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Registration number: 13971315

Bloom App Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Bloom App Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Bloom App Limited

Company Information

Directors

J True

A Crane

J Bekhor

S Liptrap

Registered office

1st Floor
The Glassmill
1 Battersea Bridge Road
London
SW11 3BZ

Auditors

Thomas Alexander & Co Limited 590 Green Lanes
Palmers Green
London
N13 5RY

 

Bloom App Limited

(Registration number: 13971315)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

14,923

16,085

Tangible assets

5

43,893

57,274

 

58,816

73,359

Current assets

 

Debtors

6

287,285

304,111

Cash at bank and in hand

 

413,724

3,911,958

 

701,009

4,216,069

Creditors: Amounts falling due within one year

7

(552,060)

(284,282)

Net current assets

 

148,949

3,931,787

Net assets

 

207,765

4,005,146

Capital and reserves

 

Called up share capital

8

114,167

114,167

Share premium reserve

8,201,666

8,201,666

Retained earnings

(8,108,068)

(4,310,687)

Shareholders' funds

 

207,765

4,005,146

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2025 and signed on its behalf by:
 

.........................................
J Bekhor
Director

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in U.K.

The address of its registered office is:
1st Floor
The Glassmill
1 Battersea Bridge Road
London
SW11 3BZ

These financial statements were authorised for issue by the Board on 12 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which is dependent upon securing additional investment funding post year end.

The directors have considered the company's balance sheet position at the year end, its working capital forecast and have prepared cash flow projections in excess of 12 months from their approval of the financial statements which demonstrate that in spite of the various cost reductions and revenue growth the company will require additional investment funding to continue in operational existence for the period of at least 12 months from the date of the approval of the financial statements. At the time of approving the financial statements the directors are in discussions with existing shareholders where there is a strong expectation of continuing financial support in the form of equity funding to sustain the expected operating losses and cash burn until the business establishes a sizeable paying client base to achieve breakeven.

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. We draw attention to note 2 in the financial statements which indicates that the Company's ability to continue as a going concern is dependent upon securing additional investment funding post year end to continue in operational existence for the period of at least 12 months from the approval of the financial statements. At the time of approving the financial statements the directors remain in discussions with potential investors in respect of an equity fund raise to be closed by December 2025. Whilst there is a strong expectation from the directors that the investment will be obtained, on the basis that the investment is not yet finalised as of the date of our audit report, there remains a material uncertainty that may cast doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The name of the Senior Statutory Auditor who signed the audit report on 12 August 2025 was V Chrysostomou, who signed for and on behalf of Thomas Alexander & Co Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of susbcription services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

3 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Domain

15 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives
services from employees as consideration for equity instruments (options) of the entity. The fair value of the
employee services received is measured by reference to the estimated fair value at the grant date of equity
instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the
option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal
value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 24).

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

17,442

17,442

At 31 December 2024

17,442

17,442

Amortisation

At 1 January 2024

1,357

1,357

Amortisation charge

1,162

1,162

At 31 December 2024

2,519

2,519

Carrying amount

At 31 December 2024

14,923

14,923

At 31 December 2023

16,085

16,085

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

77,078

77,078

Additions

17,064

17,064

At 31 December 2024

94,142

94,142

Depreciation

At 1 January 2024

19,804

19,804

Charge for the year

30,445

30,445

At 31 December 2024

50,249

50,249

Carrying amount

At 31 December 2024

43,893

43,893

At 31 December 2023

57,274

57,274

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

27

Other debtors

 

21,809

71,241

Prepayments

 

31,349

59,642

Corporation tax receivable

234,127

173,201

 

287,285

304,111

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

34,179

99,736

Taxation and social security

67,943

80,942

Accruals and deferred income

115,010

63,746

Other creditors

334,928

39,858

552,060

284,282

Included in other creditors is an amount of £334,928 which represents subscription funds received in advance in respect of equity shares issued post year end.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £0.01 each

9,274,798

92,747.98

9,274,798

92,747.98

A Preferred shares of £0.01 each

2,141,868

21,418.68

2,141,868

21,418.68

11,416,666

114,166.66

11,416,666

114,166.66

The A Preferred shares carry certain preference rights on liquidation and on an exit event as outlined in the Company's Articles of Association.

9

Non adjusting events after the financial period

On 29th April 2025 the company allotted 4,050,277 A Preferred shares of £0.01 each for an aggregate subscription price of £1,579,608.

 

Bloom App Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

APB Ethical Standards relevant circumstances

In common with many businesses of our size and nature we use our auditors to prepare and submit tax returns to the tax authorities and to assist with the preparation of the statutory financial statements.