Company No:
Contents
DIRECTOR | Oliver Edward Pugh |
REGISTERED OFFICE | 85 Great Portland Street |
London | |
W1W 7LT | |
United Kingdom |
COMPANY NUMBER | 11634791 (England and Wales) |
ACCOUNTANT | Evelyn Partners LLP |
Portwall Place | |
Portwall Lane | |
Bristol | |
BS1 6NA |
Note | 31.12.2023 | 31.01.2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
|
|
|
Tangible assets | 5 |
|
|
|
387,052 | 201,937 | |||
Current assets | ||||
Stocks | 6 |
|
|
|
Debtors | 7 |
|
|
|
Cash at bank and in hand |
|
|
||
461,529 | 846,945 | |||
Creditors: amounts falling due within one year | 8 | (
|
(
|
|
Net current assets | 61,365 | 602,093 | ||
Total assets less current liabilities | 448,417 | 804,030 | ||
Creditors: amounts falling due after more than one year | 9 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 10 |
|
|
|
Share premium account |
|
|
||
Other reserves |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Table Yeti Ltd (registered number:
Oliver Edward Pugh
Director |
Called-up share capital | Share premium account | Other reserves | Profit and loss account | Total | |||||
£ | £ | £ | £ | £ | |||||
At 01 February 2022 (as previously stated) | 13 | 634,833 | 30,210 | ( 422,329) | 242,727 | ||||
Prior year adjustment (note 3) | 1 | ( 1,940) | 4,969 | 18,056 | 21,086 | ||||
At 01 February 2022 (as restated) |
|
|
|
(
|
|
||||
Loss for the financial year |
|
|
|
(
|
(
|
||||
Prior year adjustment |
|
|
|
|
|
||||
Total comprehensive loss |
|
|
|
(
|
(
|
||||
Issue of share capital |
|
|
|
|
|
||||
Share option charge |
|
|
|
|
|
||||
Other movement |
|
|
(
|
|
(
|
||||
At 31 January 2023 (as restated) |
|
|
|
(
|
|
||||
At 01 February 2023 (as previously stated) | 14 | 1,485,612 | 2,261 | ( 736,402) | 751,485 | ||||
Prior period adjustment (note 2) | 2 | ( 2) | 61,870 | ( 60,814) | 1,056 | ||||
At 01 February 2023 (as restated) |
|
|
|
(
|
|
||||
Loss for the financial period |
|
|
|
(
|
(
|
||||
Total comprehensive loss |
|
|
|
(
|
(
|
||||
Issue of share capital |
|
|
|
|
|
||||
Share option charge |
|
|
|
|
|
||||
Other movement |
|
|
(
|
|
(
|
||||
At 31 December 2023 |
|
|
|
(
|
|
||||
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Table Yeti Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 85 Great Portland Street, London, W1W 7LT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Table Yeti Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The Director has carefully reviewed the future prospects of the company and its future cash flows. Based on this, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements. For this reason the Director will continue to adopt the going concern basis for the preparation of the financial statements.
The company has changed its financial year-end from 31 January to 31 December. As a result, the current reporting period is for 11 months, ending on 31 December 2023. The comparative figures presented in these financial statements cover the 12-month period ended 31 January 2023.
This change has been made to align the company's financial year with the calendar year, facilitating improved financial planning and reporting.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Computer equipment |
|
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.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects.
Tangible Fixed Assets & Hire Purchase
The financial statements for the year ended 31 January 2023 have been restated to derecognise unsubstantiated tangible fixed assets, to recognise assets acquired under financing arrangements at their full cost, and to recognise a corresponding liability in respect of the assets acquired under these financing arrangements.
As a result of these adjustments:
- The net book value of plant and machinery has decreased by £75.
- The net book value of computer equipment has increased by £70,945.
- Creditors due within one year have increased by £65,652.
- Creditors due after more than one year have increased by £51,489.
- The loss for the period has increased by £46,271.
Share-based payment
The financial statements for the year ended 31 January 2022 have been restated to recognise a share-based payment expense related to share options with a vesting period that occurred in previous years. This adjustment has resulted in an increase in the loss for the period by £4,969 and a corresponding increase in the share option reserve by the same amount.
The financial statements for the year ended 31 January 2023 have been restated to recognise a share-based payment expense related to share options with a vesting period that occurred in previous years. This adjustment has resulted in an increase in the loss for the period by £56,901 and a corresponding increase in the share option reserve by the same amount.
Directors loan account
The financial statements for the year ended 31 January 2023 have been restated to recognise transactions with the director that were omitted from the prior year financial statements. This adjustment has resulted in an increase to retained earnings of £81,433 and a corresponding reduction in the director's loan account, leaving an overdrawn balance of £5,403 as at 31 January 2023.
Called-up share capital
The financial statements for the year ended 31 January 2022 have been restated to recognise a share issue that was omitted from the prior year financial statements. This adjustment resulted in an increase to share capital of £1 and a corresponding reduction in share premium.
The financial statements for the year ended 31 January 2023 have been restated to recognise a share issue that was omitted from the prior year financial statements. This adjustment resulted in an increase to share capital of £2 and a corresponding reduction in share premium.
Share premium account
The financial statements for the year ended 31 January 2022 have been restated to correct the share premium balance at year end. This adjustment resulted in an reduction of share premium of £1,940 and a corresponding increase in retained earnings.
Reasearch & Development
The financial statements for the year ended 31 January 2023 have been restated to remove an R&D debtor that was incorrectly recognised in the prior year financial statements. This adjustment resulted in an increase in creditors due within one year £31,845 and a corresponding reduction in retained earnings.
Period from 01.02.2023 to 31.12.2023 |
Year ended 31.01.2023 |
||
Number | Number | ||
Average number of persons employed by the Company during the period |
|
|
Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
|
|
|
Disposals | (
|
(
|
|
At 31 December 2023 |
|
|
|
Accumulated amortisation | |||
At 01 February 2023 |
|
|
|
Disposals | (
|
(
|
|
At 31 December 2023 |
|
|
|
Net book value | |||
At 31 December 2023 |
|
|
|
At 31 January 2023 |
|
|
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
|
|
|
Additions |
|
|
|
Disposals | (
|
(
|
|
Transfers |
|
|
|
At 31 December 2023 |
|
|
|
Accumulated depreciation | |||
At 01 February 2023 |
|
|
|
Charge for the financial period |
|
|
|
At 31 December 2023 |
|
|
|
Net book value | |||
At 31 December 2023 |
|
|
|
At 31 January 2023 |
|
|
During the year, an amount of £170,200 previously recognised as Stock was reclassified as Computer Equipment. Depreciation on these assets amounted to £33,176 (2023 - £Nil) during the year.
During the year, an amount of £365 previously recognised as Plant & Machinery was reclassified as Computer Equipment.
31.12.2023 | 31.01.2023 | ||
£ | £ | ||
Stocks |
|
|
31.12.2023 | 31.01.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
31.12.2023 | 31.01.2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
31.12.2023 | 31.01.2023 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
|
|
31.12.2023 | 31.01.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
At 31 December 2023, a Director had an overdrawn Director's Loan Account balance of £23,574 (2022 - £5,403). This amount is included within Debtors due within one year and is interest free and repayable on demand.
The company has the following equity settled options in existence, as at 31 December 2023:
Grant Date - 01/03/2022
Number of Instruments - 41,333
Vesting period - 48 months with a cliff period of 12 months before the first options vest
Vesting conditions - options lapse upon termination of agreement
Contractual Life of the options - 10 years
Grant Date - 08/09/2023
Number of Instruments - 56,818
Vesting period - 12 months starting on 8 September 2023 with a cliff period of 12 months before the first options vest
Vesting conditions - options lapse upon termination of agreement
Contractual Life of the options - 10 years
Grant Date - 12/10/2022
Number of Instruments - 56,818
Vesting period - 48 months with a cliff period of 12 months before the first options vest
Vesting conditions - options lapse upon termination of agreement
Contractual Life of the options - 10 years
Grant Date - 02/06/2021
Number of Instruments - 589,600
Vesting period - 60 months with a cliff period of 12 months before the first options vest
Vesting conditions - options lapse upon termination of agreement
Contractual Life of the options - 10 years
Grant Date - 31/12/2021
Number of Instruments - 20,080
Vesting period - option will vest in full on 31 December 2021
Vesting conditions - options lapse upon termination of agreement
Contractual Life of the options - 10 years
During the year, the company granted 56,818 share options (2023 - 98,151) and no share options were exercised (2023 - nil). No share options were forfeited during the year (2023 - nil) and no share options expired in the current or previous period. At 31 December 2023, the total number of outstanding options was 764,649 (2023 - 707,831) of which 20,080 share options were exercisable (2022 - 20,080).
The company recognised a share option charge expense in the year of £50,123 (2022 - £56,901).
Share Premium Reserve
Share premium includes consideration received on allotment of share capital above par value net of issuance costs.