IRIS Accounts Production v24.3.2.46 07783597 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077835972023-12-31077835972024-12-31077835972024-01-012024-12-31077835972022-12-31077835972023-01-012023-12-31077835972023-12-3107783597ns15:EnglandWales2024-01-012024-12-3107783597ns14:PoundSterling2024-01-012024-12-3107783597ns10:Director12024-01-012024-12-3107783597ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3107783597ns10:SmallEntities2024-01-012024-12-3107783597ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3107783597ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3107783597ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3107783597ns10:FullAccounts2024-01-012024-12-310778359712024-01-012024-12-3107783597ns10:Director22024-01-012024-12-3107783597ns10:RegisteredOffice2024-01-012024-12-3107783597ns5:CurrentFinancialInstruments2024-12-3107783597ns5:CurrentFinancialInstruments2023-12-3107783597ns5:Non-currentFinancialInstruments2024-12-3107783597ns5:Non-currentFinancialInstruments2023-12-3107783597ns5:ShareCapital2024-12-3107783597ns5:ShareCapital2023-12-3107783597ns5:SharePremium2024-12-3107783597ns5:SharePremium2023-12-3107783597ns5:RetainedEarningsAccumulatedLosses2024-12-3107783597ns5:RetainedEarningsAccumulatedLosses2023-12-3107783597ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3107783597ns5:FurnitureFittings2024-01-012024-12-3107783597ns5:ComputerEquipment2024-01-012024-12-3107783597ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3107783597ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-3107783597ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3107783597ns5:FurnitureFittings2023-12-3107783597ns5:ComputerEquipment2023-12-3107783597ns5:FurnitureFittings2024-12-3107783597ns5:ComputerEquipment2024-12-3107783597ns5:FurnitureFittings2023-12-3107783597ns5:ComputerEquipment2023-12-3107783597ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-12-3107783597ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107783597ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-12-3107783597ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3107783597ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3107783597ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107783597ns5:WithinOneYear2024-12-3107783597ns5:WithinOneYear2023-12-3107783597ns5:Secured2024-12-3107783597ns5:Secured2023-12-3107783597ns5:Secured12024-12-3107783597ns5:Secured12023-12-3107783597ns5:RetainedEarningsAccumulatedLosses2023-12-3107783597ns5:SharePremium2023-12-3107783597ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3107783597ns5:SharePremium2024-01-012024-12-31
REGISTERED NUMBER: 07783597 (England and Wales)



















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: J Heath-Smith
D Clapson





REGISTERED OFFICE: Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY





REGISTERED NUMBER: 07783597 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
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 3,577,885 3,368,361
Tangible assets 5 86,455 68,421
3,664,340 3,436,782

CURRENT ASSETS
Debtors 6 760,162 782,174
Cash at bank - 199,355
760,162 981,529
CREDITORS
Amounts falling due within one year 7 2,012,819 1,900,888
NET CURRENT LIABILITIES (1,252,657 ) (919,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,411,683

2,517,423

CREDITORS
Amounts falling due after more than one
year

8

4,410

14,167
NET ASSETS 2,407,273 2,503,256

CAPITAL AND RESERVES
Called up share capital 11 1,584 1,351
Share premium 12 4,520,444 4,086,899
Retained earnings 12 (2,114,755 ) (1,584,994 )
SHAREHOLDERS' FUNDS 2,407,273 2,503,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 26 March 2025 and were signed on its behalf by:





J Heath-Smith - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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 36 (2023 - 36 ) .

4. INTANGIBLE FIXED ASSETS
Software
IP
£   
COST
At 1 January 2024 5,703,055
Additions 848,176
At 31 December 2024 6,551,231
AMORTISATION
At 1 January 2024 2,334,694
Amortisation for year 638,652
At 31 December 2024 2,973,346
NET BOOK VALUE
At 31 December 2024 3,577,885
At 31 December 2023 3,368,361

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2024 34,266 230,776 265,042
Additions 528 53,577 54,105
Disposals - (17,712 ) (17,712 )
At 31 December 2024 34,794 266,641 301,435
DEPRECIATION
At 1 January 2024 13,634 182,987 196,621
Charge for year 3,161 30,985 34,146
Eliminated on disposal - (15,787 ) (15,787 )
At 31 December 2024 16,795 198,185 214,980
NET BOOK VALUE
At 31 December 2024 17,999 68,456 86,455
At 31 December 2023 20,632 47,789 68,421

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 183,040 190,112
Other debtors - 216
Tax 157,760 165,358
Prepayments 23,026 23,026
363,826 378,712

Amounts falling due after more than one year:
Deferred tax asset 396,336 403,462

Aggregate amounts 760,162 782,174

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Debentures 869,579 872,447
Bank loans and overdrafts 18,754 10,000
Invoice discounting 63,376 64,120
Trade creditors 126,785 103,987
Social security and other taxes 516,330 602,784
Other creditors 355,577 226,870
Accruals and deferred income 62,418 20,680
2,012,819 1,900,888

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 4,410 10,000
Bank loans - 2-5 years - 4,167
4,410 14,167

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 22,000

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 869,579 872,447
Invoice discounting 63,376 64,120
932,955 936,567

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 (1,584,994 ) 4,086,899 2,501,905
Deficit for the year (529,761 ) - (529,761 )
Bonus share issue - 433,545 433,545
At 31 December 2024 (2,114,755 ) 4,520,444 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.