FUNEXPECTED LTD - Filleted accounts

Registered number

12084417

FUNEXPECTED LTD

Filleted Accounts

31 December 2024

FUNEXPECTED LTD
Registered number:		12084417
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	4		46,734			56,931
Tangible assets	5		971			1,219
			47,705			58,150

Current assets
Debtors	6	106,623			111,020
Cash at bank and in hand		227,642			576,154
		334,265			687,174

Creditors: amounts falling due within one year	7	(356,596)			(279,225)

Net current (liabilities)/assets			(22,331)			407,949

Total assets less current liabilities			25,374			466,099

Creditors: amounts falling due after more than one year	8		(1,081,351)			(986,077)



Net liabilities			(1,055,977)			(519,978)

Capital and reserves
Called up share capital			118			118
Share premium			1,228,627			1,228,627
Share options			29,420			10,364
Profit and loss account			(2,314,142)			(1,759,087)

Shareholders' funds			(1,055,977)			(519,978)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Natalia Pereldik
Director
Approved by the board on 18 June 2025

FUNEXPECTED LTD
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The accounts have been prepared under the going concern basis as the company has continuing support from its shareholders, which will enable the company to continue trading.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of subscriptions.

	Income recognition
	Income is recognised when the service under the subscription terms has been delivered to customers such that risks and rewards of ownership has been transferred to them. The company takes up-front subscription payments and recognises them during the subscription period. Any advance subscription income which falls in the next financial year is deferred in the accounts.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Office Equipments	over 5 years

	Research and Development
	Expenditure on research and development is written off against profits in the year in which it is incurred.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Financial assets
	Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

	Financial liabilities and equity
	Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

	Convertible debt
	The proceeds received on issue of the company's convertible debt are allocated into their liability and equity components and presented separately in the balance sheet. The amount initially attributed to the debt component equals the disounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert. The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently re-measured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate. Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

	Finance cost
	Finance costs are charged to profit or loss over the term of the debt using the effective interest rate 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	Exceptional items		2024		2023
£				£

	Other currency gains and (losses)				(53,203)

			-		(53,203)


3	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		3		3


4	Intangible fixed assets				£
	Intellectual Property:

	Cost
	At 1 January 2024				101,966
	At 31 December 2024				101,966

	Amortisation
	At 1 January 2024				45,035
	Provided during the year				10,197
	At 31 December 2024				55,232

	Net book value
	At 31 December 2024				46,734
	At 31 December 2023				56,931

	Intellectual property is being written off in equal annual instalments over its estimated economic life of 10 years.


5	Tangible fixed assets
					Office Equipments
£
	Cost
	At 1 January 2024				1,240
	At 31 December 2024				1,240

	Depreciation
	At 1 January 2024				21
	Charge for the year				248
	At 31 December 2024				269

	Net book value
	At 31 December 2024				971
	At 31 December 2023				1,219


6	Debtors		2024		2023
£				£

	Trade debtors		75,104		79,507
	VAT Receivables		683		933
	Other debtors		30,836		30,580
			106,623		111,020


7	Creditors: amounts falling due within one year		2024		2023
£				£

	Accruals		150,207		74,897
	Deferred Income		206,389		204,328
			356,596		279,225


8	Creditors: amounts falling due after one year		2024		2023
£				£

	Convertible Loan		1,081,351		986,077

	The company issued a Convertible Unsecured Loan notes on 30th September 2022 amounting to $1,650,000. The repayment date for the principal and accrued interest is upon maturity which is in 5 years after the date of the instrument. The terms of the agreement stipulate that the loan may be converted prior to maturity in the event of Exit or on subsequent qualifying round of investment.

9	Share Based Payments

	Certain contractors of the company have been granted options over the shares in the company. The options are granted with fixed exercise price, are exercisable four years after the date of grant and expire seven years after the date of grant. The company recognises an equity-based payment expense based on their fair value at the grant date. The fair value is charged to profit and loss account equally over the vesting period. Shareholders' equity is increased by an amount equal to the charge in the profit or loss. The total charge recognised for the year was £19,056.


10	Other information

	FUNEXPECTED LTD is a private company limited by shares and incorporated in England. Its registered office is:
	71-75 Shelton Street
	London
	WC2H 9JQ