Registered number
12340976
EntityX Limited
Filleted Accounts
30 November 2024
EntityX Limited
Registered number: 12340976
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 131 166
Tangible assets 5 1,896 2,442
2,027 2,608
Current assets
Debtors 6 14,289 32,570
Cash at bank and in hand 194,038 157,118
208,327 189,688
Creditors: amounts falling due within one year 7 (37,744) (20,007)
Net current assets 170,583 169,681
Total assets less current liabilities 172,610 172,289
Creditors: amounts falling due after more than one year 8 (29,600) (35,850)
Net assets 143,010 136,439
Capital and reserves
Called up share capital 2,254 2,254
Share premium 1,035,555 1,035,555
Revaluation reserve 8 61,071 31,392
Profit and loss account (955,870) (932,762)
Shareholders' funds 143,010 136,439
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.
Thomas Quick
Director
Approved by the board on 12 February 2025
EntityX Limited
Notes to the Accounts
for the year ended 30 November 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).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Computer equipment over 3 years
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.
2 Total tax recognised in the profit and loss account 2024 2023
£ £
Current year R&D Tax Credit (52,809) (38,000)
(52,809) (38,000)
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
4 Intangible fixed assets £
Trademark
Cost
At 1 December 2023 175
At 30 November 2024 175
Amortisation
At 1 December 2023 9
Provided during the year 35
At 30 November 2024 44
Net book value
At 30 November 2024 131
At 30 November 2023 166
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023 9,593
Additions 916
At 30 November 2024 10,509
Depreciation
At 1 December 2023 7,151
Charge for the year 1,462
At 30 November 2024 8,613
Net book value
At 30 November 2024 1,896
At 30 November 2023 2,442
6 Debtors 2024 2023
£ £
Trade debtors 13,459 30,824
Other debtors 830 1,746
14,289 32,570
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,250 5,275
Trade creditors 31,221 17,861
Taxation and social security costs (18,655) (24,754)
Other Creditors 18,928 21,625
37,744 20,007
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,600 35,850
8 Share Based Payments
As at 30 November 2024 the company has the following equity settled share options in existence:
Grant Date Number of instruments Vesting period Contractual life of the options
08 August 2021 7,268 4 years 10 years
13 April 2022 3,000 4 years 10 years
07 September 2022 600 4 years 10 years
01 December 2022 1,200 4 years 10 years
08 March 2023 1,200 4 years 10 years
01 June 2023 600 4 years 10 years
All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise
The table below represents the share options in force:
Equity-settled schemes - charges arising 2024 2023
£ £
29,679 16,785
9 Related party transactions
At the end of the year, T Quick owed the company £225(2023: £225). T Quick is a director of the company. The loan is interest free and repayable on demand.
10 Other information
EntityX Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9
Beauchamp Building
Brooke's Market
London
EC1N 7SX
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