Elute Intelligence Limited Filleted accounts for Companies House (small and micro)

Elute Intelligence Limited Filleted accounts for Companies House (small and micro)

ELUTE INTELLIGENCE LIMITED - Company Information

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1 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 10,000 10,000 10,000 8,149 2,340 1,452 3,792 4,357 5,809 xbrli:pure xbrli:shares iso4217:GBP 06647282 2021-01-01 2021-12-31 06647282 2021-12-31 06647282 2020-12-31 06647282 2020-01-01 2020-12-31 06647282 2020-12-31 06647282 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 06647282 bus:Director3 2021-01-01 2021-12-31 06647282 core:WithinOneYear 2021-12-31 06647282 core:WithinOneYear 2020-12-31 06647282 core:AfterOneYear 2021-12-31 06647282 core:AfterOneYear 2020-12-31 06647282 core:ShareCapital 2021-12-31 06647282 core:ShareCapital 2020-12-31 06647282 core:SharePremium 2021-12-31 06647282 core:SharePremium 2020-12-31 06647282 core:OtherReservesSubtotal 2021-12-31 06647282 core:RetainedEarningsAccumulatedLosses 2021-12-31 06647282 core:RetainedEarningsAccumulatedLosses 2020-12-31 06647282 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 06647282 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 06647282 bus:SmallEntities 2021-01-01 2021-12-31 06647282 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 06647282 bus:FullAccounts 2021-01-01 2021-12-31 06647282 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 06647282 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06647282 bus:OrdinaryShareClass1 2021-12-31 06647282 bus:OrdinaryShareClass1 2020-12-31 06647282 core:ComputerEquipment 2021-01-01 2021-12-31 06647282 core:ComputerEquipment 2021-12-31 06647282 core:ComputerEquipment 2020-12-31
COMPANY REGISTRATION NUMBER: 06647282
Elute Intelligence Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Elute Intelligence Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
10,000
10,000
Tangible assets
6
4,357
5,809
--------
--------
14,357
15,809
Current assets
Debtors
7
2,791
22,059
Cash at bank and in hand
4,535
970
-------
--------
7,326
23,029
Creditors: amounts falling due within one year
8
586,555
334,660
---------
---------
Net current liabilities
579,229
311,631
---------
---------
Total assets less current liabilities
( 564,872)
( 295,822)
Creditors: amounts falling due after more than one year
9
6,436
8,319
---------
---------
Net liabilities
( 571,308)
( 304,141)
---------
---------
Capital and reserves
Called up share capital
11
274
274
Share premium account
49,800
49,800
Other reserves
2,882
–
Profit and loss account
( 624,264)
( 354,215)
---------
---------
Shareholders deficit
( 571,308)
( 304,141)
---------
---------
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 year ending 31 December 2021 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 year 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 .
Elute Intelligence Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 4 July 2022 , and are signed on behalf of the board by:
M A Rosten
Director
Company registration number: 06647282
Elute Intelligence Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 21 Church Road, Tadley, England, RG26 3AX.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The Directors have assessed the company's ability to continue as a going concern and are confident in the parent company raising sufficient funds in the upcoming fundraising to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 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. 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. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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 - 25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
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 assets, which include trade receivables, prepaid expenses and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade payables, other creditors and taxes due, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 2 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2021 and 31 December 2021
10,000
--------
Amortisation
At 1 January 2021 and 31 December 2021
–
--------
Carrying amount
At 31 December 2021
10,000
--------
At 31 December 2020
10,000
--------
6. Tangible assets
Equipment
£
Cost
At 1 January 2021 and 31 December 2021
8,149
-------
Depreciation
At 1 January 2021
2,340
Charge for the year
1,452
-------
At 31 December 2021
3,792
-------
Carrying amount
At 31 December 2021
4,357
-------
At 31 December 2020
5,809
-------
7. Debtors
2021
2020
£
£
Trade debtors
–
350
Amounts owed by group undertakings and undertakings in which the company has a participating interest
–
7,494
Other debtors
2,791
14,215
-------
--------
2,791
22,059
-------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
1,884
1,099
Trade creditors
59,924
18,583
Amounts owed to group undertakings and undertakings in which the company has a participating interest
482,336
197,000
Social security and other taxes
–
14,813
Accruals and deferred income
30,964
49,853
Other creditors
11,447
53,312
---------
---------
586,555
334,660
---------
---------
Included within Creditors is a loan from the parent company, Elute Intelligence Holdings Limited. The balance as at 31 December 2021 was £482,336 (2020: £197,000). The loan is interest free and repayable on demand.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
6,436
8,319
-------
-------
10. Share-based payments
Certain employees have been granted options to subscribe for shares in the parent company, Elute Intelligence Holdings Limited, under share option schemes as follows: During the year the following unapproved options were granted on 28 July 2021.
Number of shares
Option exercise period July 2021 to July 2031 21,390
The estimated fair value of each share option granted is as follows: Option Number Exercise Price Fair Value Non-Qualifying Options 21,390 £0.90 £3.57
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2021
2020
No.
WAEP
No.
WAEP
Granted during the year
21,390
0.90
–
–
--------
-----
----
----
Outstanding at 31 December 2021
21,390
–
–
–
--------
-----
----
----
The total expense recognised in profit or loss for the year is as follows:
2021
2020
£
£
Equity-settled share-based payments
2,882
–
-------
----
The estimated fair values were calculated by applying the Black-Scholes option pricing model. The model inputs were: 2021 Share price at grant date £3.57 Exercise price £0.90 Expected volatility 70% Expected life 10 years Risk free interest rate 0.578% Dividend yield 0%
11. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
274
274
274
274
----
----
----
----