Red Sixty One Limited Filleted accounts for Companies House (small only)

RED SIXTY ONE LIMITED - Company Information

29 31 January 2024 true false false false true false false false false false false true false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 25 10 1,015,448 1,015,448 1,015,448 240,514 240,514 240,514 2,999 2,999 2,999 1,252,963 1,252,963 1,252,963 636,720 636,720 636,720 174,456 174,456 174,456 3,000 3,000 3,000 808,176 808,176 808,176 444,787 444,787 444,787 378,728 378,728 378,728 53 53 53 53,500 53,500 2.46 53,500 2.46 53,500 2.46 27,500 2.46 24,500 2.46 xbrli:pure xbrli:shares iso4217:GBP SC235054 2022-01-01 2022-12-31 SC235054 2022-12-31 SC235054 2021-12-31 SC235054 2021-01-01 2021-12-31 SC235054 2021-12-31 SC235054 2020-12-31 SC235054 bus:Consolidated 2022-01-01 2022-12-31 SC235054 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 SC235054 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 SC235054 bus:Consolidated core:Subsidiary1 2022-01-01 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COMPANY REGISTRATION NUMBER: SC235054

Red Sixty One Limited

Filleted Financial Statements

For the year ended

31 December 2022

Red Sixty One Limited

Consolidated Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	6	444,787	378,728
Tangible assets	7	4,938	8,309
		---------	---------
		449,725	387,037

Current assets

Debtors	9	454,281	442,157
Cash at bank and in hand		78,840	89,186
		---------	---------
		533,121	531,343

Creditors: amounts falling due within one year	10	1,064,577		778,247
		------------		---------
Net current liabilities			531,456	246,904
			---------	---------
Total assets less current liabilities			( 81,731)	140,133

Creditors: amounts falling due after more than one year	11	181,544	45,833
		---------	---------
Net (liabilities)/assets		( 263,275)	94,300
		---------	---------

Capital and reserves

Called up share capital	550	550
Share premium account	2,548,920	2,548,920
Other reserves	( 10,821)	( 10,821)
Profit and loss account	( 2,801,924)	( 2,444,349)
	------------	------------
Shareholders (deficit)/funds	( 263,275)	94,300
	------------	------------

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 consolidated income statement has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:

A H Davey

Director

Company registration number: SC235054

Red Sixty One Limited

Company Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	6	444,787	378,728
Tangible assets	7	4,938	7,645
Investments	8	53	53
		---------	---------
		449,778	386,426

Current assets

Debtors	9	716,845	577,497
Cash at bank and in hand		33,185	48,897
		---------	---------
		750,030	626,394

Creditors: amounts falling due within one year	10	844,627		571,867
		---------		---------
Net current (liabilities)/assets			( 94,597)	54,527
			---------	---------
Total assets less current liabilities			355,181	440,953

Creditors: amounts falling due after more than one year	11	181,544	45,833
		---------	---------
Net assets		173,637	395,120
		---------	---------

Capital and reserves

Called up share capital	550	550
Share premium account	2,548,920	2,548,920
Profit and loss account	( 2,375,833)	( 2,154,350)
	------------	------------
Shareholders funds	173,637	395,120
	------------	------------

The loss for the financial year of the parent company was £ 250,613 (2021: £ 1,089,558 ).

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.

These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:

A H Davey

Director

Company registration number: SC235054

Red Sixty One Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2022

		Called up share capital	Share premium account	Other reserves	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2021		498	2,088,413	( 14,531)	( 1,506,974)	567,406

Loss for the year					( 1,175,270)	( 1,175,270)
Other comprehensive income for the year:
	Foreign currency retranslation	–	–	3,710	–	3,710
		----	------------	--------	------------	------------
Total comprehensive income for the year		–	–	3,710	( 1,175,270)	( 1,171,560)

Issue of shares		52	460,507	–	–	460,559
Equity-settled share-based payments		–	–	–	237,895	237,895
		----	------------	--------	------------	------------
Total investments by and distributions to owners		52	460,507	–	237,895	698,454

At 31 December 2021		550	2,548,920	( 10,821)	( 2,444,349)	94,300

Loss for the year					( 386,705)	( 386,705)
		----	------------	--------	------------	------------
Total comprehensive income for the year		–	–	–	( 386,705)	( 386,705)

Equity-settled share-based payments		–	–	–	29,130	29,130
		----	----	----	--------	--------
Total investments by and distributions to owners		–	–	–	29,130	29,130

		----	------------	--------	------------	---------
At 31 December 2022		550	2,548,920	( 10,821)	( 2,801,924)	( 263,275)
		----	------------	--------	------------	---------

Red Sixty One Limited

Company Statement of Changes in Equity

Year ended 31 December 2022

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 January 2021	498	2,088,413	( 1,302,687)	786,224

Loss for the year			( 1,089,558)	( 1,089,558)
	----	------------	------------	------------
Total comprehensive income for the year	–	–	( 1,089,558)	( 1,089,558)

Issue of shares	52	460,507	–	460,559
Equity-settled share-based payments	–	–	237,895	237,895
	----	------------	------------	------------
Total investments by and distributions to owners	52	460,507	237,895	698,454

At 31 December 2021	550	2,548,920	( 2,154,350)	395,120

Loss for the year			( 250,613)	( 250,613)
	----	------------	------------	------------
Total comprehensive income for the year	–	–	( 250,613)	( 250,613)

Equity-settled share-based payments	–	–	29,130	29,130
	----	----	--------	--------
Total investments by and distributions to owners	–	–	29,130	29,130

	----	------------	------------	---------
At 31 December 2022	550	2,548,920	( 2,375,833)	173,637
	----	------------	------------	---------

Red Sixty One Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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 prepared financial forecasts for the period of 12 months from the date of signing which indicate the Company will be able to continue as a going concern and has adequate sources of finance. Whilst the Directors continue to look for additional sources of finance for business expansion the forecasts indicate that the Company will be able to continue to operate and meet all debts as they fall due for the period of 12 months from date of signing. The Company is able to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Red Sixty One Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. i) Impairment and useful economic lives of intangible assets Intangible assets relate to the development costs associated with new ticketing systems and these are amortised over their anticipated useful lives. The useful economic lives and potential impairment of intangible assets is re-assessed annually. Where necessary adjustments are made to reflect the estimates of the current and future value of intangible assets based upon information available to management. See note 7 for carrying amounts of of intangible assets. ii) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for carrying amounts of tangible assets. iii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 9 for carrying amount of debtors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. Licence fees are recognised on the date of commencement of the licence period. Turnover in respect of service contracts is recognised as contract activity progresses.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software Development	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Fixtures and fittings	-	10% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 29 (2021: 33 ).

5. Tax on loss

Major components of tax income

	2022	2021
	£	£

Current tax:

UK current tax income	( 124,521)	( 213,603)
Foreign current tax expense	10,438	–
	---------	---------
Total current tax	( 114,083)	( 213,603)
	---------	---------

Deferred tax:

Origination and reversal of timing differences	–	( 4,148)
	---------	---------
Tax on loss	( 114,083)	( 217,751)
	---------	---------

6. Intangible assets

Group and company	Development costs
	£
Cost
At 1 January 2022	1,015,448
Additions from internal developments	240,514
Disposals	( 2,999)
	------------
At 31 December 2022	1,252,963
	------------
Amortisation
At 1 January 2022	636,720
Charge for the year	174,456
Disposals	( 3,000)
	------------
At 31 December 2022	808,176
	------------
Carrying amount
At 31 December 2022	444,787
	------------
At 31 December 2021	378,728
	------------

7. Tangible assets

Group	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2022	12,161	61,298	73,459
Additions	–	2,415	2,415
Disposals	( 10,976)	( 4,682)	( 15,658)
	--------	--------	--------
At 31 December 2022	1,185	59,031	60,216
	--------	--------	--------
Depreciation
At 1 January 2022	9,539	55,611	65,150
Charge for the year	834	2,809	3,643
Disposals	( 9,498)	( 4,017)	( 13,515)
	--------	--------	--------
At 31 December 2022	875	54,403	55,278
	--------	--------	--------
Carrying amount
At 31 December 2022	310	4,628	4,938
	--------	--------	--------
At 31 December 2021	2,622	5,687	8,309
	--------	--------	--------

Company	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2022	12,161	60,520	72,681
Additions	–	2,415	2,415
Disposals	( 10,976)	( 3,904)	( 14,880)
	--------	--------	--------
At 31 December 2022	1,185	59,031	60,216
	--------	--------	--------
Depreciation
At 1 January 2022	9,539	55,497	65,036
Charge for the year	834	2,809	3,643
Disposals	( 9,498)	( 3,903)	( 13,401)
	--------	--------	--------
At 31 December 2022	875	54,403	55,278
	--------	--------	--------
Carrying amount
At 31 December 2022	310	4,628	4,938
	--------	--------	--------
At 31 December 2021	2,622	5,023	7,645
	--------	--------	--------

8. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2022 and 31 December 2022	53
	----
Impairment
At 1 January 2022 and 31 December 2022	–
	----

Carrying amount
At 1 January 2022 and 31 December 2022	53
	----
At 31 December 2021	53
	----

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Red Sixty One Australia Pty Ltd	Ordinary shares	100

9. Debtors

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Trade debtors	159,772	42,738	125,186	15,197
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	325,270	268,587
Other debtors	294,509	399,419	266,389	293,713
	---------	---------	---------	---------
	454,281	442,157	716,845	577,497
	---------	---------	---------	---------

10. Creditors: amounts falling due within one year

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Bank loans and overdrafts	5,377	4,167	5,377	4,167
Trade creditors	167,004	103,278	152,008	99,307
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	–	53,865	–
Social security and other taxes	230,399	258,350	176,407	200,257
Other creditors	661,797	412,452	456,970	268,136
	------------	---------	---------	---------
	1,064,577	778,247	844,627	571,867
	------------	---------	---------	---------

Other creditors includes a loan of £211,680 secured by a bond and floating charge. Further details are provided in note 15 .

11. Creditors: amounts falling due after more than one year

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Bank loans and overdrafts	39,295	45,833	39,295	45,833
Other creditors	142,249	–	142,249	–
	---------	--------	---------	--------
	181,544	45,833	181,544	45,833
	---------	--------	---------	--------

12. Share-based payments

The impact of share options are set out below:

Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:

Group and company	2022		2021
	No.	WAEP	No.	WAEP
Outstanding at 1 January 2022	53,500	–	–	–
Granted during the year	–	–	53,500	2.46
	--------	-----	--------	-----
Outstanding at 31 December 2022	53,500	2.46	53,500	2.46
	--------	-----	--------	-----

Exercisable at 31 December 2022	27,500	2.46	24,500	2.46
	--------	-----	--------	-----

The total expense recognised in profit or loss for the year is as follows:

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Equity-settled share-based payments	29,130	237,895	29,130	237,895
	--------	---------	--------	---------

Share options were valued using the Black Scholes model.

13. Events after the end of the reporting period

On the 25th of May 2023 518,449 ordinary shares of 0.001p each were allotted for a consideration of £1.60 a share.

14. Summary audit opinion

The auditor's report dated 31 January 2024 was unqualified .

The senior statutory auditor was Barry Truswell CA , for and on behalf of Chiene + Tait LLP (trading as CT) .

15. Related party transactions

Group

Tix Investments B.V . loaned the company £ 176,400 in the year and charged interest of £ 35,280 . Tix Investments B.V. is owned by one of the directors and chareholders of Red Sixty One Limited . At the year end there was a liability of £ 211,680 due to Tix Investments B.V.