FOVO TECHNOLOGY LTD

Company Registration Number:
10817323 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

FOVO TECHNOLOGY LTD

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

FOVO TECHNOLOGY LTD

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

To develop intellectual property (IP) relating to 3D photographic technology.



Directors

The directors shown below have held office during the whole of the period from
1 August 2023 to 31 July 2024

R C Pepperell
A H J Burleigh
S D J Llewellyn
M Taylor
C J L Doran
F J Holmes


The director shown below has held office during the period of
1 August 2023 to 1 February 2024

C Carmichael Aitchison


The director shown below has held office during the period of
1 February 2024 to 31 July 2024

R E Langford


Secretary H Crotty

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 February 2025

And signed on behalf of the board by:
Name: H Crotty
Status: Secretary

FOVO TECHNOLOGY LTD

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 238 0
Cost of sales: ( 21,041 ) ( 63,070 )
Gross profit(or loss): (20,803) (63,070)
Administrative expenses: ( 3,766,103 ) 0
Operating profit(or loss): (3,786,906) (63,070)
Profit(or loss) before tax: (3,786,906) (63,070)
Tax: 0 0
Profit(or loss) for the financial year: (3,786,906) (63,070)

FOVO TECHNOLOGY LTD

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 0 3,188,823
Total fixed assets: 0 3,188,823
Current assets
Debtors: 4 64,177 76,258
Cash at bank and in hand: 12,550 3,959
Total current assets: 76,727 80,217
Creditors: amounts falling due within one year: 5 ( 509,497 ) ( 439,904 )
Net current assets (liabilities): (432,770) (359,687)
Total assets less current liabilities: (432,770) 2,829,136
Creditors: amounts falling due after more than one year: 6 ( 3,575,000 ) ( 3,050,000 )
Total net assets (liabilities): (4,007,770) (220,864)
Capital and reserves
Called up share capital: 182 182
Profit and loss account: (4,007,952 ) (221,046 )
Total Shareholders' funds: ( 4,007,770 ) (220,864)

The notes form part of these financial statements

FOVO TECHNOLOGY LTD

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 7 February 2025
and signed on behalf of the board by:

Name: R C Pepperell
Status: Director

The notes form part of these financial statements

FOVO TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Intangible fixed assets amortisation policy

    Intellectual property is amortised over its estimated useful life commencing at the date that development is complete, and the technology is available for sale or licensing.

FOVO TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

    The company does not employ any staff under contracts of service. No director received any remuneration in respect of his services as a director of the company. Administrative services are provided by the University and are not recharged to the company. Staff directly engaged to work on the Fovo product are recharged by the University to Fovo Technology Ltd at cost.

FOVO TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 August 2023 3,188,823 3,188,823
Additions 577,280 577,280
Disposals
Revaluations
Transfers
At 31 July 2024 3,766,103 3,766,103
Amortisation
At 1 August 2023 0 0
Charge for year 3,766,103 3,766,103
On disposals
Other adjustments
At 31 July 2024 3,766,103 3,766,103
Net book value
At 31 July 2024 0 0
At 31 July 2023 3,188,823 3,188,823

FOVO TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Debtors

2024 2023
£ £
Other debtors 64,177 76,258
Total 64,177 76,258

FOVO TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 6,611 5,633
Accruals and deferred income 12,000 11,000
Other creditors 490,886 423,271
Total 509,497 439,904

FOVO TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 3,575,000 3,050,000
Total 3,575,000 3,050,000