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COMPANY REGISTRATION NUMBER: 11093649
Papercup Technologies Limited
Filleted Unaudited Financial Statements
31 December 2024
Papercup Technologies Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Papercup Technologies Limited
Officers and Professional Advisers
The board of directors
J Shemen
M G Granniger
Registered office
10 Alie Street
London
E1 8DE
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Papercup Technologies Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Papercup Technologies Limited
Year ended 31 December 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
12 February 2025
Papercup Technologies Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
78,373
42,732
Tangible assets
6
345,695
341,520
---------
---------
424,068
384,252
Current assets
Debtors
7
193,522
294,207
Cash at bank and in hand
628,049
8,742,057
---------
------------
821,571
9,036,264
Creditors: amounts falling due within one year
8
223,841
180,576
---------
------------
Net current assets
597,730
8,855,688
------------
------------
Total assets less current liabilities
1,021,798
9,239,940
------------
------------
Net assets
1,021,798
9,239,940
------------
------------
Capital and reserves
Called up share capital
10
258
257
Share premium account
25,770,226
25,766,433
Share options reserve
1,260,624
1,004,273
Profit and loss account
( 26,009,310)
( 17,531,023)
-------------
-------------
Shareholders funds
1,021,798
9,239,940
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Papercup Technologies Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 11 February 2025 , and are signed on behalf of the board by:
J Shemen
Director
Company registration number: 11093649
Papercup Technologies Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Alie Street, London, E1 8DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Current asset investments
Current asset investments are initially record at cost, and subsequently re-measured at their fair value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents
-
20% straight line
Domain / Trademark
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Equipment
-
20% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 61 (2023: 56 ).
5. Intangible assets
Patents
Domain / Trademark
Total
£
£
£
Cost
At 1 January 2024
49,027
15,561
64,588
Additions
42,974
42,974
--------
--------
---------
At 31 December 2024
92,001
15,561
107,562
--------
--------
---------
Amortisation
At 1 January 2024
6,295
15,561
21,856
Charge for the year
7,333
7,333
--------
--------
---------
At 31 December 2024
13,628
15,561
29,189
--------
--------
---------
Carrying amount
At 31 December 2024
78,373
78,373
--------
--------
---------
At 31 December 2023
42,732
42,732
--------
--------
---------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2024
356,741
51,389
408,130
Additions
17,783
2,418
20,201
---------
--------
---------
At 31 December 2024
374,524
53,807
428,331
---------
--------
---------
Depreciation
At 1 January 2024
65,500
1,110
66,610
Charge for the year
7,183
8,843
16,026
---------
--------
---------
At 31 December 2024
72,683
9,953
82,636
---------
--------
---------
Carrying amount
At 31 December 2024
301,841
43,854
345,695
---------
--------
---------
At 31 December 2023
291,241
50,279
341,520
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
94,262
168,204
Other debtors
99,260
126,003
---------
---------
193,522
294,207
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
135,304
110,838
Social security and other taxes
2,816
Convertible loans
9,327
522
Other creditors
79,210
66,400
---------
---------
223,841
180,576
---------
---------
9. Share-based payments
Certain employees of the Company have been granted options over the shares in the Company. The options granted are at a fair value determined by the directors. The options are exercisable upon an exit event or termination of employment/advisory relationships. Options in the pool are vested over 4 years with no cliff or over 4 years with a one year cliff. 49,105 (2023 : 230,683) of the options vested were exercised in the year ended 31 December 2024. An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the share option reserve.
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2024
2023
No.
WAEP
No.
WAEP
Outstanding at 1 January 2024
2,650,340
0.55
2,131,784
0.55
Granted during the year
1,423,189
0.55
860,636
0.55
Exercised during the year
( 49,105)
0.55
( 230,683)
0.55
Expired during the year
( 238,023)
0.55
( 111,397)
0.55
------------
-----
------------
-----
Outstanding at 31 December 2024
3,786,401
2,650,340
------------
-----
------------
-----
Exercisable at 31 December 2024
3,786,743
0.55
2,650,340
0.55
------------
-----
------------
-----
The total expense recognised in profit or loss for the year is as follows:
2024
2023
£
£
Equity-settled share-based payments
256,350
410,513
---------
---------
The weighted average exercise price (WAEP) of each option is £0.55 (2023 : £0.55). The share-based payments are measured in accordance with the company's accounting policy as disclosed in the accounting policy section in the notes to the accounts.
10. Called up share capital
During the year, the company issued 49,105 Ordinary shares of £0.00001 each for a total consideration of £3,794.