Company Registration No.
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
GRABYO LIMITED
COMPANY INFORMATION
Directors | Mr |
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| Mr |
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Company number | 08606400 |
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Registered office | |
| London |
| England |
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GRABYO LIMITED
CONTENTS
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Directors' report | 3 |
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Consolidated statement of comprehensive income | 4 |
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Consolidated statement of financial position | 5 |
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Company statement of financial position | 6 |
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Statements of changes in equity | 7 |
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Notes to the financial statements | 8 - 24 |
GRABYO LIMITED
DIRECTORS' REPORT
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
The directors present their report and financial statements for the three month period ended 31 March 2024.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. The directors have elected to prepare the financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company and group for that period.
In preparing these financial statements, the directors are required to:
• | select suitable accounting policies for the group's financial statements and then apply them consistently; |
• | make judgments and accounting estimates that are reasonable and prudent; |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results
The loss for the three month period, after taxation, amounted to £231,101 (2023 12-month period: £4,677,537). The results for the period are set out on page 4.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr W Neale
Mr G Capon
Mr T Harding
This report was approved by the Board and signed on its behalf.
………………………………
G J Capon
Director
Date: ……………………………….
GRABYO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
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| 2024 | 2023 |
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| Note | £ | £ |
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Turnover | 4 | ||
Cost of sales |
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Gross profit |
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Administrative expenses |
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Other operating income | 5 | ||
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Operating (loss)/profit | 6 | ( | ( |
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Interest and similar income | 10 | ||
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(Loss)/profit before tax |
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Tax on (loss)/profit | 12 | ||
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(Loss)/profit for the period |
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The notes on pages 8 to 24 form part of these financial statements
GRABYO LIMITED
REGISTERED NUMBER: 08606400
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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| 2024 | 2023 |
| Note | £ | £ |
Non-current assets |
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Intangible assets | 13 | ||
Property, plant and equipment | 14 | ||
Current assets |
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Trade and other receivables | 16 | ||
Cash and cash equivalents | 17 | ||
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TOTAL ASSETS |
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Non-current liabilities |
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Deferred tax payable | 20 | ||
Current liabilities |
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Trade and other payables | 18 | ||
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TOTAL LIABILITIES |
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Share capital | 21 | ||
Share premium | 23 | ||
Foreign exchange reserve | 23 | ( | |
Retained earnings | 23 | ( | ( |
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EQUITY |
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TOTAL EQUITY AND LIABILITIES |
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The financial statements were approved by the
………………………………..
G J Capon
Director
Date:
The notes on pages 8 to 24 form part of these financial statements.
GRABYO LIMITED
REGISTERED NUMBER: 08606400
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
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| 2024 | 2023 |
| Note | £ | £ |
Non-current assets |
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Intangible assets | 13 | ||
Property, plant and equipment | 14 | ||
Investments | 15 | ||
Current assets |
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Trade and other receivables | 16 | ||
Cash and cash equivalents | 17 | ||
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TOTAL ASSETS |
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Non-current liabilities |
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Deferred tax payable | 20 | ||
Current liabilities |
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Trade and other payables | 18 | ||
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TOTAL LIABILITIES |
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Share capital | 21 | ||
Share premium | 23 | ||
Foreign exchange reserve |
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Retained earnings | 23 | ( | ( |
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EQUITY |
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TOTAL EQUITY AND LIABILITIES |
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For the three month period ended 31 March 2024
The financial statements were approved by the
……………………………………
GJ Capon
Director
Date:
The notes on pages 8 to 24 form part of these financial statements
GRABYO LIMITED
CONSOLIDATED AND COMPANY STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
Consolidated
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity |
| £ | £ | £ | £ | £ |
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At 1 January 2024 | ( | ( | |||
Loss for the period |
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Share option expense |
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Foreign exchange movement |
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At 31 March 2024 | (5,957,024) | ||||
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At 1 January 2023 | ( | ||||
Loss for the period |
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Share option expense |
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Foreign exchange movement |
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At 31 December 2023 | ( | ( |
Company
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity |
| £ | £ | £ | £ | £ |
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At 1 January 2024 | ( | ( | 2,436,730 | ||
Loss for the period |
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Share option expense |
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Foreign exchange movement |
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At 31 March 2024 | (1,185) | (6,004,286) | 2,201,791 | ||
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At 1 January 2023 |
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Loss for the period |
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Share option expense |
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Foreign exchange movement |
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At 31 December 2023 | ( | ( | 2,436,730 |
The notes on pages 8 to 24 form part of these financial statements.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
1. General information
Grabyo Limited (the 'company') and its subsidiary undertakings (the 'group') are limited liability companies incorporated and domiciled in the
2. Accounting policies
2.1. Basis of preparation of financial statements
In preparing these financial statements the group applies the recognition, measurement, and disclosure requirements of International Financial Reporting Standards as adopted by the European Union, but makes amendments where necessary in order to comply with Companies Act 2006. The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The methods used to measure fair values of assets and liabilities are discussed in the respective notes below.
The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in applying the group's accounting policies. The areas where significant judgement and estimates have been made in preparing the financial statements and their effect are disclosed in note 3.
The following principal accounting policies have been applied:
2.2. Going concern
2.3. Revenue recognition
For all contracts within the scope of IFRS 15: Revenue from Contracts with Customers, the company determines whether enforceable rights and obligations have been created with the customer, and recognises revenue based on the total transaction price as estimated at the inception of the contract, being the amount to which the company expects to be entitled, and over which it has present enforceable rights under the contract. Revenue is allocated proportionately across the contract performance obligations and recognised either over time or at points in time as appropriate. The group does not have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the company does not adjust any of the transaction prices for the time value of money.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
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, regardless of when the payment is being made.
Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.
2.4. Intangible assets
Computer software:
2.5.
2.6. Tangible fixed assets
Depreciation is provided on the following basis:
Fixtures and fittings: | |
Office equipment: | |
Computer equipment: |
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.
2.7. Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
• | at fair value with changes recognised in the consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; |
• | at cost less impairment for all other investments. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The group does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
2.8. Employee benefits, pensions, and other post-employment benefits
Share-based payments
2.9. Current and deferred taxation
The tax expense for the period comprises current and deferred tax. 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.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
• | The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; |
• | Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and |
• | Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2.10. Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
2.11. Impairment of non-financial assets
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
2.12. Cash and cash equivalents
2.13. Leased assets: the group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.14. Leased assets
This policy is applied to contracts entered into, or changed, on or after 1 January 2019. For any new contracts entered into on or after 1 January 2019 at inception of a contract, the company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Measurement and recognition of leases as a lessee
The company recognises a right-of-use asset and a lease liability on the balance sheet at the lease commencement date. The right-of-use asset is initially measured at cost. This comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date and an estimate of any costs to dismantle and remove the underlying asset at the end of the lease, or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the company assesses the right-of-use asset for impairment when such indicators exist. It is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements of the lease liability.
At the commencement date the lease liability is initially measured at the present value of the lease payments that are not paid at that date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. The company has elected to use the incremental borrowing rate at the date of transition as the interest rate implicit in the leases could not be readily determined.
The lease liability is measured at amortised cost using the effective interest method. It is re measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the company's estimate of the amount expected to be payable under a residual value guarantee, or if the company changes its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Short-term leases and leases of low-value assets
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
2.15. Borrowing costs
2.16.
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 group 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.
3. Judgments in applying accounting policies and key sources of estimation uncertainty
The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Impairment of non-current assets
The group assesses the impairment of property, plant and equipment, intangible assets, and investments subject to amortisation or depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:
• | Significant underperformance relative to historical or projected future operating results; |
• | Significant changes in the manner of the use of the acquired assets or the strategy for the overall business; and |
• | Significant negative industry or economic trends. |
The directors have reviewed the asset lives and associated residual values of all property, plant and equipment classes and have concluded that asset lives and residual values are appropriate.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Trade and other receivables are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Impairments are made specifically against invoices where recoverability is uncertain.
The group makes allowances for doubtful debts based on an assessment of the recoverability of trade receivables. Allowances are applied to trade receivables where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the impairment for doubtful debts. Where the expectation is different from the original estimate, such a difference will impact the carrying value of trade receivables and the charge in the statement of comprehensive income.
Provisions
A provision is recognised when the group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.
Leasing
Taxation
There are many transactions and calculations for which the ultimate tax determination is uncertain. The group takes professional advice on its tax affairs and recognises liabilities for anticipated tax based on estimates of what taxation is likely to be due.
Management estimation is required to determine the amount of any deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
4. Revenue
The entirety of revenue is attributable to the group's principal activity. Analysis of turnover by country of source:
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| 2024 | 2023 |
| (3 month period) | (12 month period) |
| £ | £ |
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United Kingdom | 392,646 | 1,820,172 |
Rest of world | 1,057,320 | 4,119,418 |
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5. Other operating income
| 2024 | 2023 |
| (3 month period) | (12 month period) |
| £ | £ |
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Other operating income | - | |
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| - | 172,190 |
Within other operating income, Grabyo Limited received £0 (2023: £146k) for income relating to rental service fees.
6. Operating loss
The operating loss is stated after charging:
| 2024 | 2023 |
| (3 month period) | (12 month period) |
| £ | £ |
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Depreciation on tangible assets | ||
Exchange differences | ( | |
Amortisation on intangible assets | ||
Impairment on intangible assets | - | |
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7. Auditor's remuneration
| 2024 | 2023 |
| (3 month period) | (12 month period) |
| £ | £ |
Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements | - | |
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Taxation compliance services |
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
8. Employees
Staff costs, including directors' remuneration, were as follows:
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
Wages and salaries | ||||
Social security costs | ||||
Cost of defined contribution scheme | ||||
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The average monthly number of employees, including the directors, during the period was as follows:
| 2024 | 2023 |
| No. | No. |
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Employees |
9. Directors' remuneration
| 2024 | 2023 |
| £ | £ |
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Directors' emoluments | ||
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The highest paid director received remuneration of £108,750 during the period (2023: £260,000).
The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2023: £Nil).
The total accrued pension provision of the highest paid director at 31 March 2023 amounted to £Nil (2023: £Nil).
Key management personnel are the same as the directors and do not differ in either 2024 or 2023.
10. Interest receivable
| 2024 | 2023 |
| £ | £ |
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Other interest received | ||
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GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
11. Taxation
| Jan-Mar 2024 | 2023 |
| £ | £ |
Corporation tax |
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Current tax on profits for the period | ( | ( |
Foreign tax |
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Foreign tax on income for the period | ||
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Total current tax | ( | ( |
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Deferred tax |
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Origination and reversal of timing differences | ( | |
Adjustments in respect of prior periods | ||
Increase in discount | ||
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Total deferred tax | ||
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Taxation on loss on ordinary activities | (22,068) | (422,121) |
Factors affecting tax charge for the period
The tax assessed for the period is higher than (2023: higher than) the standard rate of corporation tax in the UK of
| Jan-Mar 2024 | 2023 |
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Loss on ordinary activities before tax | ( | (5,102,598) |
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%) | ( | ( |
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Effects of: |
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Fixed asset differences | ( | |
Expenses not deductible for tax purposes | ||
Additional deduction for R&D expenditure | ( | ( |
Surrender of tax losses for R&D tax credit refund | ||
Remeasurement of deferred tax for changes in tax rates | ( | |
Adjustments to tax charge in respect of prior periods | ( | |
Adjustments to tax charge in respect of previous periods - deferred tax | ||
Movement in deferred tax not recognised | ( | |
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Total tax charge for the period | (22,068) | (422,121) |
Factors that may affect future tax charges
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, based on tax law and the corporation tax rates that have been enacted, or substantively enacted, at the balance sheet date. As such, the deferred tax rate applicable at 31 March 2024 is 25% and deferred tax has been re-measured at this date.
The unrecognised deferred tax asset not recognised for the period amounts to £441,554 (2023: £441,604).
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
12. Intangible assets
Group and Company | Computer software |
| £ |
Cost |
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At 1 January 2024 | |
Additions | |
Disposals | |
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At 31 March 2024 | |
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Amortisation |
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At 1 January 2024 | |
Charge for the period | |
On disposals | |
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At 31 March 2024 | |
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Net book value |
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At 31 March 2024 | |
At 31 December 2023 |
13. Tangible fixed assets
Group | Fixtures and | Office | Computer | Total |
| fittings | equipment | equipment | £ |
| £ | £ | £ |
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Cost |
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At 1 January 2024 | ||||
Additions | - | |||
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At 31 March 2024 | ||||
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Depreciation |
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At 1 January 2024 | ||||
Charge for the period | - | |||
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At 31 March 2024 | ||||
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|
|
Net book value |
|
|
|
|
At 31 March 2024 | - | |||
At 31 December 2023 | - |
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
Company | Fixtures and | Office | Total |
| fittings | equipment | £ |
| £ | £ |
|
Cost |
|
|
|
At 1 January 2024 | |||
Additions | - | ||
|
|
|
|
At 31 March 2024 | |||
|
|
|
|
Depreciation |
|
|
|
At 1 January 2024 | |||
Charge for the period | - | ||
|
|
|
|
At 31 March 2024 | |||
|
|
|
|
Net book value |
|
|
|
At 31 March 2024 | - | ||
At 31 December 2023 | - |
14. Fixed asset investments
Company
Cost | Investments in |
| subsidiary companies |
| £ |
At 1 January 2024 and 31 March 2024 |
Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name | Registered office | Class of shares | Holding | |
|
|
|
| |
% | ||||
% |
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
15. Receivables
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
Trade receivables | ||||
Amounts owed by group undertakings | - | - | ||
Other receivables | ||||
Prepayments and accrued income | ||||
|
|
|
|
|
| 1,518,829 | 1,183,088 | 1,287,725 | 1,130,921 |
The ageing of past due trade receivables according to their original due date is detailed below:
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
0-30 days | 508,543 | 320,441 | 345,745 | 290,080 |
31-60 days | 38,824 | 25,191 | 7,073 | 15,332 |
61-90 days | 9,674 | 69,019 | 9,674 | 48,626 |
90+ days | 13,298 | 7,782 | 9,054 | 5,473 |
|
|
|
|
|
| 570,338 | 422,433 | 371,546 | 359,511 |
Trade receivables, including amounts owed by group undertakings, are non-interest bearing and are generally due and paid within 30 days. The Directors consider that the carrying amount of trade and other receivables approximates to their fair value and that no impairment is required at the reporting dates. Trade and other receivables represent financial assets and are assessed for impairment on an expected credit loss model. Therefore, there is no expected credit loss provision for impairment at 31 March 2024 (31 December 2023: £Nil).
16. Cash and cash equivalents
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
Cash at bank and in hand | ||||
Less: bank overdrafts | ( | ( | - | - |
|
|
|
|
|
| 1,265,374 | 1,946,060 |
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
17. Payables: amounts falling due within one year
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
Bank overdrafts | - | - | ||
Trade payables | ||||
Other taxation and social security | ||||
Other payables | ||||
Accruals and deferred income | ||||
|
|
|
|
|
| 1,779,397 | 1,616,107 | 1,352,345 | 1,359,933 |
The directors consider that the carrying amount of trade and other payables approximates to their fair value.
18. Deferred taxation
Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences that arise when the carrying value of assets and liabilities differ between accounting and tax treatments. Deferred tax assets represent the amounts of income taxes recoverable in the future in respect of those differences, while deferred tax liabilities represent the amounts of income taxes payable in the future in respect of those differences.
Group | 2024 | 2023 |
|
|
|
At beginning of period | ( | ( |
Charged to the profit or loss | ( | ( |
|
|
|
At end of period | (873,988) | ( |
|
|
|
Company | 2024 | 2023 |
|
|
|
At beginning of period | ( | ( |
Charged to the profit or loss | ( | ( |
|
|
|
At end of period | ( | ( |
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
Accelerated capital allowances | ( | ( | ( | ( |
Short term temporary differences | - | - | - | - |
Losses and other deductions | ( | ( | ( | ( |
|
|
|
|
|
| (873,988) | ( | ( | ( |
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
19. Share capital
Allotted, called up and fully paid | 2024 | 2023 |
|
|
|
17 | 17 | |
- | - | |
|
|
|
|
Ordinary A shares have attached to them full voting, dividend, and capital distribution, including on wind up, rights, and are not redeemable.
Ordinary B shares have attached to them full dividend and capital distribution, including on wind up, rights, and are not redeemable and carry no right to vote.
20. Financial instruments
Financial risk management
The determination of financial risk management policies is managed by the directors of the group. Policies are set to reduce risk as far as possible without unduly affecting the operating effectiveness of the group. The group's activities expose it to a variety of financial risks, the most significant being credit risk, liquidity risk and interest rate risk together with a degree of foreign currency risk as discussed below.
Categories of financial instruments
The group has the below categories of financial instruments:
Recognised at amortised cost | 2024 | 2023 |
| £ | £ |
|
|
|
Trade and other receivables | 1,518,829 | 1,014,976 |
Cash and cash equivalents | 1,266,646 | 1,947,257 |
Trade and other payables | (1,778,125) | (1,616,107) |
Lease liabilities | (45,528) | (35,625) |
|
|
|
| 961,822 | 1,310,501 |
Liquidity risk
Foreign Currency Risk
The group has limited exposure to currency risk on sales and purchases that are denominated in a currency other than the functional currency of the group. The risk is in respect of US dollars and Singapore Dollars and transactions in these currencies are limited with natural hedges taking place through sales and payments made in those currencies.
Sensitivity Analysis to movement in exchange rates
Given the highly immaterial liability balances denominated in foreign currency, the exposure to a change in exchange rates is negligible.
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
21. Reserves
Share premium account
The share premium account includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Foreign exchange reserve
The foreign exchange reserve represents currency movements in the period and prior periods from the retranslation of the foreign currency subsidiary statements of financial position.
Retained earnings
The retained earnings represent accumulated comprehensive income for the prior periods less dividends paid.
Profit and loss account
The profit and loss account represents comprehensive income for the period.
22. Share-based payments
Grabyo Limited has share options on issue, all options which have been granted have non-market vesting conditions attached and all share options which have been granted are of the same class: B ordinary shares which are exercisable between one month and ten years following their grant. These are granted at the discretion of the Directors. There are no cash settlement alternatives for the employees therefore these are all accounted for under IFRS 2 as equity-settled options.
The fair value of share options granted is estimated at the date of grant. The grant date for accounting purposes is at various points as the options were issued, as this is when a shared understanding of the terms and conditions of the arrangements was achieved between the various parties. A non-marketability discount was applied when assessing the fair value at grant date.
The fair value of share options granted is estimated at the date of grant using a Black-Scholes model.
The following table illustrates the number and weighted average exercise price of, and movements in, share options during the period.
| Weighted | Number | Weighted | Number |
| average | 2024 | average | 2023 |
| exercise |
| exercise |
|
| price |
| price |
|
| (£) |
| (£) |
|
| 2024 |
| 2023 |
|
|
|
|
|
|
Outstanding at the beginning of the period | 15.29 | |||
Granted during the period | ||||
Forfeited during the period | ( | ( | ||
|
|
|
|
|
Outstanding at the end of the period |
| 2024 | 2023 |
|
|
|
Equity-settled schemes |
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
Fair value calculations
The fair value of options granted is calculated at the date of grant using a Black-Scholes option pricing model. Expected volatility was determined by utilising market data for businesses of a similar nature given that the shares are not traded and the volatility has been taken over the expected life of the options. The expected life applied in the model is based on the terms of agreements in place for options granted. The following table lists the inputs to the model used for options granted in the periods ended 31 March 2024 and 31 December 2023 based on information at the date of grant.
Share Options | 2024 | 2023 |
Share price at date of grant | 35.85 | 35.85 |
Discount for Ordinary B status | 5% | 5% |
Exercise price | 28.00 | 28.00 |
Volatility | 60% | 60% |
Expected life | 4 years | 4 years |
Risk free rate | 3.87% | 3.87% |
Weighted average fair value per option | 23.98 | 23.98 |
23. Capital commitments
At 31 March 2024 the Group and company had capital commitments as follows:
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
Contracted for but not provided in these financial statements | (3,000,838) | (3,091,637) | (3,000,838) | (3,091,637) |
|
|
|
|
|
| ( | ( | ( | ( |
Grabyo Limited has committed to spending the following amounts (denominated in USD):
$485,166 over the period 1 April 2024 to 30 June 2024
$1,000,000 over the period 1 July 2024 to 30 June 2025
$1,100,000 over the period 1 July 2025 to 30 June 2026
$1,210,000 over the period 1 July 2026 to 30 June 2027
24. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £13,671 (2023: £
GRABYO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2024
25. Commitments under operating leases
At 31 December 2023 the Group and the company had future minimum lease payments due under non cancellable operating leases for each of the following periods:
| Group | Group | Company | Company |
| (£) | (£) | (£) | (£) |
| 2024 | 2023 | 2024 | 2023 |
|
|
|
|
|
Not later than 1 year | ||||
|
|
|
|
|
Later than 1 year and not later than 5 years | - | - | - | - |
|
|
|
|
|
|
26. Controlling party
In the opinion of the directors the ultimate controlling party is