REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Spike Global Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Spike Global Limited |
Spike Global Limited (Registered number: 07783597) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Spike Global Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Spike Global Limited (Registered number: 07783597) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Spike Global Limited (Registered number: 07783597) |
Balance Sheet - continued |
31 December 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Spike Global Limited (Registered number: 07783597) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Spike Global Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on a going concern basis despite losses continuing to arise after the period end. The company is in its development phase, therefore the directors expect losses to continue over the next year whilst still in this phase, but with continued support from external investors the directors anticipate they can continue as a going concern. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax, and is recognised in the period in which the services were provided. |
Intangible fixed assets |
Software licences which provide future economic benefits to the company are capitalised and have been amortised evenly over their estimated useful life of 10 years. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Deferred tax |
Provision is made at current rates for taxation deferred in respect of all material timing differences. |
A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred with the exception of expenditure incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain as regards viability and technical feasibility. Such expenditure is capitalised and amortised straight line over 10 years, commencing in the year in which the costs were incurred in continually developing the software. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Invoice discounting |
The debts discounted are included within trade debtors with a financing limit relating to proceeds received from the invoice discounter included within creditors. |
The interest element and other discount charges are recognised within the profit and loss account as they accrue. |
Spike Global Limited (Registered number: 07783597) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Software |
IP |
£ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Spike Global Limited (Registered number: 07783597) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
Prepayments |
Amounts falling due after more than one year: |
Deferred tax asset | 396,336 | 403,462 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Debentures |
Bank loans and overdrafts |
Invoice discounting | 63,376 | 64,120 |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Spike Global Limited (Registered number: 07783597) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Debentures |
Invoice discounting |
Debentures are secured by way of a fixed and floating charge on certain assets of the company. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid |
Number: | Class | Nominal | 2024 | 2023 |
value: | £ | £ |
158,299 | Ordinary | 1p | 1,584 | 1,351 |
During the year 23,289 Ordinary shares of £1p each were issued fully paid for cash at £18.64. |
Called-up share capital represents the nominal value of shares that have been issued. |
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. |
12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2024 | ( |
) | 2,501,905 |
Deficit for the year | ( |
) | - | ( |
) |
Bonus share issue |
At 31 December 2024 | ( |
) | 2,405,689 |
13. | GOING CONCERN |
The company reported a loss for both financial periods, resulting in net current liabilities as at the balance sheet date. A review of post year end management accounts indicates that losses are still being incurred, however forecasts project a return to profitability by June 2025. |
The company has demonstrated a strong track record in securing investment in recent years and successfully raised an additional £357,000 in funding, received in March 2025. The shareholders remain committed to supporting the business. |
The directors have reviewed the financial performance for the year, alongside post year end results and remain confident that the company has sufficient resources to continue operating for at least the next twelve months from the date of the financial statements. |
Accordingly the going concern basis has been adopted in the preparation of the financial statements. |