Company registration number 09347013 (England and Wales)
BLADEBUG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BLADEBUG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BLADEBUG LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
99,605
37,543
Tangible assets
4
54,406
5,635
154,011
43,178
Current assets
Debtors
5
231,079
117,533
Cash at bank and in hand
20,510
176,829
251,589
294,362
Creditors: amounts falling due within one year
7
(418,554)
(294,313)
Net current (liabilities)/assets
(166,965)
49
Total assets less current liabilities
(12,954)
43,227
Creditors: amounts falling due after more than one year
6
(9,420)
(13,611)
Net (liabilities)/assets
(22,374)
29,616
Capital and reserves
Called up share capital
9
151
140
Share premium account
1,358,619
1,018,741
Other reserves
1,023
Profit and loss reserves
(1,382,167)
(989,265)
Total equity
(22,374)
29,616
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BLADEBUG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
C R Cieslak
C R Cieslak
Director
Company Registration No. 09347013
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Bladebug Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Cleveley Crescent, London, United Kingdom, W5 1DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The company has net current liabilities of £166,965 (2022: net current assets of £49) but is in receipt of grant funding post year end. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.true
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents granted
Straight line to patent expiration date
Patents pending
Not amortised
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10 years straight line
Fixtures and fittings
5 years straight line
Computers
2 years straight line
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.
1.6
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 current liabilities.
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
The company operates a defined contribution plan for it's 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 comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.10
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
11
3
Intangible fixed assets
Patents granted
Patents pending
Total
£
£
£
Cost
At 1 January 2023
19,189
19,553
38,742
Additions
61,832
61,832
Transfers
(3,675)
3,675
At 31 December 2023
15,514
85,060
100,574
Amortisation and impairment
At 1 January 2023
1,199
1,199
Amortisation charged for the year
(230)
(230)
At 31 December 2023
969
969
Carrying amount
At 31 December 2023
14,545
85,060
99,605
At 31 December 2022
17,990
19,553
37,543
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
6,486
1,654
12,332
20,472
Additions
54,116
407
54,523
At 31 December 2023
60,602
1,654
12,739
74,995
Depreciation and impairment
At 1 January 2023
2,784
1,532
10,521
14,837
Depreciation charged in the year
4,203
122
1,427
5,752
At 31 December 2023
6,987
1,654
11,948
20,589
Carrying amount
At 31 December 2023
53,615
791
54,406
At 31 December 2022
3,702
122
1,811
5,635
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
148,435
43,839
Other debtors
82,644
73,694
231,079
117,533
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,420
13,611
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,182
4,075
Trade creditors
91,199
6,206
Taxation and social security
20,847
12,783
Other creditors
302,326
271,249
418,554
294,313
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Share-based payment transactions
The following share based payment arrangements were in existence during the year ended 31 December 2023.
Number of share options
Weighted average exercise price
2023
2023
£
Outstanding at 1 January 2023
93,204
0.02
Forfeited
(13,641)
0.08
Exercised
(20,223)
0.08
Outstanding at 31 December 2023
59,340
0.02
The options outstanding at 31 December 2023 had an exercise price of £0.08, and a remaining contractual life of 2 years.
The fair value of the options is estimated at the date of the grant using a Black-Scholes option pricing model. The following assumptions have been used in calculating the fair value of the share options.
Inputs were as follows:
2023
Weighted average share price (pence)
0.02
Weighted average exercise price (pence)
0.08
Expected volatility (%)
40.00
Expected life (years)
4.00
Risk free rate (%)
0.07
The risk free interest rate is based on the government gilt rate that is commensurate with the average expected life of the option. The expected life of the options is the expected average point at which an option becomes exercisable. The expected volatility is based on historical volatility of the share price of the Company and of quoted comparable companies over the most recent period at the date of the grant that is commensurate with the average expected life of the option. The weighted average share price was calculated using the black scholes option pricing model.
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £1,023 which related to equity settled share based payment transactions.
BLADEBUG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares
1,479,510
1,389,283
148
139
Ordinary B shares
32,479
12,256
3
1
1,511,989
1,401,539
151
140
During the year, the company issued 90,227 Ordinary shares of £0.0001 each, and 20,223 Ordinary B shares of £0.0001 each.
10
Related party transactions
During the year, credits were received of £25,015 resulting in amounts due by the company to a director at the year end of £275,017 (2022 - £250,002).
The loan is unsecured and interest free with no fixed repayment terms in place.
11
Events after the reporting date
During the year to 31 December 2024, the company issued 69,335 Ordinary class shares and 66,668 A shares for consideration of £510,011.