Business Funding Research Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 07312969 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

FOR

BUSINESS FUNDING RESEARCH LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Dr S J Bence

T A S Austin

C Songhurst

REGISTERED OFFICE:

Cheribourne House

45a Station Road

Willington

Bedford

Bedfordshire

MK44 3QL

REGISTERED NUMBER:

07312969 (England and Wales)

AUDITORS:

Baker Noel Limited

Statutory Auditor

Cheribourne House

45A Station Road

Willington

Bedford

Bedfordshire

MK44 3QL

The directors present their strategic report for the year ended 30 June 2022.

REVIEW OF BUSINESS

The company has performed well over the past year, despite ongoing macroeconomic uncertainty caused by COVID and wider political events. Revenue continues to grow, achieving year-on-year growth of 38%. The majority of revenue continues to be generated by the sale of subscriptions to our data platform.

As detailed in previous years, standard accounting practices require subscription revenue to be accounted throughout the licence and so the accounts reflect a significant level of deferred revenue shown as a liability on the balance sheet.

We have seen a return to previous, pre-COVID, ways of working. The move back to face-to-face meetings with clients and prospective clients has been reflected in certain costs such as travel and subsistence. In Q2 2022 the company moved head office to larger premises. This incurred large fit-out capital expenditure and associated moving costs.

All development expenditure has been capitalised to provide a relevant picture of the company's financial position and to reflect the income-generating nature of the intellectual property that has been developed.

PRINCIPAL RISKS AND UNCERTAINTIES

The global macroeconomic situation generates numerous risks and uncertainties for the company. Inflationary pressures put a strain on resources and make long-term planning more uncertain. Hits to business confidence and internal budgetary pressures may also be felt. The directors believe that the company is sufficiently well financed and prepared to weather, and indeed grow, through any such shocks.

The company operates almost entirely in sterling, so exchange rate risks from fluctuations are not prevalent in the business.

As always, competitor risks are present. The market for company data is growing at an impressive rate, such that competitive pressure is to be expected. The directors believe that the company is sufficiently proactive, forward-thinking, and experienced to thrive in such an environment, as has been demonstrated historically.

A technology company will always experience the threat of technological risks, such as hacking. The company regularly invests in solutions to mitigate this risk.

ON BEHALF OF THE BOARD:

T A S Austin - Director

17 October 2022

The directors present their report with the financial statements of the company for the year ended 30 June 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of subscriptions to funding software.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2022.

RESEARCH AND DEVELOPMENT

The company has continued to invest heavily in research and development across all areas of its offering.

There have been continued improvements in the efficiency with which data can be ingested into the Beauhurst platform, from both automated and manual sources.

Investment into machine learning has expanded over this financial year to assist with data generation, processing, and quality control.

The product and feature development teams have expanded and delivered a number of high-value features to our users.

FUTURE DEVELOPMENTS

Over the coming years we expect to continue to grow, improving and developing the services we provide to our customers.

The directors are satisfied that the company is sufficiently well financed to continue operations for the foreseeable future, with various options for funding, including lending facilities or equity investment, should any need arise.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

Dr S J Bence

T A S Austin

C Songhurst

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Baker Noel Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T A S Austin - Director

17 October 2022

Opinion

We have audited the financial statements of Business Funding Research Ltd (the 'company') for the year ended 30 June 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other Matters

The comparative figures for the year ended 30th June 2021, shown within the financial statements have not been audited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Clive Noel (Senior Statutory Auditor)

for and on behalf of Baker Noel Limited

Statutory Auditor

Cheribourne House

45A Station Road

Willington

Bedford

Bedfordshire

MK44 3QL

17 October 2022

TURNOVER

6,618,498

4,792,765

Administrative expenses

6,969,104

5,216,747

(350,606

)

(423,982

)

Other operating income

384,756

313,688

OPERATING PROFIT/(LOSS)

4

34,150

(110,294

)

Interest payable and similar expenses

5

42,332

92,411

LOSS BEFORE TAXATION

(8,182

)

(202,705

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(8,182

)

(202,705

)

LOSS FOR THE YEAR

(8,182

)

(202,705

)

OTHER COMPREHENSIVE INCOME

Fair value share options movement

239,308

410,809

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

239,308

410,809

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

231,126

208,104

FIXED ASSETS

Intangible assets

8

4,769,267

3,736,230

Tangible assets

9

736,185

105,627

Investments

10

100

100

5,505,552

3,841,957

CURRENT ASSETS

Debtors

11

1,216,296

1,294,538

Cash at bank

634,766

1,106,992

1,851,062

2,401,530

CREDITORS

Amounts falling due within one year

12

4,922,019

3,853,075

NET CURRENT LIABILITIES

(3,070,957

)

(1,451,545

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,434,595

2,390,412

CREDITORS

Amounts falling due after more than one year

13

(749,000

)

(949,000

)

ACCRUALS AND DEFERRED INCOME

17

(266,065

)

(253,026

)

NET ASSETS

1,419,530

1,188,386

CAPITAL AND RESERVES

Called up share capital

18

364

346

Share premium

19

5,120,616

5,120,616

Fair value reserve

19

1,143,819

904,511

Retained earnings

19

(4,845,269

)

(4,837,087

)

SHAREHOLDERS' FUNDS

1,419,530

1,188,386

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2022 and were signed on its behalf by:

T A S Austin - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 July 2020

344

(4,634,382

)

5,119,117

493,702

978,781

Changes in equity

Issue of share capital

2

-

1,499

-

1,501

Total comprehensive income

-

(202,705

)

-

410,809

208,104

Balance at 30 June 2021

346

(4,837,087

)

5,120,616

904,511

1,188,386

Changes in equity

Issue of share capital

18

-

-

-

18

Total comprehensive income

-

(8,182

)

-

239,308

231,126

Balance at 30 June 2022

364

(4,845,269

)

5,120,616

1,143,819

1,419,530

Cash flows from operating activities

Cash generated from operations

1

2,493,097

1,711,337

Interest paid

(4,215

)

(76,169

)

Net cash from operating activities

2,488,882

1,635,168

Cash flows from investing activities

Purchase of intangible fixed assets

(2,119,208

)

(1,707,396

)

Purchase of tangible fixed assets

(748,918

)

(45,576

)

Sale of tangible fixed assets

7,000

280

Net cash from investing activities

(2,861,126

)

(1,752,692

)

Cash flows from financing activities

New loans in year

-

1,000,000

Loan repayments in year

(100,000

)

(875,000

)

Share issue

18

1,500

Net cash from financing activities

(99,982

)

126,500

(Decrease)/increase in cash and cash equivalents

(472,226

)

8,976

Cash and cash equivalents at beginning of year

2

1,106,992

1,098,016

Cash and cash equivalents at end of year

2

634,766

1,106,992

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.22

30.6.21

as restated

£

£

Loss before taxation

(8,182

)

(202,705

)

Depreciation charges

1,153,451

873,247

Loss/(profit) on disposal of fixed assets

44,080

(280

)

Share based payments

239,308

410,809

Government grants

(38,117

)

(16,242

)

Finance costs

42,332

92,411

1,432,872

1,157,240

Decrease/(increase) in trade and other debtors

78,242

(309,191

)

Increase in trade and other creditors

981,983

863,288

Cash generated from operations

2,493,097

1,711,337

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2022

30.6.22

1.7.21

£

£

Cash and cash equivalents

634,766

1,106,992

Year ended 30 June 2021

30.6.21

1.7.20

as restated

£

£

Cash and cash equivalents

1,106,992

1,098,016

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.7.21

Cash flow

At 30.6.22

£

£

£

Net cash

Cash at bank

1,106,992

(472,226

)

634,766

1,106,992

(472,226

)

634,766

Debt

Debts falling due within 1 year

(100,000

)

(100,000

)

(200,000

)

Debts falling due after 1 year

(900,000

)

200,000

(700,000

)

(1,000,000

)

100,000

(900,000

)

Total

106,992

(372,226

)

(265,234

)

1.	STATUTORY INFORMATION

Business Funding Research Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for certain financial instruments, which are shown at fair value.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents

a) The amounts earned on subscriptions to a software service net of VAT. Income is recognised on a straight-line basis over the term of the subscription period. Where sales invoices for subscriptions run beyond the year end that proportion of the income is not recognised in sales but shown in creditors as deferred revenue.

b) The amounts earned on consulting work including reporting, which is recognised when invoiced based on stage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016 and another business in 2018, is being amortised evenly over its estimated useful life of five years for each business respectively. Goodwill is reviewed by the directors annually for impairment.

Other intangible assets

Other intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised over estimated useful life of five years.

Development expenditure is amortised over estimated useful life of five years.

Cryptocurrencies are being amortised over estimated useful life of ten years.

Amortisation is included in ‘administrative expenses’ in the profit and loss account.

Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

• it is technically feasible to complete the software so that it will be available for use;

• management intends to complete the software and use or sell it;

• there is an ability to use or sell the software;

• it can be demonstrated how the software will generate probable future economic benefits;

• adequate technical, financial and other resources to complete the development and to use or sell the software are available; and

• the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Tangible fixed assets

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

Improvements to property

-

The period of the lease

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Government grants

Government grants are recognised using the accrual model and classified as either a revenue based grant or a capital based grant. Revenue based grants are recognised on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

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

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 is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life. Development expenditure is capitalised so as to reflect the income-generating data platform that has been developed.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Lease incentives are recognised 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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Contingent assets

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Share-based payment transactions

The company operates equity-settled share-based compensation plans. The fair value of the services received in exchange for the grant of options is recognised within personnel expenses, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The fair value of the options granted is measured using the Black Scholes model, taking into account the terms and conditions upon which the options were granted. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions.

At each reporting date, the entity revises its estimates of the number of options that are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity.

3.	EMPLOYEES AND DIRECTORS

30.6.22

30.6.21

as restated

£

£

Wages and salaries

3,659,913

2,751,896

Social security costs

400,509

256,872

Other pension costs

97,347

68,657

4,157,769

3,077,425

The average number of employees during the year was as follows:

30.6.22

30.6.21

as restated

Operations & strategy

16

11

Commercial

34

19

Research & development

58

46

-

6

108

82

30.6.22

30.6.21

as restated

£

£

Directors' remuneration

378,241

430,763

Directors' pension contributions to money purchase schemes

8,242

9,133

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

One director received shares under long term incentive schemes (2021 - one director).

Information regarding the highest paid director is as follows:

30.6.22

30.6.21

as restated

£

£

Emoluments etc

378,241

430,763

Pension contributions to money purchase schemes

8,242

9,133

Included in the directors emoluments are the fair value of share options vested in the year.

The highest paid director exercised share options for C Incentive and D Incentive shares in the year.

4.	OPERATING PROFIT/(LOSS)

The operating profit (2021 - operating loss) is stated after charging/(crediting):

30.6.22

30.6.21

as restated

£

£

Other operating leases

168,443

144,988

Depreciation - owned assets

67,280

46,757

Loss/(profit) on disposal of fixed assets

44,080

(280

)

Goodwill amortisation

6,000

6,000

Development costs amortisation

1,080,130

820,490

Cryptocurrencies amortisation

41

-

Auditors' remuneration

9,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.6.22

30.6.21

as restated

£

£

Bank loan interest

41,206

16,335

Other loan interest

-

76,076

Interest on late paid tax

1,126

-

42,332

92,411

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 June 2022 nor for the year ended 30 June 2021.