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Registered number: 14781836









TUTELLO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
TUTELLO LIMITED
REGISTERED NUMBER: 14781836

BALANCE SHEET
AS AT 30 APRIL 2024

2024
Note
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 4 
16,831

Cash at bank and in hand
  
397,713

  
414,544

Creditors: amounts falling due within one year
 5 
(171,931)

NET CURRENT ASSETS
  
 
 
242,613

TOTAL ASSETS LESS CURRENT LIABILITIES
  
242,613

  

NET ASSETS
  
242,613


CAPITAL AND RESERVES
  

Called up share capital 
 6 
125

Share premium account
  
341,975

Profit and loss account
  
(99,487)

  
242,613


Page 1

 
TUTELLO LIMITED
REGISTERED NUMBER: 14781836
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 profit and loss account 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 by: 




D J Lefevre
Director

Date: 27 March 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
TUTELLO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Tutello Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA. Its principal trading address is at a co-working space at 96 Kensington High Street, London, W8 4SG.
The Company's functional and presentational currency is GBP.

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

GOING CONCERN

The financial statements have been prepared on the going concern basis. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the development progress achieved, and that they continue to support the Company financially, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
TUTELLO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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.
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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 4

 
TUTELLO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

3.


EMPLOYEES



The average monthly number of employees, including directors, during the period was 3.


4.


DEBTORS

2024
£


Trade debtors
2,183

Other debtors
11,781

Prepayments and accrued income
2,867

16,831



5.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
£

Trade creditors
13,375

Other taxation and social security
488

Other creditors
114,651

Accruals and deferred income
43,417

171,931


Included within other creditors are amounts due to the Company's defined contribution pension scheme of £150.
Included within other creditors is a loan from a director amounting to £114,487 which is accruing interest at the rate of 4% per annum above the Bank of England base rate. The loan is repayable on demand.


6.


SHARE CAPITAL

2024
£
ALLOTTED, CALLED UP AND FULLY PAID


125,000 Ordinary shares of £0.001 each
125


Page 5

 
TUTELLO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

6.SHARE CAPITAL (CONTINUED)

On incorporation, the Company issued 100 Ordinary £1 shares at par. These were sub-divided into 100,000 Ordinary £0.001 shares on 22 December 2023.
On 12 March 2024, the Company issued a further 25,000 Ordinary £0.001 shares at a rate of £14 per share.

 
Page 6