21
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
453
452
1
1
24,127
4,132
28,259
14,063
5,764
19,827
8,432
10,064
xbrli:pure
xbrli:shares
iso4217:GBP
10205661
2024-01-01
2024-12-31
10205661
2024-12-31
10205661
2023-12-31
10205661
2023-01-01
2023-12-31
10205661
2023-12-31
10205661
2022-12-31
10205661
bus:OrdinaryShareClass1
2024-01-01
2024-12-31
10205661
bus:OrdinaryShareClass2
2024-01-01
2024-12-31
10205661
bus:Director2
2024-01-01
2024-12-31
10205661
core:WithinOneYear
2024-12-31
10205661
core:WithinOneYear
2023-12-31
10205661
core:ShareCapital
2024-12-31
10205661
core:ShareCapital
2023-12-31
10205661
core:SharePremium
2024-12-31
10205661
core:SharePremium
2023-12-31
10205661
core:OtherReservesSubtotal
2024-12-31
10205661
core:OtherReservesSubtotal
2023-12-31
10205661
core:RetainedEarningsAccumulatedLosses
2024-12-31
10205661
core:RetainedEarningsAccumulatedLosses
2023-12-31
10205661
bus:SmallEntities
2024-01-01
2024-12-31
10205661
bus:AuditExemptWithAccountantsReport
2024-01-01
2024-12-31
10205661
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
10205661
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
10205661
bus:FullAccounts
2024-01-01
2024-12-31
10205661
bus:OrdinaryShareClass1
2024-12-31
10205661
bus:OrdinaryShareClass1
2023-12-31
10205661
bus:OrdinaryShareClass2
2024-12-31
10205661
bus:OrdinaryShareClass2
2023-12-31
10205661
bus:AllOrdinaryShares
2024-12-31
10205661
bus:AllOrdinaryShares
2023-12-31
10205661
core:ComputerSoftware
2024-01-01
2024-12-31
10205661
core:ComputerEquipment
2024-01-01
2024-12-31
10205661
core:ComputerSoftware
2024-12-31
10205661
core:ComputerSoftware
2023-12-31
10205661
core:ComputerEquipment
2023-12-31
10205661
core:ComputerEquipment
2024-12-31
10205661
core:ShareCapital
2024-01-01
2024-12-31
COMPANY REGISTRATION NUMBER:
10205661
|
Unaudited financial statements |
|
|
Statement of financial position |
|
31 December 2024
Fixed assets
|
Intangible assets |
5 |
|
1 |
|
1 |
|
Tangible assets |
6 |
|
8,432 |
|
10,064 |
|
|
------ |
|
------- |
|
|
8,433 |
|
10,065 |
|
|
|
|
|
|
Current assets
|
Debtors |
7 |
174,427 |
|
136,336 |
|
|
Cash at bank and in hand |
447,612 |
|
1,398,243 |
|
|
--------- |
|
----------- |
|
|
622,039 |
|
1,534,579 |
|
|
|
|
|
|
|
|
Prepayments and accrued income |
45,659 |
|
32,280 |
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
8 |
(
48,214) |
|
(
52,515) |
|
|
--------- |
|
----------- |
|
|
Net current assets |
|
619,484 |
|
1,514,344 |
|
|
--------- |
|
----------- |
|
Total assets less current liabilities |
|
627,917 |
|
1,524,409 |
|
|
|
|
|
|
|
Accruals and deferred income |
|
(
273,689) |
|
(
284,928) |
|
|
--------- |
|
----------- |
|
Net assets |
|
354,228 |
|
1,239,481 |
|
|
--------- |
|
----------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
9 |
|
246 |
|
241 |
|
Share premium account |
10 |
|
6,714,633 |
|
6,429,110 |
|
Other reserves |
10 |
|
69,105 |
|
25,839 |
|
Profit and loss account |
10 |
|
(
6,429,756) |
|
(
5,215,709) |
|
|
----------- |
|
----------- |
|
Shareholders funds |
|
354,228 |
|
1,239,481 |
|
|
----------- |
|
----------- |
|
|
|
|
|
|
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 income statement has not been delivered.
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
.
|
Statement of financial position (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2025
, and are signed on behalf of the board by:
Company registration number:
10205661
|
Notes to the financial statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 21 Godliman Street, London, EC4V 5BD, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Convertible loan notes
Convertible loan notes issued by the company are convertible into a variable number of Series Seed Preferred shares depending upon the market price at the date of conversion. They are therefore considered to be complex financial instruments and as such are required to be measured at fair value at each year end with changes in fair value recognised through profit or loss.
No amounts are recognised in equity in respect of the convertible loan notes.
Going concern
The financial statements have been prepared on a going concern basis. The company has the continued support of the directors and has benefitted from investment from new investors in the accounting year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Fair value of convertible loan notes The fair value of convertible loan notes are considered annually by the directors based upon the net present value of the loan element together with a value for the conversion element using the Black-Scholes model. The directors also consider the value of further issues of convertible loan notes during the financial year. The directors consider, based upon their calculations and further issues, that the fair value of the convertible loan notes approximates their face value and therefore no adjustments are required to carrying value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 revalued amounts, 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:
|
Website development |
- |
33% straight line |
|
|
|
|
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Equipment |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4.
Employee numbers
The average number of employees during the year was
21
(2023:
17
).
5.
Intangible assets
|
Website development |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
453 |
|
---- |
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
452 |
|
---- |
|
Carrying amount |
|
|
At 31 December 2024 |
1 |
|
---- |
|
At 31 December 2023 |
1 |
|
---- |
|
|
6.
Tangible assets
|
Equipment |
|
£ |
|
Cost |
|
|
At 1 January 2024 |
24,127 |
|
Additions |
4,132 |
|
------- |
|
At 31 December 2024 |
28,259 |
|
------- |
|
Depreciation |
|
|
At 1 January 2024 |
14,063 |
|
Charge for the year |
5,764 |
|
------- |
|
At 31 December 2024 |
19,827 |
|
------- |
|
Carrying amount |
|
|
At 31 December 2024 |
8,432 |
|
------- |
|
At 31 December 2023 |
10,064 |
|
------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
145,969 |
107,877 |
|
Other debtors |
28,458 |
28,459 |
|
--------- |
--------- |
|
174,427 |
136,336 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
Amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
3,932 |
6,536 |
|
Social security and other taxes |
44,228 |
45,979 |
|
Other creditors |
54 |
– |
|
------- |
------- |
|
48,214 |
52,515 |
|
------- |
------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary A shares of £ 0.005 each |
40,329 |
202 |
39,245 |
196 |
|
Series Seed Preferred shares of £ 0.005 each |
8,968 |
45 |
8,968 |
45 |
|
------- |
---- |
------- |
---- |
|
49,297 |
246 |
48,213 |
241 |
|
------- |
---- |
------- |
---- |
|
|
|
|
|
10.
Reserves
Share options reserve The share options reserve represents share options awarded by the company. At the year end, other reserves included £69,105 relating to share options (2023: £25,839).