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Registration number: 04873279

BOXARR Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

Pages for filing with Registrar

 

BOXARR Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

BOXARR Limited

Company Information

Directors

R M Young

R J Humm

A Skiba

Registered office

First Floor
25 King Street
Bristol
Avon
BS1 4PB

Registered number

04873279

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

BOXARR Limited

(Registration number: 04873279)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,087

2,676

Current assets

 

Debtors

6

251,066

417,362

Cash at bank and in hand

 

163,978

167,846

 

415,044

585,208

Creditors: Amounts falling due within one year

7

(523,379)

(832,149)

Net current liabilities

 

(108,335)

(246,941)

Net liabilities

 

(106,248)

(244,265)

Capital and reserves

 

Called up share capital

8

7,185

7,135

Share premium reserve

4,724,678

4,724,678

Profit and loss account

(4,838,111)

(4,976,078)

Total equity

 

(106,248)

(244,265)

 

BOXARR Limited

(Registration number: 04873279)
Balance Sheet as at 31 December 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

.........................................
R M Young
Director

   
     
 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
25 King Street
Bristol
Avon
BS1 4PB
United Kingdom

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention and the going concern basis which is based on the improvement in the company's trading and the balance sheet position at the year end.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis which assumes that the company has sufficient funds to meet its liabilities as they fall due and continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Exchange gains and losses are taken to profit and loss and classified within Administrative expenses.

Tax

The tax expense or credit for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Computer hardware

33% on cost

Office equipment

25% on cost

Research and development costs

Expenditure on research and development is written off to the profit and loss during the year in which it is incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using the Black Scholes method.

FRS 102 then requires that at each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

As permitted by FRS102, these financial statements do not include any expense for those share options granted prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).

In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 12).

4

Taxation


No liability to UK corporation tax arose on ordinary acitivities for the year ended 31 December 2024 (2023: £Nil).

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible fixed assets

Office Equipment
 £

Computer hardware
 £

Total
£

Cost

At 1 January 2024

1,513

17,486

18,999

Additions

-

1,277

1,277

Disposals

-

(903)

(903)

At 31 December 2024

1,513

17,860

19,373

Depreciation

At 1 January 2024

1,513

14,810

16,323

Charge for the year

-

1,414

1,414

Eliminated on disposal

-

(451)

(451)

At 31 December 2024

1,513

15,773

17,286

Carrying amount

At 31 December 2024

-

2,087

2,087

At 31 December 2023

-

2,676

2,676

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

169,580

318,148

Other Debtors

1,365

-

Taxes: VAT Control

5,960

-

Prepayments and accrued income

74,161

99,214

251,066

417,362

7

Creditors

2024
£

2023
£

Trade creditors

25,640

27,216

Social security and other taxes

14,422

19,221

Other Creditors

9,600

9,600

Accruals and deferred Income

473,717

776,112

523,379

832,149

8

Share capital

Alloted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

439,554

4,396

713,516

7,135

A1 Ordinary shares of £0.0099 each

164,988

16

-

-

Deferred shares of £0.01 each

164,988

1,633

-

-

A Ordinary shares of £0.01 each

114,000

1,140

883,530

7,185

713,516

7,135

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Share-based payments

Share options

Unapproved options

Scheme details and movements

The company has issued options over its unissued shares to employees and other parties. Some options vest when they are granted but most vest at annual intervals ranging from 1 to 5 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company.

The term of the options ranges from 5 to 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

44,864

45,955

Granted during the period

95,026

-

Forfeited during the period

(12,000)

(1,091)

Exercised during the period

(5,026)

-

Outstanding, end of period

122,864

44,864

Exercisable, end of period

32,864

41,682

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

3.38

3.28

Granted during the period

0.01

0.00

Forfeited during the period

1.97

1.97

Exercised during the period

0.01

0.00

Transferred during the period

0.00

1.97

Outstanding, end of period

1.05

3.38

Exercisable, end of period

3.90

3.49

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

As permitted by FRS102, these financial statements do not include any expense for options brought forward at 1 January 2016, because they were granted prior to the period in which FRS102 was adopted for the first time.

In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.
 

EMI options

Scheme details and movements

The company has issued options over its EMI shares to employees and other parties. Some options vest when they are granted but most vest at annual intervals ranging from 1 to 5 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company.

The term of the options ranges from 5 to 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

50,482

50,482

Granted during the period

100,000

-

Forfeited during the period

(33,300)

-

Outstanding, end of period

117,182

50,482

Exercisable, end of period

17,182

49,391

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

3.10

3.15

Granted during the period

0.01

-

Forfeited during the period

3.68

-

Transferred during the period

0.00

1.97

Outstanding, end of period

0.30

3.10

Exercisable, end of period

1.97

3.13

 

BOXARR Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

As permitted by FRS102, these financial statements do not include any expense for the options brought forward at 1 January 2016, because they were granted prior to the period in which FRS102 was adopted for the first time.

In respect of options granted since 1 January 2016, no such expense is included in these financial statements (including the results of the comparative period) on the grounds the expense is not material.