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Company No: 11634791 (England and Wales)

TABLE YETI LTD

Unaudited Financial Statements
For the financial period from 01 February 2023 to 31 December 2023
Pages for filing with the registrar

TABLE YETI LTD

Unaudited Financial Statements

For the financial period from 01 February 2023 to 31 December 2023

Contents

TABLE YETI LTD

COMPANY INFORMATION

For the financial period from 01 February 2023 to 31 December 2023
TABLE YETI LTD

COMPANY INFORMATION (continued)

For the financial period from 01 February 2023 to 31 December 2023
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
TABLE YETI LTD

BALANCE SHEET

As at 31 December 2023
TABLE YETI LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.01.2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 0 249
Tangible assets 5 387,052 201,688
387,052 201,937
Current assets
Stocks 6 0 106,787
Debtors 7 93,259 89,335
Cash at bank and in hand 368,270 650,823
461,529 846,945
Creditors: amounts falling due within one year 8 ( 400,164) ( 244,852)
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 ( 69,966) ( 51,489)
Net assets 378,451 752,541
Capital and reserves
Called-up share capital 10 16 16
Share premium account 1,835,786 1,485,610
Other reserves 111,993 64,131
Profit and loss account ( 1,569,344 ) ( 797,216 )
Total shareholders' funds 378,451 752,541

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 11634791) were approved and authorised for issue by the Director on 12 February 2025. They were signed on its behalf by:

Oliver Edward Pugh
Director
TABLE YETI LTD

STATEMENT OF CHANGES IN EQUITY

For the financial period from 01 February 2023 to 31 December 2023
TABLE YETI LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial period from 01 February 2023 to 31 December 2023
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) 14 632,893 35,179 ( 404,273) 263,813
Loss for the financial year 0 0 0 ( 392,943) ( 392,943)
Prior year adjustment 0 0 0 0 0
Total comprehensive loss 0 0 0 ( 392,943) ( 392,943)
Issue of share capital 2 852,717 0 0 852,719
Share option charge 0 0 56,901 0 56,901
Other movement 0 0 ( 27,949) 0 ( 27,949)
At 31 January 2023 (as restated) 16 1,485,610 64,131 ( 797,216) 752,541
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) 16 1,485,610 64,131 ( 797,216) 752,541
Loss for the financial period 0 0 0 ( 772,128) ( 772,128)
Total comprehensive loss 0 0 0 ( 772,128) ( 772,128)
Issue of share capital 0 350,176 0 0 350,176
Share option charge 0 0 50,123 0 50,123
Other movement 0 0 ( 2,261) 0 ( 2,261)
At 31 December 2023 16 1,835,786 111,993 ( 1,569,344) 378,451
TABLE YETI LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 February 2023 to 31 December 2023
TABLE YETI LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 February 2023 to 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Reporting period length

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Share-based payments

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 and development

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.

2. Prior period adjustment

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.

3. Employees

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 8 4

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 February 2023 405 405
Disposals ( 405) ( 405)
At 31 December 2023 0 0
Accumulated amortisation
At 01 February 2023 156 156
Disposals ( 156) ( 156)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 January 2023 249 249

5. Tangible assets

Computer equipment Total
£ £
Cost
At 01 February 2023 274,715 274,715
Additions 165,942 165,942
Disposals ( 1,812) ( 1,812)
Transfers 170,200 170,200
At 31 December 2023 609,045 609,045
Accumulated depreciation
At 01 February 2023 73,027 73,027
Charge for the financial period 148,966 148,966
At 31 December 2023 221,993 221,993
Net book value
At 31 December 2023 387,052 387,052
At 31 January 2023 201,688 201,688

Included in Computer Equipment above are assets held under finance agreements with a Net book value of £206,627 (2023 - £143,779). Depreciation on these assets amounted to £84,484 (2023 - £33,365) during the year.

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.

6. Stocks

31.12.2023 31.01.2023
£ £
Stocks 0 106,787

7. Debtors

31.12.2023 31.01.2023
£ £
Trade debtors 54,255 66,777
Other debtors 39,004 22,558
93,259 89,335

8. Creditors: amounts falling due within one year

31.12.2023 31.01.2023
£ £
Trade creditors 198,579 93,403
Other taxation and social security 78,717 54,020
Obligations under finance leases and hire purchase contracts 84,906 65,652
Other creditors 37,962 31,777
400,164 244,852

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

9. Creditors: amounts falling due after more than one year

31.12.2023 31.01.2023
£ £
Obligations under finance leases and hire purchase contracts 69,966 51,489

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

10. Called-up share capital

31.12.2023 31.01.2023
£ £
Allotted, called-up and fully-paid
16,324,024 A Ordinary shares of £ 0.000001 each (31.01.2023: 15,552,317 shares of £ 0.000001 each) 16 16

During the year, 771,707 (2023: 1,952,953 ) ordinary shares were issued with a nominal value of £0.000001 per share for a total consideration of £332,167 (2023: £867,323). This resulted in a share premium of £332,167 (2023: £867,323).

11. Related party transactions

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.

12. Events after the Balance Sheet date

During April/May 2024, the company disposed of all its hire purchase assets. This disposal was part of a strategic decision to streamline operations and focus on core business activities. The financial impact of this disposal is estimated to be £206,627, which will be reflected in the financial statements for the year ending 31 December 2024.

13. Share-based payments

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).

14. Reserves

Share Premium Reserve

Share premium includes consideration received on allotment of share capital above par value net of issuance costs.