Registered number
08071637
Financial SatNav Limited
Unaudited Filleted Accounts
31 May 2025
Financial SatNav Limited
Registered number: 08071637
Balance Sheet
as at 31 May 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 1,741,910 1,598,910
Tangible assets 4 330 564
Investments 5 2,758,345 2,628,155
4,500,585 4,227,629
Current assets
Debtors 6 105,084 121,357
Cash at bank and in hand 19,668 26,151
124,752 147,508
Creditors: amounts falling due within one year 8 (992,090) (71,460)
Net current (liabilities)/assets (867,338) 76,048
Total assets less current liabilities 3,633,247 4,303,677
Creditors: amounts falling due after more than one year 9 (1,973,561) (2,777,466)
Net assets 1,659,686 1,526,211
Capital and reserves
Called up share capital 24,382 23,675
Share premium 6,952,581 6,670,608
Profit and loss account (5,317,277) (5,168,072)
Shareholders' funds 1,659,686 1,526,211
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.
Mr B Shanks
Director
Approved by the board on 15 July 2025
Financial SatNav Limited
Notes to the Accounts
for the year ended 31 May 2025
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Platform development Straight line over 10 years
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 25% on cost
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Platform development:
Cost
At 1 June 2024 3,583,251
Additions 450,649
At 31 May 2025 4,033,900
Amortisation
At 1 June 2024 1,984,341
Provided during the year 307,649
At 31 May 2025 2,291,990
Net book value
At 31 May 2025 1,741,910
At 31 May 2024 1,598,910
Platform development is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2024 6,234
At 31 May 2025 6,234
Depreciation
At 1 June 2024 5,670
Charge for the year 234
At 31 May 2025 5,904
Net book value
At 31 May 2025 330
At 31 May 2024 564
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2024 2,628,155
Additions 130,190
At 31 May 2025 2,758,345
The company's investments at the Statement of Financial Position date in the share capital of companies including the following:
Financial SatNav International Limited
Registered Office: 21A Liberty Lane, Dublin 2, Ireland
Nature of Business: Software Development
%
Class of Shares: Holding
Ordinary 100.00
6 Debtors 2025 2024
£ £
Trade debtors 16,778 34,780
Other debtors 88,306 86,577
105,084 121,357
7 Foreign currency translation 2025 2024
£ £
Gain on foreign exchange (FX) 53,151 -
8 Creditors: amounts falling due within one year 2025 2024
£ £
Convertible loan note 890,649 -
Bank loans and overdrafts 47,191 10,648
Trade creditors 14,611 28,442
Taxation and social security costs 19,641 23,723
Other creditors 19,998 8,647
992,090 71,460
9 Creditors: amounts falling due after one year 2025 2024
£ £
Convertible loan note 1,948,979 2,742,664
Bank loans 4,582 14,802
Other creditors 20,000 20,000
1,973,561 2,777,466
10 Related party transactions
As at the year end the company has a long term loan from Frangipane Investments LLP in the sum of £1,700,204 (2024 £1,665,172). The LLP is a shareholder of the company and 1 of its designated partners is director B Shanks. Until the Notes are repaid by the Company, interest shall accrue on the principal amount of the Notes outstanding at an annual rate of 2.25% but shall not be paid until the Redemption Date (2-Jan-2026).
As at year end there was a shareholder loan under a year of £36,543 and a loan over a year of £890,648 (2024 £815,030). Until the Notes are repaid by the Company, interest shall accrue on the principal amount of the Notes outstanding at an annual rate of 2.25%, but shall not be paid until the Redemption Date (5-Jan-2027)
11 Other information
Financial SatNav Limited is a private company limited by shares and incorporated in England. Its registered office is:
85 Great Portland Street
First Floor
London
W1W 7LT
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