Registration number: 12565130

Tenth Chapter Ltd

trading as Natter

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Unaudited Abridged Financial Statements	4 to 8

Tenth Chapter Ltd

trading as Natter

Company Information

Directors

Mr Charles Woodward Mr James Stevens Mr Chrysanthos Chrysanthou

Registered office

The Clubhouse St. James's 8 St. James Square London SW1Y 4JU

Tenth Chapter Ltd

trading as Natter

(Registration number: 12565130)
Abridged Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	102,199	131,693
Tangible assets	5	33,243	25,426
		135,442	157,119
Current assets
Debtors		193,055	89,382
Cash at bank and in hand		812,114	3,026,831
		1,005,169	3,116,213
Prepayments and accrued income		117,213	10,280
Creditors: Amounts falling due within one year		(95,788)	(32,743)
Net current assets		1,026,594	3,093,750
Total assets less current liabilities		1,162,036	3,250,869
Creditors: Amounts falling due after more than one year		(2,775,947)	(2,775,947)
Accruals and deferred income		(195,266)	-
Net (liabilities)/assets		(1,809,177)	474,922
Capital and reserves
Called up share capital	6	3	3
Share premium reserve		4,475,397	4,475,397
Retained earnings		(6,284,577)	(4,000,478)
Shareholders' (deficit)/funds		(1,809,177)	474,922

For the financial year ending 31 July 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Tenth Chapter Ltd

trading as Natter

(Registration number: 12565130)
Abridged Balance Sheet as at 31 July 2025

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 April 2026 and signed on its behalf by:
 

......................................... Mr James Stevens Director

Tenth Chapter Ltd

trading as Natter

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Clubhouse St. James's
8 St. James Square
London
SW1Y 4JU

These financial statements were authorised for issue by the Board on 16 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tenth Chapter Ltd

trading as Natter

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer Equipment	25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Tenth Chapter Ltd

trading as Natter

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2024 - 7).

4	Intangible assets

	Total £
Cost or valuation
At 1 August 2024	161,188
At 31 July 2025	161,188
Amortisation
At 1 August 2024	29,495
Amortisation charge	29,494
At 31 July 2025	58,989
Carrying amount
At 31 July 2025	102,199
At 31 July 2024	131,693

The aggregate amount of research and development expenditure recognised as an expense during the period is £759,843 (2024 - £1,140,692).
 

Tenth Chapter Ltd

trading as Natter

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2025

5	Tangible assets

	Total £
Cost or valuation
At 1 August 2024	36,278
Additions	16,108
At 31 July 2025	52,386
Depreciation
At 1 August 2024	10,852
Charge for the year	8,291
At 31 July 2025	19,143
Carrying amount
At 31 July 2025	33,243
At 31 July 2024	25,426

6	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £0.00 each	1,501,923	3.00	1,501,923	3.00

7	Related party transactions

Tenth Chapter Ltd

trading as Natter

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2025

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	250,000	250,000
Contributions paid to money purchase schemes	2,642	2,642
Sums paid to third parties for directors' services	34,898	31,837
	287,540	284,479