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Company registration number: NI603525
THRIVE.APP LTD
Unaudited filleted abridged financial statements
31 December 2024
THRIVE.APP LTD
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of financial position
Notes to the financial statements
THRIVE.APP LTD
Directors and other information
Directors Mr Stephen E P Gunning
Mr James H Scott
Mr Alastair J Bell
Secretary Heather Gunning
Company number NI603525
Registered office The Innovation Centre
Queen's Road
Belfast
Northern Ireland
BT3 9DT
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers Danske Bank
Belfast Finance Centre
Donegall Square West
BT1 6JS
THRIVE.APP LTD
Directors report
Year ended 31 December 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024.
Principal Activity
The principal activity of the Company has been the development and sale of an innovative software solutions for the enterprise mobility market. During the year ended 31 December 2024, a significant amount of resources continued to be spent on research and development. In particular, the Company further enhanced its online platform, which enables non-technical people in organisations around the world to quickly create, publish, and easily update high quality, native mobile applications (apps). These applications are used for enhancing internal communications, raising employee engagement, improving workflows and increasing efficiency. It should be noted that all of this R & D expenditure has been written off as an expense in the Profit & Loss Account, rather than capitalised in the Balance Sheet. In addition, whilst all software licence fees paid in advance are shown as a deferred revenue liability in the Statement of financial position at the year-end, the directors are clear that is highly unlikely that any of this liability will ever need to repaid to clients. Software licence fees are deferred and only included in turnover steadily as the period to which they relate unfolds."
Directors
The directors who served the company during the year were as follows:
Mr Stephen E P Gunning
Mr James H Scott
Mr Alastair J Bell
Progress Made
For the last few years the Company has focused on promoting its software as a service (SaaS) to medium and large sized organisations around the world. Progress during 2024 has been encouraging, with continued growth and many new clients being added in the year. The commercial potential for the system is both global and very significant. All market research reports confirm that the enterprise mobility market is continuing to grow at a rapid pace, and the Company has been regularly featured as one of the leading suppliers of employee engagement mobile solutions. The market changes quickly in the mobile industry and the Company is working hard to respond rapidly to opportunities as they arise in the future.
Going Concern
The Company has been funded by a significant investment in ordinary share capital by the directors and by some outside funders, together with some government grants. Bank borrowing, if any, has always been very minimal. Cashflows are such that the business is always able to pay all its liabilities as they fall due. In these circumstances, the directors are of the opinion that the going concern basis is appropriate.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 June 2025 and signed on behalf of the board by:
Mr Stephen E P Gunning
Director
Report to the board of directors on the preparation of the
unaudited statutory financial statements of THRIVE.APP LTD
Year ended 31 December 2024
In accordance with the engagement letter dated 22 April 2022, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 December 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work, or for this report.
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the year ended 31 December 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Hill Vellacott 19 June 2025
Chartered accountants
22 Great Victoria Street
Belfast
BT2 7BA
THRIVE.APP LTD
Abridged statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 23,100 23,100
Tangible assets 6 3,219 4,034
_______ _______
26,319 27,134
Current assets
Debtors 348,344 476,402
Cash at bank and in hand 146,504 67,912
_______ _______
494,848 544,314
Creditors: amounts falling due
within one year ( 881,733) ( 927,802)
_______ _______
Net current liabilities ( 386,885) ( 383,488)
_______ _______
Total assets less current liabilities ( 360,566) ( 356,354)
Creditors: amounts falling due
after more than one year ( 7,662) ( 20,163)
_______ _______
Net liabilities ( 368,228) ( 376,517)
_______ _______
Capital and reserves
Called up share capital 88,648 88,648
Share premium account 7 3,104,952 3,104,952
Profit and loss account 7 ( 3,561,828) ( 3,570,117)
_______ _______
Shareholders deficit ( 368,228) ( 376,517)
_______ _______
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:
Mr Stephen E P Gunning
Director
Company registration number: NI603525
THRIVE.APP LTD
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is The Innovation Centre, Queen's Road, Belfast, Northern Ireland, BT3 9DT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The financial statements have been prepared in accordance with the going concern concept. These financial statements do not include any adjustments that would result from a failure to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.Software license fees are deferred and released over the period to which the fees relate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Computer equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 22 ).
5. Intangible assets
£
Cost
At 1 January 2024 and 31 December 2024 23,100
_______
Amortisation
At 1 January 2024 and 31 December 2024 -
_______
Carrying amount
At 31 December 2024 23,100
_______
At 31 December 2023 23,100
_______
6. Tangible assets
£
Cost
At 1 January 2024 99,985
Additions 2,017
Disposals ( 832)
_______
At 31 December 2024 101,170
_______
Depreciation
At 1 January 2024 95,951
Charge for the year 2,832
Disposals ( 832)
_______
At 31 December 2024 97,951
_______
Carrying amount
At 31 December 2024 3,219
_______
At 31 December 2023 4,034
_______
7. Reserves
Share premium account:This reserve records the amount above the nominal value received for shares sold, less transaction costs.Profit and loss account:This reserve records retained earnings and accumulated losses.