Better Half Limited

Better Half Limited

BETTER HALF LIMITED - Company Information

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Company Registration No. 12109880 (England and Wales)
Better Half Limited Unaudited accounts for the year ended 31 July 2022
Better Half Limited Unaudited accounts Contents
Page
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Better Half Limited Company Information for the year ended 31 July 2022
Directors
Kevin Shanahan Diego Lopez Vieitez Camilla Dolan
Company Number
12109880 (England and Wales)
Registered Office
86-90 Paul Street Shoreditch London EC2A 4NE
Accountants
Barnes & Scott 86-90 Paul Street Shoreditch London EC2A 4NE
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Better Half Limited for the year ended 31 July 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Better Half Limited for the year ended 31 July 2022 as set out on pages 5 - 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Better Half Limited, as a body, in accordance with the terms of our engagement letter dated 24 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Better Half Limited and state those matters that we have agreed to state to the Board of Directors of Better Half Limited, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Better Half Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Better Half Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Better Half Limited. You consider that Better Half Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Better Half Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott Chartered Accountants 86-90 Paul Street Shoreditch London EC2A 4NE 13 February 2023
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Better Half Limited Statement of financial position as at 31 July 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
119,586 
- 
Tangible assets
5
35,835 
7,041 
155,421 
7,041 
Current assets
Debtors
6
1,848,784 
201,089 
Cash at bank and in hand
1,368,464 
2,668,437 
3,217,248 
2,869,526 
Creditors: amounts falling due within one year
7
(4,670,854)
(307,084)
Net current (liabilities)/assets
(1,453,606)
2,562,442 
Net (liabilities)/assets
(1,298,185)
2,569,483 
Capital and reserves
Called up share capital
8
149 
149 
Share premium
3,661,492 
3,661,492 
Capital contribution reserve
9
76,373 
37,290 
Profit and loss account
(5,036,199)
(1,129,448)
Shareholders' funds
(1,298,185)
2,569,483 
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2023 and were signed on its behalf by
Kevin Shanahan Director Company Registration No. 12109880
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Better Half Limited Notes to the Accounts for the year ended 31 July 2022
1
Statutory information
Better Half Limited is a private company, limited by shares, registered in England and Wales, registration number 12109880. The registered office is 86-90 Paul Street, Shoreditch, London, EC2A 4NE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Computer equipment
25% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Better Half Limited Notes to the Accounts for the year ended 31 July 2022
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Staff Share Option Scheme
A staff share option scheme is in place. This is an equity settled scheme that is available to both employees via an EMI scheme, or contractors via an unapproved option scheme. The options have varying vesting schedules, with the majority vesting over a period of time or upon an exit event. The options are settled by equity upon exercise. At the period end there were 1,083,329 options in issue, with 399,524 having vested. The company has entered a cost of £39,083 through the profit and loss account, being the estimated fair value of the net movement in share options this period. The number and weighted average exercise prices for the options are as follows: (i) outstanding at the beginning of the period - 255,553 share options at a weighted average exercise price of £0.00001 each; (ii) granted during the period - 852,776 share options at a weighted average exercise price of £0.10116 each; (ii) forfeited during the period - Nil; (iII) exercised during the period - Nil; (Iv) expired during the period - Nil; (v) outstanding at the end of the period - 1,083,329 share options at a weighted average exercise price of £0.07850 each; (vi) exercisable at the end of the period - 399,524 share options at a weighted average exercise price of £0.03974 each;
Going concern
The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 August 2021
- 
Additions
130,458 
At 31 July 2022
130,458 
Amortisation
At 1 August 2021
- 
Charge for the year
10,872 
At 31 July 2022
10,872 
Net book value
At 31 July 2022
119,586 
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Better Half Limited Notes to the Accounts for the year ended 31 July 2022
5
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2021
55 
9,849 
9,904 
Additions
- 
34,989 
34,989 
At 31 July 2022
55 
44,838 
44,893 
Depreciation
At 1 August 2021
27 
2,836 
2,863 
Charge for the year
14 
6,181 
6,195 
At 31 July 2022
41 
9,017 
9,058 
Net book value
At 31 July 2022
14 
35,821 
35,835 
At 31 July 2021
28 
7,013 
7,041 
6
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
VAT
120,689 
7,517 
Trade debtors
1,545,233 
174,458 
Accrued income and prepayments
79,760 
- 
Other debtors
103,102 
19,114 
1,848,784 
201,089 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade creditors
310,658 
12,298 
Taxes and social security
- 
14,088 
Other creditors
3,430 
989 
Loans from directors
2,920 
2,920 
Accruals
535,619 
7,488 
Deferred income
3,818,227 
269,301 
4,670,854 
307,084 
8
Share capital
2022 
2021 
£ 
£ 
Allotted, called up and fully paid:
149 Ordinary shares of £1 each
149 
149 
9
Capital contribution reserve
The capital contribution reserve is used to reflect the movement in the value of the staff share option pool.
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Better Half Limited Notes to the Accounts for the year ended 31 July 2022
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Kevin Shanahan
1,460 
- 
- 
1,460 
Diego Lopez Vieitez
1,460 
- 
- 
1,460 
2,920 
- 
- 
2,920 
The director loans are measured at transaction price and are interest free and repayable on demand.
11
Average number of employees
During the year the average number of employees was 16 (2021: 7).
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