Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30772023-07-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12641139 2023-07-01 2024-06-30 12641139 2022-07-01 2023-06-30 12641139 2024-06-30 12641139 2023-06-30 12641139 2022-07-01 12641139 c:Director1 2023-07-01 2024-06-30 12641139 d:OfficeEquipment 2023-07-01 2024-06-30 12641139 d:OfficeEquipment 2024-06-30 12641139 d:OfficeEquipment 2023-06-30 12641139 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12641139 d:ComputerEquipment 2023-07-01 2024-06-30 12641139 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 12641139 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 12641139 d:CurrentFinancialInstruments 2024-06-30 12641139 d:CurrentFinancialInstruments 2023-06-30 12641139 d:CurrentFinancialInstruments 2 2024-06-30 12641139 d:CurrentFinancialInstruments 2 2023-06-30 12641139 d:CurrentFinancialInstruments 3 2024-06-30 12641139 d:CurrentFinancialInstruments 3 2023-06-30 12641139 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12641139 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12641139 d:ShareCapital 2023-07-01 2024-06-30 12641139 d:ShareCapital 2024-06-30 12641139 d:ShareCapital 2022-07-01 2023-06-30 12641139 d:ShareCapital 2023-06-30 12641139 d:ShareCapital 2022-07-01 12641139 d:SharePremium 2023-07-01 2024-06-30 12641139 d:SharePremium 2024-06-30 12641139 d:SharePremium 2022-07-01 2023-06-30 12641139 d:SharePremium 2023-06-30 12641139 d:SharePremium 2022-07-01 12641139 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 12641139 d:OtherMiscellaneousReserve 2024-06-30 12641139 d:OtherMiscellaneousReserve 2022-07-01 2023-06-30 12641139 d:OtherMiscellaneousReserve 2023-06-30 12641139 d:OtherMiscellaneousReserve 2022-07-01 12641139 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12641139 d:RetainedEarningsAccumulatedLosses 2024-06-30 12641139 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12641139 d:RetainedEarningsAccumulatedLosses 2023-06-30 12641139 d:RetainedEarningsAccumulatedLosses 2022-07-01 12641139 c:FRS102 2023-07-01 2024-06-30 12641139 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12641139 c:FullAccounts 2023-07-01 2024-06-30 12641139 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12641139 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 12641139 2 2023-07-01 2024-06-30 12641139 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-07-01 2024-06-30 12641139 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 12641139














LOVEJUNK LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2024

 
LOVEJUNK LIMITED
REGISTERED NUMBER:12641139

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note

FIXED ASSETS
  

Intangible assets
 4 
634,315
451,783

Tangible assets
 5 
2,688
5,214

  
637,003
456,997

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
443,027
182,669

Cash at bank and in hand
 7 
82,831
123,235

  
525,858
305,904

Creditors: amounts falling due within one year
 8 
(775,261)
(867,738)

NET CURRENT LIABILITIES
  
 
 
(249,403)
 
 
(561,834)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
387,600
(104,837)

  

NET ASSETS/(LIABILITIES)
  
£387,600
£(104,837)


CAPITAL AND RESERVES
  

Called up share capital 
  
15
12

Share premium
 9 
2,138,466
1,388,469

Other reserves
 9 
75
75

Profit and loss account
 9 
(1,750,956)
(1,493,393)

  
£387,600
£(104,837)


Page 1

 
LOVEJUNK LIMITED
REGISTERED NUMBER:12641139

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




................................................
J A J Mohr
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
LOVEJUNK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

At 1 July 2023
12
1,388,469
75
(1,493,393)
(104,837)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
-
-
(257,563)
(257,563)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
(257,563)
(257,563)


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Shares issued during the year
3
749,997
-
-
750,000


TOTAL TRANSACTIONS WITH OWNERS
3
749,997
-
-
750,000


AT 30 JUNE 2024
£15
£2,138,466
£75
£(1,750,956)
£387,600


Page 3

 
LOVEJUNK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

At 1 July 2022
10
269,590
75
(1,277,765)
(1,008,090)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
-
-
(215,628)
(215,628)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
-
(215,628)
(215,628)


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Shares issued during the year
2
1,118,879
-
-
1,118,881


AT 30 JUNE 2023
£12
£1,388,469
£75
£(1,493,393)
£(104,837)


Page 4

 
LOVEJUNK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Lovejunk Limited is a private company limited by shares and incorporated in England and Wales under company number 12641139. The registered office address is 9 Felsham Road, London, England SW15 1AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
LOVEJUNK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
LOVEJUNK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

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 balance sheet 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 Company 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.

 
2.9

Taxation

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
LOVEJUNK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Office equipment
-
33%

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 8

 
LOVEJUNK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Development expenditure



Cost


At 1 July 2023
667,491


Additions
383,722



At 30 June 2024

1,051,213



Amortisation


At 1 July 2023
215,707


Charge for the year on owned assets
201,191



At 30 June 2024

416,898



Net book value



At 30 June 2024
£634,315



At 30 June 2023
£451,783




5.


Tangible fixed assets





Office equipment



Cost or valuation


At 1 July 2023
7,732



At 30 June 2024

7,732



Depreciation


At 1 July 2023
2,518


Charge for the year on owned assets
2,526



At 30 June 2024

5,044



Net book value



At 30 June 2024
£2,688



At 30 June 2023
£5,214

Page 9

 
LOVEJUNK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023


Trade debtors
140,457
87,985

Amounts owed by joint ventures and associated undertakings
300,000
-

Prepayments and accrued income
2,570
1,982

R&D tax credit
-
92,702

£443,027
£182,669



7.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
82,831
123,235

Less: bank overdrafts
(1,437)
(186)

£81,394
£123,049



8.


Creditors: Amounts falling due within one year

2024
2023

Bank overdrafts
1,437
186

Trade creditors
108,648
80,465

Amounts owed to other participating interests
-
100,000

Other taxation and social security
24,128
17,414

Other creditors
23,918
24,353

Accruals and deferred income
3,177
31,367

Share capital treated as debt
1
1

Share premium treated as debt
613,952
613,952

£775,261
£867,738



9.


Reserves

Share premium account

The share premium account arises as a result of share issues above the nominal value of £0.01 per share.

Other reserves

The other reserves account records the share options granted.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 10

 
LOVEJUNK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Share-based payments

An EMI option agreement was entered into during the year ended 30 June 2021. 75 share options were granted, the fair value of these was considered to be £1 per share. The granted shares are shown in Other resevres in the Balance Sheet and the loss in the year ended 30 June 2021 was increased by £75 as a result of this transaction.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,535 (2023 - £5,122). Contributions totalling £1,089 (2023 - £1,089) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

At the balance sheet date, Lovejunk Limited was owed £300,000 (2023: owed by - £100,000) in respect to loans advanced, from a company under common control with Lovejunk Limited. 


Page 11