Dream It Get IT Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07717105 (England and Wales)

Unaudited Financial Statements

for the Period 1 February 2022 to 30 September 2022

for

Dream It Get IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Elkaim

D Libertalis

M D Colebourne

L Clarke

C G Taylor

REGISTERED OFFICE:

1-3 Worship Street

c/o Buckworth Solicitors

London

EC2A 2AB

REGISTERED NUMBER:

07717105 (England and Wales)

ACCOUNTANTS:

Jeffrey Crawford & Co

Chartered Accountants

25 Castle Terrace

Edinburgh

EH1 2ER

FIXED ASSETS

Intangible assets

5

1,881,448

1,630,054

Tangible assets

6

4,366

5,985

1,885,814

1,636,039

CURRENT ASSETS

Debtors

7

113,087

146,638

Cash at bank

49,830

60,969

162,917

207,607

CREDITORS

Amounts falling due within one year

8

276,402

326,470

NET CURRENT LIABILITIES

(113,485

)

(118,863

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,772,329

1,517,176

CREDITORS

Amounts falling due after more than one year

9

(27,371

)

(30,029

)

PROVISIONS FOR LIABILITIES

10

(183,061

)

-

NET ASSETS

1,561,897

1,487,147

CAPITAL AND RESERVES

Called up share capital

1,024

1,012

Share premium

3,028,169

2,997,207

Share options reserve

8,651

8,651

Retained earnings

(1,475,947

)

(1,519,723

)

1,561,897

1,487,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2022 and were signed on its behalf by:

D Libertalis - Director

1.	STATUTORY INFORMATION

Dream It Get IT 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The company saw a significant revenue increase from existing and new clients during the period as well as securing an additional patent. The directors assess that the company momentum, new patent and capital raising plans ensure that the company will have sufficient funds to continue to trade. They therefore believe it is appropriate to prepare the accounts on the going concern basis.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements and estimates that affect the amounts reported for assets and liabilities as at the balance sheet date. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors have made assumptions in the determination of the carrying value of intangible assets. The directors are required to review these for annual impairments and recoverability from future income streams. In assessing the recoverable values the directors have utilised their experience, expertise and knowledge of the markets, current trends and demands the company operates in to conclude that the carrying values are reasonably stated and no additional provisions are required.

Turnover

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

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Intangible assets

The intangible assets relate to software development costs and intellectual property. Amortisation is provided for intangible assets over the estimated profit generating life of each asset. Amortisation is provided in line with the length of current patent protection licences remaining, this was deemed to be 13 years (January 2022, 13.5 years).

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, directors loan and bank loan.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the period 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 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.

Research and development

Expenditure on pure research and development is written off in the year in which it is incurred until a project reaches technological feasibility at which point further costs are capitalised then amortised over the expected commercial life of the software.

Pension costs and other post-retirement benefits

The company makes payments to personal pension plans. Contribution payable are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2022 - 6 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2022

1,692,748

Additions

353,092

At 30 September 2022

2,045,840

AMORTISATION

At 1 February 2022

62,694

Charge for period

101,698

At 30 September 2022

164,392

NET BOOK VALUE

At 30 September 2022

1,881,448

At 31 January 2022

1,630,054

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

and 30 September 2022

16,407

DEPRECIATION

At 1 February 2022

10,422

Charge for period

1,619

At 30 September 2022

12,041

NET BOOK VALUE

At 30 September 2022

4,366

At 31 January 2022

5,985

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2022

£

£

Trade debtors

22,325

25,047

Other debtors

90,762

121,591

113,087

146,638

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2022

£

£

Bank loans and overdrafts

4,006

3,596

Hire purchase contracts

-

499

Trade creditors

19,252

9,077

Taxation and social security

153,210

151,364

Other creditors

99,934

161,934

276,402

326,470

Included in other creditors in the prior period is a deferred tax provision of £106,832, which is now recognised as being unlikely to be reversed and crystalise in the current period. It is now recognised as due after one year, note 10.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2022

£

£

Bank loans

27,371

30,029

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

11,347

10,640

10.	PROVISIONS FOR LIABILITIES

The deferred tax provision of £183,061 arising from tax allowances being claimed in advance of the asset amortisation is shown as being due after one year as it is now recognised that it is unlikely to reverse within the next year.

11.	OPTION SHARE-BASED SCHEME

An Enterprise Management Incentive Option Scheme is in place in respect of 4 (2022-01: 4) employees. At the balance sheet date, the total number of shares in the scheme is 13,390 (2022-01: 13,390) with option prices of £1.21, £0.97 and £0.87 per share to be exercised at the discretion of the employees.