exercisable as follows: |
Options over 46,290 shares are exercisable on or after the 1st February 2025. |
In addition to the options above the Company operates an Enterprise Management Incentive Share Option Scheme for certain staff. As at 30th April 2024 options over 108,702 (2023: 55,345) £0.01 ordinary shares had been issued. Of these options 42,722 (2023: 42,722) are exercisable at £2.00 each on the following dates: |
Options over 15,534 shares are exercisable on or after the date of grant, 13th October 2018; |
Options over 1,942 shares are exercisable on or after 1st November 2018, |
Options over 5,826 shares are exercisable on or after 1st May 2019, |
Options over 5,826 shares are exercisable on or after 1st October 2019, |
Options over 7,768 shares are exercisable on or after 1st April 2020, |
Options over 5,826 shares are exercisable on or after 1st September 2020. |
A further 22,083 (2023: 13,594) £0.01 ordinary shares, are exercisable at £25.10 each. These options are exercisable on the following dates: |
Options over 1,942 shares are exercisable on or after 19th March 2021, |
Options over 1,942 shares are exercisable on or after 1st October 2021, |
Options over 2,525 shares are exercisable on or after 1st January 2022, |
Options over 1,942 shares are exercisable on or after 1st February 2022, |
Options over 1,942 shares are exercisable on or after 1st October 2022, |
Options over 2,330 shares are exercisable on or after 1st January 2023, |
Options over 5,231 shares are exercisable on or after 1st February 2025, |
Options over 4,229 shares are exercisable on or after 1st February 2026. |
A further 43,897 (2023: 0) £0.01 ordinary shares, are exercisable at £10.00 each. These options are exercisable on the following dates: |
Options over 39,154 shares are exercisable on or after 1st February 2025, |
Options over 4,743 shares are exercisable on or after 1st February 2026. |
None of these options have been exercised, as of the date of the approval of these financial statements. |