1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 4,178,880 464,151 4,643,031 2,566,771 712,704 3,279,475 1,363,556 1,612,109 18,948 18,879 69 18,948 69 xbrli:pure xbrli:shares iso4217:GBP 09802196 2023-10-01 2024-09-30 09802196 2024-09-30 09802196 2023-09-30 09802196 2022-10-01 2023-09-30 09802196 2023-09-30 09802196 2022-09-30 09802196 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 09802196 bus:Director7 2023-10-01 2024-09-30 09802196 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 09802196 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 09802196 core:WithinOneYear 2024-09-30 09802196 core:WithinOneYear 2023-09-30 09802196 core:UKTax 2023-10-01 2024-09-30 09802196 core:UKTax 2022-10-01 2023-09-30 09802196 core:ShareCapital 2024-09-30 09802196 core:ShareCapital 2023-09-30 09802196 core:SharePremium 2024-09-30 09802196 core:SharePremium 2023-09-30 09802196 core:RetainedEarningsAccumulatedLosses 2024-09-30 09802196 core:RetainedEarningsAccumulatedLosses 2023-09-30 09802196 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 09802196 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 09802196 core:TaxLossesCarry-forwardsDeferredTax 2024-09-30 09802196 core:TaxLossesCarry-forwardsDeferredTax 2023-09-30 09802196 bus:Director1 2023-10-01 2024-09-30 09802196 bus:SmallEntities 2023-10-01 2024-09-30 09802196 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09802196 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09802196 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09802196 bus:FullAccounts 2023-10-01 2024-09-30 09802196 core:CapitalisedDeferredDevelopmentCostsDeferredTax 2024-09-30 09802196 core:CapitalisedDeferredDevelopmentCostsDeferredTax 2023-09-30 09802196 core:ComputerEquipment 2023-10-01 2024-09-30 09802196 core:ComputerEquipment 2024-09-30 09802196 core:ComputerEquipment 2023-09-30
COMPANY REGISTRATION NUMBER: 09802196
Youtility Limited
Filleted Unaudited Financial Statements
30 September 2024
Youtility Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Youtility Limited
Balance Sheet
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
1,363,556
1,612,109
Tangible assets
7
69
------------
------------
1,363,556
1,612,178
Current assets
Debtors
8
84,024
169,007
Cash at bank and in hand
314,952
525,981
---------
---------
398,976
694,988
Creditors: amounts falling due within one year
9
651,816
125,275
---------
---------
Net current (liabilities)/assets
( 252,840)
569,713
------------
------------
Total assets less current liabilities
1,110,716
2,181,891
------------
------------
Net assets
1,110,716
2,181,891
------------
------------
Youtility Limited
Balance Sheet (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
5
5
Share premium account
5,760,607
5,760,607
Profit and loss account
( 4,649,896)
( 3,578,721)
------------
------------
Shareholders funds
1,110,716
2,181,891
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
T R Boyd
Director
Company registration number: 09802196
Youtility Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
The director acknowledges the loss for the year. This is as expected for the start-up phase of the business pre-revenue. The director has reviewed the company's current liquid resources, access to capital through investors, and other future support through its shareholders. Based on that review the director has concluded that the company will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly he continues to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The proportion of employee and sub-contract worker time spent on research, on development, or on general administration of the company operations has been estimated by management. The total estimated economic life of the company's software development projects, and the extent to which they will generate future profitable cash inflows has been estimated by management as part of the overall business planning and forecasting process.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 5 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
( 66,499)
( 105,128)
Deferred tax:
Origination and reversal of timing differences
( 90,259)
--------
---------
Tax on loss
( 66,499)
( 195,387)
--------
---------
6. Intangible assets
Development costs
£
Cost
At 1 October 2023
4,178,880
Additions
464,151
------------
At 30 September 2024
4,643,031
------------
Amortisation
At 1 October 2023
2,566,771
Charge for the year
712,704
------------
At 30 September 2024
3,279,475
------------
Carrying amount
At 30 September 2024
1,363,556
------------
At 30 September 2023
1,612,109
------------
7. Tangible assets
Equipment
£
Cost
At 1 October 2023 and 30 September 2024
18,948
--------
Depreciation
At 1 October 2023
18,879
Charge for the year
69
--------
At 30 September 2024
18,948
--------
Carrying amount
At 30 September 2024
--------
At 30 September 2023
69
--------
8. Debtors
2024
2023
£
£
Amounts owed by group undertakings
5,467
56,960
Prepayments and accrued income
2,766
3,936
Corporation tax repayable
66,500
105,128
Other debtors
9,291
2,983
--------
---------
84,024
169,007
--------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
44,642
95,275
Amounts owed to group undertakings
579,751
Social security and other taxes
3,807
8,245
Other creditors
23,616
21,755
---------
---------
651,816
125,275
---------
---------
10. Deferred tax
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
13
Unused tax losses
( 340,889)
( 306,313)
Capitalised development costs treated as revenue expenditure
340,889
306,300
---------
---------
---------
---------
Due to the uncertainty of the extent of future timing differences relating to taxable profits, amortisation of capitalised development costs or qualifying research & development expenditure, deferred tax assets are recognised only to the extent they are matched by current deferred tax liabilities. The company has unrelieved tax losses carried forwards of £2,630,362.
11. Related party transactions
The company entered into the following transactions with Squeeze, LLC during the year. Squeeze, LLC is the controlling party due to its majority shareholding in Youtility Holdco Limited, the immediate parent company. Fees for management, software development and administration support, together with associated expenses - £332,549 (2023: £21,576)