| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| QUOTEVINE LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| QUOTEVINE LIMITED |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| 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 |
| QUOTEVINE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 27 St. Cuthberts Street |
| Bedford |
| Bedfordshire |
| MK40 3JG |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank | 6 |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| 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. |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Quotevine Limited is a private company, limited by shares, registered in England and Wales, registration number 07877335. The registered office address is Unit A, 45 St Peters Street, Bedford, Bedfordshire, MK40 2FL. |
| The principal activity of the company continued to be that of providing cloud native software for the Automotive and Asset Finance sectors. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| 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 company generates substantially the majority of its revenue from subscription services, which comprise of subscription fees from customers. Subscription service arrangements are generally non-cancellable and do not provide refunds to customers in the event of cancellations or any other right of return. |
| Revenue from subscriptions is recognised on a rateable basis over the contractual subscription term of the arrangement beginning on the date that our service is made available to the customer. Invoices raised in advance of services being rendered are recorded as deferred income. |
| 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. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: |
| Leasehold improvements - Over the term of the lease |
| Fixtures and fittings - 20% on cost |
| Computer equipment - 33% on cost |
| 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. |
| Assets that are expected to either appreciate or remains the same have a zero-depreciation rate. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| Financial instruments |
| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties. |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Cash |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
| Foreign currency translation |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Debtors |
| Debtors are initially recognised at the transaction price, less any impairment. An impairment review is conducted at each reporting date, and any irrecoverable amounts are written off to profit or loss. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Interest income |
| Interest income is recognised in profit or loss using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 6. | CASH AT BANK |
| 2024 | 2023 |
| £ | £ |
| Bank balance | 709,971 | 647,055 |
| QUOTEVINE LIMITED (REGISTERED NUMBER: 07877335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security | 69,727 | 54,223 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 9. | CALLED UP SHARE CAPITAL |
| Ordinary share capital Issued and fully paid |
2024 |
2023 |
2024 |
2023 |
| Number | Number | £ | £ |
| A Ordinary of £0.00001p each | 64,000 | 64,000 | 1 | 1 |
| B Ordinary of £0.00001p each | 963,725 | 963,725 | 10 | 10 |
| C1 Ordinary of £0.00001p each | 35,000 | 35,000 | - | - |
| C2 Ordinary of £0.00001p each | 185,275 | 185,275 | 2 | 2 |
| D Ordinary of £0.00001p each | 85,000 | 85,000 | 1 | 1 |
| E1 Ordinary of £0.00001p each | 778,947 | 778,947 | 7 | 7 |
| E2 Ordinary of £0.00001p each | 86,550 | 86,550 | 1 | 1 |
| 2,198,497 | 2,198,497 | 22 | 22 |
| A Ordinary shares, B Ordinary shares, C1 Ordinary shares, C2 Ordinary shares, E1 Ordinary shares and E2 |
| ordinary shares all have one vote per share, the right to participate in a dividend distribution and the right to |
| participate in a capital distribution. |
| D Ordinary shares do not hold any voting rights but have the right to participate in a dividend and the right to |
| participate in a capital distribution. |
| 10. | SHARE BASED PAYMENTS |
| The company has granted share options totalling 88,000 C2 Ordinary shares. The exercise price applying to these options are £0.03 per share. |
| At the year end, the conditions around the exercise had not been met so all options remained outstanding |