Registered number: 09197997
SOCIAL VALUE PORTAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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SOCIAL VALUE PORTAL LIMITED
REGISTERED NUMBER: 09197997
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 8 form part of these financial statements.
Page 1
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Social Value Portal Ltd is a private company, limited by shares, registered in England and Wales, registration number 09197997. The registered office and principal place of business is Tintage House, 92 Albert Embankment, London, SE1 7TY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 functional and presentational currency is GBP, the amounts included are rounded to the nearest pound.
The following principal accounting policies have been applied:
At the balance sheet date the Company had net assets of £298,429 (2022: net liabilities of £3,385,012). The Directors have considered the appropriateness of the going concern basis of preparation of the financial statements, taking into account the following factors:
- The Company has cash balances of £2,756,168 at the year end;
- Post year end the company completed a funding round generating £2m;
- As is common with SaaS businesses a significant proportion of the Company's liabilities represent deferred future income due to the subscription based nature of the underlying income streams. At the year end the company had non-cash deferred income liabilities of £3,013,142 (2022: £3,730,863).
The Directors have concluded that the Company has sufficient financial resources to continue operating as a going concern for the foreseeable future and, accordingly, have concluded that it remains appropriate to prepare the financial statements on a going concern basis. Management have prepared cashflow forecasts to support their assessment, which have been flexed to show various scenarious, and these show the company having positive cash throughout the period of assessment. In reaching this conclusion, the Directors have considered a period of not less than 12 months from the date of approving these financial statements.
Page 2
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its 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 profit or loss 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.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 3
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 4
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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The average monthly number of employees, including directors, during the year was 113 (2022 - 95).
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Page 5
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Allotted, called up and fully paid
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13,167,070 (2022 - 13,167,070) Ordinary shares of £0.00010 each
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5,906,674 (2022 - 5,906,674) A Ordinary shares of £0.00005 each
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238,208 (2022 - 238,208) Growth shares of £0.00001 each
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3,600,000 (2022 - nil) B1 Ordinary shares of £0.00005 each
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400,000 (2022 - nil) B2 Ordinary shares of £0.00005 each
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1,200,000 (2022 - nil) B3 Ordinary shares of £0.00005 each
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2,908,082 (2022 - nil ) B4 Ordinary shares of £0.00005 each
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During the year the following share issues occurred:
- 3,600,000 B1 Ordinary shares with a nominal value of £0.00005 were issued on 27 February 2023 for consideration of £4,500,000.
- 400,000 B2 Ordinary shares with a nominal value of £0.00005 were issued on 27 February 2023 for consideration of £500,000.
- 1,200,000 B3 Ordinary shares with a nominal value of £0.00005 were issued on 20 March 2023 for consideration of £1,500,000.
- 2,108,082 B4 Ordinary shares with a nominal value of £0.00005 were issued on 20 March 2023 for consideration of £2,108,082.
- 800,000 B4 Ordinary shares with a nominal value of £0.00005 were issued on 24 October 2023 for consideration of £1,000,000.
Page 7
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SOCIAL VALUE PORTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £311,536 (2022 - £281,119) . Contributions totalling £116,059 (2022 - £63,368) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Post balance sheet events
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On 20 December 2024 the Company issued shares as follows:
- 2 A Ordinary shares with a nominal value of £0.00005 for consideration of £3.
- 2 B4 Ordinary shares with a nominal value of £0.00005 for consideration of £3.
- 676,691 C1 Ordinary shares with a nominal value of £0.00005 for consideration of £900,000.
- 75,188 C2 Ordinary shares with a nominal value of £0.00005 for consideration of £100,000.
- 97,745 C3 Ordinary shares with a nominal value of £0.00005 for consideration of £130,000.
- 428,571 C4 Ordinary shares with a nominal value of £0.00005 for consideration of £570,000.
On 31 January 2025 the Company issues shares as follows:
- 225,563 C3 Ordinary shares with a nominal value of £0.00005 for consideration of £299,999.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 18 February 2025 by Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
Page 8
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