The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £3,232. The Company is supported through loans from related parties. The related parties have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Turnover represents the amounts receivable for the leasing of intellectual property assets. Turnover is recognized when it is probable that the economic benefits will flow to the company and the amount of turnover can be reliably measured.

The company leases intellectual property assets, such as patents, trademarks, and software, under agreements that are typically long-term in nature. Revenue from the lease of intellectual property is recognized over the lease term on a straight-line basis, unless another systematic and rational basis is more representative of the time pattern in which use benefits derived from the leased asset are consumed.

Where the terms of the lease agreement allow for variable consideration (such as royalties), revenue is recognized when it is probable that the amount will be received, and it can be reliably measured. This includes the estimation of future royalties based on the usage or sales of the intellectual property leased.

All revenue is measured at the fair value of the consideration received or receivable, and is presented net of value-added tax (VAT), returns, and discounts.

For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.



Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.


A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.


Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.