Company No: SC631937 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.12.2022		31.12.2021
		£		£
Fixed assets
Tangible assets	3	744		1,430
Investments	4	80		0
		824		1,430
Current assets
Debtors	5	166,092		365,969
Cash at bank and in hand		143,225		168,416
		309,317		534,385
Creditors: amounts falling due within one year	6	( 830,400)		( 434,636)
Net current (liabilities)/assets		(521,083)		99,749
Total assets less current liabilities		(520,259)		101,179
Net (liabilities)/assets		( 520,259)		101,179
Capital and reserves
Called-up share capital	7	19,744		17,193
Share premium account		1,938,666		1,177,114
Equity reserve		1,469,014		0
Profit and loss account		( 3,947,683 )		( 1,093,128 )
Total shareholders' (deficit)/funds		( 520,259)		101,179

For the financial year ending 31 December 2022 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Holibob Limited (registered number: SC631937) were approved and authorised for issue by the Director on 26 May 2023. They were signed on its behalf by:

Angus Hardy Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Holibob Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 20 Braid Mount, Edinburgh, EH10 6JJ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

These financial statements for the year ended 31 December 2022 are the first financial statements of Holibob Limited to be prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2021. The reported financial performance for the previous period is not affected by the transition to FRS 102.

Going concern

The company has incurred a loss for the period in accordance with its business plan to develop the platform and onboard commercial partners. The directors are pleased with the progress achieved and intend to raise further funding in FY2023. The directors are in discussions with existing investors and prospective investors, and based on those discussions and their plans, they consider that the company will have sufficient funding in place for at least 12 months from the date of approving these financial statements and therefore consider it appropriate to be prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The prior year accounting period was shortened to 31 December 2021 resulting in a 7-month accounting period, as opposed to 12-months for the current year. As such the comparatives are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration for services provided via the company's proprietary platform and related IP.

The company recognises turnover based on the delivery of the underlying service.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	Year ended 31.12.2022		Period from 01.06.2021 to 31.12.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	19		13

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2022	2,059		2,059
At 31 December 2022	2,059		2,059
Accumulated depreciation
At 01 January 2022	629		629
Charge for the financial year	686		686
At 31 December 2022	1,315		1,315
Net book value
At 31 December 2022	744		744
At 31 December 2021	1,430		1,430

4. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2022	0		0
Additions	80		80
At 31 December 2022	80		80
Provisions for impairment
At 01 January 2022	0		0
At 31 December 2022	0		0
Carrying value at 31 December 2022	80		80
Carrying value at 31 December 2021	0		0

5. Debtors

	31.12.2022		31.12.2021
	£		£
Trade debtors	73,723		339,300
Other debtors	92,369		26,669
	166,092		365,969

6. Creditors: amounts falling due within one year

	31.12.2022		31.12.2021
	£		£
Trade creditors	115,293		47,984
Amounts owed to Group undertakings	6,220		0
Other taxation and social security	460,064		56,458
Other creditors	248,823		330,194
	830,400		434,636

The company has agreed to provide fixed charge securities over the companies cash deposits with its bank. There are no other floating charges at the balance sheet date.

7. Called-up share capital

	31.12.2022		31.12.2021
	£		£
Allotted, called-up and fully-paid
1,974,358 Ordinary shares of £ 0.01 each (31.12.2021: 1,719,325 shares of £ 0.01 each)	19,744		17,193