Company No:
Contents
DIRECTORS | A F de Courcy Ling |
S D O'Mahony |
REGISTERED OFFICE | Viola House |
Maris Lane | |
Trumpington | |
Cambridge | |
CB2 9LG | |
United Kingdom |
COMPANY NUMBER | 07617704 (England and Wales) |
ACCOUNTANT | Evelyn Partners (East) LLP |
Stonecross | |
Trumpington High Street | |
Cambridge | |
CB2 9SU |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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26,983 | 54,868 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,740,745 | 1,563,935 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (2,558,171) | (1,433,214) | ||
Total assets less current liabilities | (2,531,188) | (1,378,346) | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Other reserves |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Blackdot Solutions Ltd. (registered number:
A F de Courcy Ling
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.
Blackdot Solutions 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 Viola House, Maris Lane, Trumpington , Cambridge, CB2 9LG, 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 Blackdot Solutions 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 the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The Company continued to be loss making during the year and had net current liabilities of £2,558,171 (2023: £1,433,214) and net liabilities of £2,766,448 (2023: £1,971,490).
The Company chooses not to capitalise research and development and therefore does not include any asset value for its proprietary software product, Videris. Income from licensing Videris makes up substantially all of the Company’s revenue. Further, included in creditors is £3,265,180 (2023: £3,177,857) of deferred income relating to future accounting periods.
The Company also continues to attract outside investment and in January 2025 completed the issue of £4.43m in new primary equity to investors led by funds managed by Maven Capital Partners UK LLP.
As with any business, the Company relies upon the availability of working capital and generation of profits and cash in future to meet its liabilities as they fall due. The Company is reliant on the ongoing support from its shareholders, which the directors have confirmed.
As a result, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.
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 reporting 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.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
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 Statement of Financial Position date.
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Office equipment |
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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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
Details of the share options outstanding during the financial year are as follows:
2024 | 2023 | ||||
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Forfeited during the period | (
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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The options normally only become exercisable in the event of an exit, however, management are able to exercise discretion in respect of this clause and have done so in respect of 440 options during the year.
The Company recognised total expenses of £
Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 September 2023 |
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Additions |
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Disposals | (
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At 31 August 2024 |
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Accumulated depreciation | |||||
At 01 September 2023 |
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Charge for the financial year |
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Disposals | (
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At 31 August 2024 |
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Net book value | |||||
At 31 August 2024 |
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At 31 August 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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VAT recoverable |
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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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Amounts owed to directors |
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Other loans |
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Accruals and deferred income |
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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 loans |
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Accruals and deferred income |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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880 | 880 |
Commitments
The Company leases the premises from which it operates. The lease agreement expired on 10 August 2023 and since this date the Company has continued as a tenant at will. Discussions with the landlord regarding the renewal of the lease agreement for a period of 5 years are ongoing and expected to be completed shortly.
Included within other creditors is balance of £211 (2023: £226) owed to directors. This balance is unsecured and interest free.
Analysis of the maturity of loans is given below
2024 | 2023 | ||
£ | £ | ||
Bank loans falling due in 1-2 years | (10,000) | (10,000) | |
Bank loans falling due in 2-5 years | (833) | (10,833) | |
(10,833) | (20,833) |