ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 10415210

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	LICKD LTD


LICKD LTD

COMPANY INFORMATION

Directors	P Sampson
	S Davis
	S Brittan
	P J Gurnell


Registered number	10415210


Registered office	Runway East
	66 Old Compton Street
	London
	W1D 4UH


Accountants	Menzies LLP
	Chartered Accountants
	Ashcombe House
	5 The Crescent
	Leatherhead
	Surrey
	KT22 8DY


LICKD LTD

CONTENTS

	Page
Statement of financial position	1 - 2
Statement of changes in equity	3
Notes to the financial statements	4 - 9


LICKD LTD REGISTERED NUMBER:10415210

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		9,666		13,451
Tangible assets	5		9,452		22,599
			19,118		36,050
Current assets
Debtors: amounts falling due after more than one year	6	-		50,000
Debtors: amounts falling due within one year	6	424,543		575,729
Cash at bank and in hand		226,305		1,556,605
		650,848		2,182,334
Creditors: amounts falling due within one year	7	(1,036,309)		(911,029)
Net current (liabilities)/assets			(385,461)		1,271,305
Total assets less current liabilities			(366,343)		1,307,355

Net (liabilities)/assets			(366,343)		1,307,355

Page 1


LICKD LTD REGISTERED NUMBER:10415210

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Capital and reserves
Called up share capital		577	487
Share premium account	9	15,020,629	14,385,521
Other reserves	9	583,625	470,720
Profit and loss account	9	(15,971,174)	(13,549,373)
		(366,343)	1,307,355

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P Sampson

Director

Date: 5 September 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 2


LICKD LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	245	11,052,851	382,134	(10,034,071)	1,401,159
Comprehensive income for the year
Loss for the year	-	-	-	(3,515,302)	(3,515,302)
Share options	-	-	88,586	-	88,586
Shares issued during the year	242	3,332,670	-	-	3,332,912

At 1 January 2023 (as restated)	487	14,385,521	470,720	(13,549,373)	1,307,355
Comprehensive income for the year
Loss for the year	-	-	-	(2,421,801)	(2,421,801)
Share options	-	-	112,905	-	112,905
Contributions by and distributions to owners
Shares issued during the year	90	635,108	-	-	635,198
At 31 December 2024	577	15,020,629	583,625	(15,971,174)	(366,343)

The notes on pages 4 to 9 form part of these financial statements.

Page 3


LICKD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Lickd Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office is given on the company information page.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

During the year, the company reported a loss for the year and have ended the financial year with net liabilities of £366,343 (2023 - £1,307,355 net assets) and available cash of £226,305 (2023 - £1,556,605). The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3

Revenue

Revenue is in relation to subscriptions, activation fees, and commercial license sales to customers who use Lickd Ltd's platform (which facilitates the discovery, review and download of music for use in any online activity), as well as income from other online platforms.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4


LICKD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5


LICKD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

33%

per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 28 (2023 - 27).

4.	Intangible assets

	Website Development	Software Development	Total
	£	£	£
Cost
At 1 January 2024	17,425	1,500	18,925
At 31 December 2024	17,425	1,500	18,925
Amortisation
At 1 January 2024	5,024	450	5,474
Charge for the year	3,485	300	3,785
At 31 December 2024	8,509	750	9,259
Net book value
At 31 December 2024	8,916	750	9,666
At 31 December 2023	12,401	1,050	13,451

Page 6


LICKD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2024	77,007
	Additions	1,600
	At 31 December 2024	78,607
	Depreciation
	At 1 January 2024	54,408
	Charge for the year	14,747
	At 31 December 2024	69,155
	Net book value
	At 31 December 2024	9,452
	At 31 December 2023	22,599

6.	Debtors
		2024	2023
		£	£

Due after more than one year
Other debtors	-	50,000
	-	50,000

					2024	2023
					£	£

Due within one year
Trade debtors	21,175	25,845
Other debtors	201,775	380,968
Prepayments and accrued income	57,357	56,407
Deferred taxation	144,236	112,509
	424,543	575,729

Page 7


LICKD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	15,385	8
Convertible loan	200,000	-
Trade creditors	283,638	208,919
Other taxation and social security	131,873	71,650
Other creditors	20,545	180,251
Accruals and deferred income	384,868	450,201
	1,036,309	911,029

8.	Called up share capital
		2024	2023	2024	2023
		Number	Number	£	£

Ordinary share capital issued and fully paid
Ordinary shares of £0.0001 each	5,706,937	4,805,046	571	480
Deferred shares of £0.01 each	600	600	6	6
	5,707,537	4,805,646	577	486

During the year the company issued 901,891 ordinary shares for a total consideration of £635,198.

Reserves

Other reserves

The companies share option reserves relate to the fair value of the shares granted over the vesting period.

Share premium account

Share premium relates to any amounts paid over the par value of the share, net of share issue costs.

Profit and loss account

The profit and loss account includes all current period retained profits and losses.

Page 8


LICKD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Share-based payments
	The company had an EMI share option scheme in place for all employees and an unapproved scheme in place for certain shareholders. At 31 December 2024, there were 81,962 (2023 - 82,293) options with an exercise price of £1.18 (2023 - £1.18) per share. In the year ended 31 December 2024 no share options had been granted (2023 - nil options) and 331 options had been forfeited (2023 - 176,421).
		Weighted average exercise price (pence) 2024	Number 2024	Weighted average exercise price (pence) 2023	Number 2023

Outstanding at the beginning of the year	1.18	82,293	1.18	258,714
Granted during the year		-		-
Forfeited during the year	1.18	(331)	1.18	(176,421)
Outstanding at the end of the year	1.18	81,962	1.18	82,293

	Not later than 1 year	82,200	108,000
		82,200	108,000

Page 9