REGISTERED NUMBER: 04978210 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MYRTLE SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Baldwin

R D Sansom

T F Lagatta

R Blake

SECRETARY:

A J McGregor

REGISTERED OFFICE:

Third Floor

59 St Andrews Street

CAMBRIDGE

Cambridgeshire

CB2 3BZ

REGISTERED NUMBER:

04978210 (England and Wales)

ACCOUNTANTS:

Staffords

Chartered Accountants

Unit 1, Cambridge House

Camboro Business Park

Oakington Road, Girton

CAMBRIDGE

Cambridgeshire

CB3 0QH

FIXED ASSETS

Tangible assets

4

78,715

134,502

CURRENT ASSETS

Debtors

5

941,798

756,061

Cash at bank and in hand

1,014,172

2,872,167

1,955,970

3,628,228

CREDITORS

Amounts falling due within one year

6

307,796

132,961

NET CURRENT ASSETS

1,648,174

3,495,267

TOTAL ASSETS LESS CURRENT LIABILITIES

1,726,889

3,629,769

CAPITAL AND RESERVES

Called up share capital

8

44

44

Share premium

9,332,704

9,307,430

Retained earnings

(7,605,859

)

(5,677,705

)

SHAREHOLDERS' FUNDS

1,726,889

3,629,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:

P Baldwin - Director

1.	STATUTORY INFORMATION

Myrtle Software Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The directors have made judgements for the useful economic lives of the fixed assets acquired in the year and owned by the company from previous years. Due to the nature of the company's business in research and development, they believe that the short useful economic lives used as the basis of the depreciation charge are justified as the assets concerned will need to be replaced far more regularly than would be the case in other businesses using similar assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment

-

25% on cost

Computer equipment

-

50% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

The company will therefore elect to surrender part of its trading losses for the R&D Intensive version of the new merged R&D Tax Credit scheme with HMRC. The total receivable is £499,647 (2023: £438,376).

The remaining taxable loss carried forward at the year end is £3,158,916 (2023: £2,641,764)

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Office

Computer

Equipment

equipment

Totals

£

£

£

COST

At 1 January 2024

15,370

378,868

394,238

Additions

704

61,339

62,043

Disposals

-

(3,053

)

(3,053

)

At 31 December 2024

16,074

437,154

453,228

DEPRECIATION

At 1 January 2024

4,882

254,854

259,736

Charge for year

3,251

112,241

115,492

Eliminated on disposal

-

(715

)

(715

)

At 31 December 2024

8,133

366,380

374,513

NET BOOK VALUE

At 31 December 2024

7,941

70,774

78,715

At 31 December 2023

10,488

124,014

134,502

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

113,401

85,603

Other debtors

828,397

670,458

941,798

756,061

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

42,312

37,604

Taxation and social security

62,260

46,659

Other creditors

203,224

48,698

307,796

132,961

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

160,825

37,516

Between one and five years

39,749

-

200,574

37,516

During the year, the lease on the company's premises was renogotiated with a new agreement replacing the original agreement, effective from 02 April 2024.

The rent is £117,500 per annum, with an expectation that a fair proportion of the total service charge will also be paid. In total, this amounts to a combined annual liability of £159,432. There is a break clause date of 01 April 2026.

Another lease agreement for an office in Denmark was entered into during 2022, effective from 20 June 2022. The notice period is three months. The office was still occupied at the balance sheet date, with no notice having been given. At DKK 4,188 per month, the liability stated above therefore includes £1,393 for the three months' obligation at the GBP equivalent on 31 December 2024.

8.	CALLED UP SHARE CAPITAL

Authorised:

Number:

Class:

Nominal

2024

2023

value:

£

£

2,077,513

Ordinary

0.001p

21

20

1,091,797

"A" Ordinary

0.001p

11

11

558,256

"A" Preferred

0.001p

6

6

673,136

"A1" Preferred

0.001p

7

7

45

44

The company also operates an Employment Related Securities EMI option scheme. During the year, options over 31,581 Ordinary shares were granted with an exercise price of £1.60 per share (2023: 8,419 exercisable at £1.60 per option).

Dring the year, 49,350 employee's shares were exercised (2023: nil), and 2,000 options lapsed (2023: nil) when employees left the company. At the company's year end date there were 217,849 (2023: 237,618) granted, unexercised options at exercise prices of 20p, 80p and £1.60 per option.

The company also operates an unapproved option scheme for the directors, in which no options were granted and no options lapsed during the year. At the year end date, the number of Ordinary shares over which there were granted, unexercised options remained unchanged at 125,865 (2023: 125,865).

9.	RELATED PARTY DISCLOSURES

There were no material transactions with related parties that were not concluded under normal market conditions.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Baldwin.