Use Passionfruit Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13237931

Use Passionfruit Limited

Filleted Unaudited Financial Statements

31 December 2024

Use Passionfruit Limited

Financial Statements

Period from 1 April 2024 to 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Use Passionfruit Limited

Statement of Financial Position

31 December 2024

	31 Dec 24	31 Mar 24
Note	£	£

Fixed assets

Intangible assets	5	634,963	384,548
Tangible assets	6	5,031	8,489
		---------	---------
		639,994	393,037

Current assets

Debtors	7	1,718,574	703,912
Cash at bank and in hand		5,651,205	1,284,776
		------------	------------
		7,369,779	1,988,688

Creditors: amounts falling due within one year	8	434,309	396,937
		------------	------------
Net current assets		6,935,470	1,591,751
		------------	------------
Total assets less current liabilities		7,575,464	1,984,788
		------------	------------
Net assets		7,575,464	1,984,788
		------------	------------

Capital and reserves

Called up share capital	408	305
Share premium account	10,419,205	3,523,730
Other reserves	8,672	813
Profit and loss account	( 2,852,821)	( 1,540,060)
	-------------	------------
Shareholders funds	7,575,464	1,984,788
	-------------	------------

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 statement of comprehensive income has not been delivered.

For the period 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 period 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 .

Use Passionfruit Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

Mr R Salama	Mr I B Abdul-Moomin
Director	Director

Company registration number: 13237931

Use Passionfruit Limited

Notes to the Financial Statements

Period from 1 April 2024 to 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

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.

Going concern

These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

	Development costs	-	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.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 22 (2024: 18 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 April 2024	471,846
Additions	417,416
	---------
At 31 December 2024	889,262
	---------
Amortisation
At 1 April 2024	87,298
Charge for the period	167,001
	---------
At 31 December 2024	254,299
	---------
Carrying amount
At 31 December 2024	634,963
	---------
At 31 March 2024	384,548
	---------

6. Tangible assets

	Equipment
	£
Cost
At 1 April 2024	20,057
Additions	1,698
	--------
At 31 December 2024	21,755
	--------
Depreciation
At 1 April 2024	11,568
Charge for the period	5,156
	--------
At 31 December 2024	16,724
	--------
Carrying amount
At 31 December 2024	5,031
	--------
At 31 March 2024	8,489
	--------

7. Debtors

	31 Dec 24	31 Mar 24
	£	£
Trade debtors	768,469	386,516
Other debtors	950,105	317,396
	------------	---------
	1,718,574	703,912
	------------	---------

8. Creditors: amounts falling due within one year

	31 Dec 24	31 Mar 24
	£	£
Trade creditors	69,382	146,056
Social security and other taxes	62,767	57,802
Other creditors	137,221	–
Other creditors	164,939	193,079
	---------	---------
	434,309	396,937
	---------	---------

9. Capital contribution reserve

The company has share option schemes for senior employees where they are granted share options in the company. The cost of these are recognised in its profit and loss and show the equivalent increase to equity as a capital contribution from its shareholder.

The directors believe the value of the services received is equal to the fair value of the share equity-settled options granted and therefore, is measured at the grant date using the Black-Scholes option pricing model taking into account the terms and conditions upon which the instruments were granted. The model assumes the government gilt rate at the time of issue as the risk free rate, and has used 50% as its volatility, which is similar to public companies undertaking comparable trades.

All share options can only be exercised to the extent it has been vested under their individual vesting schedule and before the tenth anniversary of its date of grant. There are no performance-related conditions of exercise applying to these options.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Dec 24	31 Mar 24
	£	£
Not later than 1 year	194,500	97,515
Later than 1 year and not later than 5 years	28,152	22,652
	---------	---------
	222,652	120,167
	---------	---------

11. Directors' advances, credits and guarantees

At the year end, the directors owed the company £400 (March 2024: the directors owed the company £400). No repayments or advances were made in the year. No interest was charged on this balance.