Company No:
Contents
DIRECTORS | H A Bartlett (Appointed 21 August 2024) |
P E David | |
M Fowler | |
A D Hall (Resigned 10 January 2024) | |
C Joly | |
D Murphy | |
K Willemite (Appointed 21 June 2024) |
REGISTERED OFFICE | Quay House The Gallery |
Kings Wharf | |
Exeter | |
Devon | |
EX2 4AN | |
United Kingdom |
COMPANY NUMBER | 09924540 (England and Wales) |
ACCOUNTANT | Evelyn Partners LLP |
Portwall Place | |
Portwall Lane | |
Bristol | |
BS1 6NA |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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1,222,305 | 448,721 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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840,042 | 946,137 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 612,085 | 469,670 | ||
Total assets less current liabilities | 1,834,390 | 918,391 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of New Motion Labs Limited (registered number:
K Willemite
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
New Motion Labs Limited (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 Quay House The Gallery, Kings Wharf, Exeter, Devon, EX2 4AN, United Kingdom.
The financial statements have been prepared 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 New Motion Labs Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
Development costs |
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Trademarks, patents and licences |
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Website costs |
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Computer equipment |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Trademarks, patents and licences |
Website costs | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2024 |
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Additions |
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At 31 December 2024 |
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Accumulated amortisation | |||||||
At 01 January 2024 |
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Charge for the financial year |
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At 31 December 2024 |
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Net book value | |||||||
At 31 December 2024 |
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At 31 December 2023 |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
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Additions |
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Disposals | (
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At 31 December 2024 |
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Accumulated depreciation | |||
At 01 January 2024 |
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Charge for the financial year |
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Disposals | (
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At 31 December 2024 |
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Net book value | |||
At 31 December 2024 |
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At 31 December 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 January 2024 |
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Additions |
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At 31 December 2024 |
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Carrying value at 31 December 2024 |
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Carrying value at 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Finished goods |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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282.39 | 218.67 |
During the year ended 31 December 2023, 40,210 Ordinary shares were issued with an aggregate nominal value of £40.21 for consideration of £1,588,296.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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During the year, the company purchased services totalling £77,214 from an entity related by virtue of a common director. At 31 December 2024 the amount outstanding to the related party was £8,307.
At 31 December 2024, £140,057 was payable to a director of the company, and has been included within other creditors due within one year. The interest rate is 20% and the total interest accrued and paid during the year was £24,294.
During the year management determined that the amortisation rate would be more appropriate as straight line over 5 years. The impact in the current year is that amortisation charge in the profit and loss and the balance sheet are £17,590 lower than previously expected.