Company registration number 08398662 (England and Wales)
LOYAL ZOO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LOYAL ZOO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LOYAL ZOO LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,310
Current assets
Debtors
4
80,941
61,075
Cash at bank and in hand
71,405
90,478
152,346
151,553
Creditors: amounts falling due within one year
5
(19,923)
(19,269)
Net current assets
132,423
132,284
Total assets less current liabilities
138,733
132,284
Creditors: amounts falling due after more than one year
6
(53,999)
(63,999)
Net assets
84,734
68,285
Capital and reserves
Called up share capital
3,016
3,016
Share premium account
1,473,341
1,473,341
Other reserves
30,686
27,101
Profit and loss reserves
(1,422,309)
(1,435,173)
Total equity
84,734
68,285
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LOYAL ZOO LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2023 and are signed on its behalf by:
Mr M Sirolla
Director
Company Registration No. 08398662
LOYAL ZOO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Loyal Zoo Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Lyric Square, London, England, W6 0NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company operates a subscription based model for access to its software and revenue is recognised evenly over the term of the subscription agreement as the company earns the rights to the consideration.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% 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.
1.5
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.
LOYAL ZOO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Share-based payments
The company provides share-based payment arrangements to certain employees and directors. Equity-settled arrangements are measured at fair value at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of options that will vest. The expense is recognised in the income statement over the vesting period of the award. A corresponding movement in equity is recognised in the Share Option reserve.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
5
LOYAL ZOO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Computers
£
Cost
At 1 January 2022
Additions
9,419
At 31 December 2022
9,419
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
3,109
At 31 December 2022
3,109
Carrying amount
At 31 December 2022
6,310
At 31 December 2021
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
60,630
53,052
Other debtors
20,311
8,023
80,941
61,075
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Taxation and social security
595
Other creditors
9,923
8,674
19,923
19,269
LOYAL ZOO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
25,000
35,000
Other creditors
28,999
28,999
53,999
63,999
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 January 2022 and 31 December 2022
39,600
39,600
11.54
11.54
Exercisable at 31 December 2022
39,600
39,600
11.54
11.54
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £3,585 (2021 - £2,505) which related to equity settled share based payment transactions.
The company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the approved Enterprise Management Incentive (EMI) option scheme and the unapproved share option scheme in the company.