Company No:
Contents
| Note | 2022 | 2021 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 1,417,280 | 1,082,320 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 34,937 | 1,048,523 | |||
| Creditors: amounts falling due within one year | 6 | (
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(
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| Net current (liabilities)/assets | (1,727,903) | 464,156 | ||
| Total assets less current liabilities | (310,623) | 1,546,476 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Other reserves |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Emortal Limited (registered number:
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C Culross
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Emortal Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Studio B, New Crane Wharf, New Crane Place, London, England, E1W 3TS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
| Development costs |
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• it is technically feasible to complete the software so that it will be available for use;
• management intends to complete the software and use or sell it;
• it can be demonstrated how the software will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
• the expenditure attributable to the software during its development can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
| Fixtures and fittings |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Statement of Financial Position.
The amount initially attributed to the debt component equals the discounted 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 remeasured. 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.
| 2022 | 2021 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| Development costs | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2022 |
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| Additions |
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| At 31 December 2022 |
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| Accumulated amortisation | |||
| At 01 January 2022 |
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| Charge for the financial year |
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| At 31 December 2022 |
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| Net book value | |||
| At 31 December 2022 |
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| At 31 December 2021 |
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| Fixtures and fittings | Office equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2022 |
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| Additions |
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| At 31 December 2022 |
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| Accumulated depreciation | |||||
| At 01 January 2022 |
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| Charge for the financial year |
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| At 31 December 2022 |
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| Net book value | |||||
| At 31 December 2022 |
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| At 31 December 2021 |
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| 2022 | 2021 | ||
| £ | £ | ||
| Corporation tax |
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| Other debtors |
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| 2022 | 2021 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to related parties |
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| Taxation and social security |
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| Other creditors |
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| 2022 | 2021 | ||
| £ | £ | ||
| Other creditors |
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| 2022 | 2021 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 4,423 | 4,423 |
Transactions with the entity's directors
| 2022 | 2021 | ||
| £ | £ | ||
| Total remuneration made to key management personnel | 283,107 | 282,000 |
Other related party transactions
| 2022 | 2021 | ||
| £ | £ | ||
| Included in creditors is amounts due to the directors in respect of loans made to the company | (21,083) | (4,812) | |
| Included in creditors is amounts due to the shareholders in respect of loans made to the company | (599,989) | (275) |