Company Registration No. 09061794 (England and Wales)
Collidr Technologies Limited
Annual report and financial statements
for the year ended 31 March 2023
Collidr Technologies Limited
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
10
Statement of cash flows
9
Notes to the financial statements
11 - 20
Collidr Technologies Limited
Company information
Directors
Alexandra Steele
Symon Stickney
Heather Manners
Company number
09061794
Registered office
34 Southwark Bridge Road
London
SE1 9EU
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Collidr Technologies Limited
Directors' report
For the year ended 31 March 2023
1
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of investment research services.
Results and dividends
The results for the year are set out on page 7. The company reported a loss after tax for the year of £1,015,514 (2022: £468,248) as a result of its continued investment in research and development. As at 31 March 2023 the company had net liabilities of £1,820,770 (2022: £813,256). The directors believe that the company is a going concern and will be for the foreseeable future due to the continued support of its parent company and the increasing activity of the company. See accounting policy 1.2 for consideration of going concern.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mark Lamy
(Resigned 7 February 2023)
Alexandra Steele
Symon Stickney
Heather Manners
Auditor
Saffery LLP have expressed their willingness to continue in office.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Collidr Technologies Limited
Directors' report (continued)
For the year ended 31 March 2023
2
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Symon Stickney
Director
28 March 2024
Collidr Technologies Limited
Independent auditor's report
To the members of Collidr Technologies Limited
3
Opinion
We have audited the financial statements of Collidr Technologies Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. We draw attention to note 1.2 of the financial statements which sets out the directors' conclusions on their consideration of the going concern position of the company.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Collidr Technologies Limited
Independent auditor's report (continued)
To the members of Collidr Technologies Limited
4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Collidr Technologies Limited
Independent auditor's report (continued)
To the members of Collidr Technologies Limited
5
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Collidr Technologies Limited
Independent auditor's report (continued)
To the members of Collidr Technologies Limited
6
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Di Leto
Senior Statutory Auditor
For and on behalf of Saffery LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Collidr Technologies Limited
Statement of comprehensive income
For the year ended 31 March 2023
7
2023
2022
Notes
£
£
Turnover
3
369,264
820,469
Administrative expenses
(2,625,589)
(2,567,242)
Other operating income
1,243,352
956,675
Operating loss
5
(1,012,973)
(790,098)
Interest receivable and similar income
204
52
Loss before taxation
(1,012,769)
(790,046)
Tax on loss
6
(2,745)
321,798
Loss for the financial year
(1,015,514)
(468,248)
The income statement has been prepared on the basis that all operations are continuing operations.
Collidr Technologies Limited
Statement of financial position
As at 31 March 2023
8
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
7
1,368
1,368
Tangible assets
8
30,273
46,262
31,641
47,630
Current assets
Debtors
9
807,729
1,016,521
Cash at bank and in hand
5,164
25,813
812,893
1,042,334
Creditors: amounts falling due within one year
10
(2,519,406)
(1,729,322)
Net current liabilities
(1,706,513)
(686,988)
Total assets less current liabilities
(1,674,872)
(639,358)
Creditors: amounts falling due after more than one year
11
(153,898)
(173,898)
Net liabilities
(1,828,770)
(813,256)
Capital and reserves
Called up share capital
13
21,850
21,850
Share premium account
2,153,250
2,153,250
Profit and loss reserves
(4,003,870)
(2,988,356)
Total equity
(1,828,770)
(813,256)
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Symon Stickney
Director
Company Registration No. 09061794
Collidr Technologies Limited
Statement of cash flows
For the year ended 31 March 2023
9
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
17
(200,473)
(2,322,141)
Income taxes refunded
181,809
165,653
Net cash outflow from operating activities
(18,664)
(2,156,488)
Investing activities
Purchase of tangible fixed assets
(2,189)
(41,506)
Interest received
204
52
Net cash used in investing activities
(1,985)
(41,454)
Financing activities
Proceeds from issue of shares
2,175,000
Net cash (used in)/generated from financing activities
-
2,175,000
Net decrease in cash and cash equivalents
(20,649)
(22,942)
Cash and cash equivalents at beginning of year
25,813
48,755
Cash and cash equivalents at end of year
5,164
25,813
Collidr Technologies Limited
Statement of changes in equity
For the year ended 31 March 2023
10
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
100
(2,520,108)
(2,520,008)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(468,248)
(468,248)
Issue of share capital
21,750
2,153,250
-
2,175,000
Balance at 31 March 2022
21,850
2,153,250
(2,988,356)
(813,256)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(1,015,514)
(1,015,514)
Balance at 31 March 2023
21,850
2,153,250
(4,003,870)
(1,828,770)
Collidr Technologies Limited
Statement of changes in equity (continued)
For the year ended 31 March 2023
11
1
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Going concern
The loss making position of the company means there is a degree of uncertainty that the going concern assumption is a appropriate basis for the preparation of the financial statements. The directors prepare regular forecasts, and having prepared cash flow projections for the 12 months as at the signing date of the accounts are satisfied that the going concern assumption is appropriate. This is strengthened by the continuing support of the parent company and wider group.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Intangible assets
The useful life of goodwill is determined by reference to future trading projections and other factors that are considered to be relevant. Regular impairment reviews are carried out on the carrying value of the asset. No such impairment was deemed necessary during the year to 31 March 2023.
2
Accounting policies
Company information
Collidr Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 Southwark Bridge Road, London, SE1 9EU.
2.1
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.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Collidr Technologies Limited
Notes to the financial statements
For the year ended 31 March 2023
2
Accounting policies (continued)
12
2.2
Going concern
The financial statements are prepared on a going concern basis which is dependent upon the continued financial support trueof the wider group. The ultimate parent company and fellow subsidiaries have agreed to provide sufficient funds and support to allow Collidr Technologies Limited to continue to meet its obligations as and when they fall due for up to at least 12 months from the date when the financial statements for the year ended 31 March 2023 are signed. The financial statements do not include any adjustments that would result from the company not being able to continue as a going concern.
2.3
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.
2.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
2.5
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of related undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 6 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
2.6
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:
Leasehold improvements
Over the life of the lease
Plant and equipment
4 years straight line
Fixtures and fittings
4 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.
2.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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).
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
2
Accounting policies (continued)
13
2.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
2
Accounting policies (continued)
14
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
2
Accounting policies (continued)
15
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.12
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.
2.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.14
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.
2.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Research fees
369,264
820,469
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
3
Turnover and other revenue (continued)
16
2023
2022
£
£
Other revenue
Interest income
204
52
Management fees receivable from group companies
1,243,352
956,675
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Average number of employees
21
24
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,739,335
1,664,816
Social security costs
224,873
203,354
Pension costs
48,826
40,394
2,013,034
1,908,564
5
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
1,219
897
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
16,000
Depreciation of owned tangible fixed assets
18,178
18,078
Operating lease charges
131,668
146,311
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(162,194)
(321,798)
Adjustments in respect of prior periods
164,939
Total current tax
2,745
(321,798)
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
6
Taxation (continued)
17
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(1,012,769)
(790,046)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(192,426)
(150,109)
Tax effect of expenses that are not deductible in determining taxable profit
5,281
4,037
Tax effect of utilisation of tax losses not previously recognised
(54,873)
Change in unrecognised deferred tax assets
(1,987)
Adjustments in respect of prior years
164,939
Other permanent differences
(610)
(10,252)
Enhanced reseach and development deduction
(162,194)
(185,250)
Losses surrendered
187,755
76,636
Taxation charge/(credit) for the year
2,745
(321,798)
7
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,001,368
Amortisation and impairment
At 1 April 2022 and 31 March 2023
1,000,000
Carrying amount
At 31 March 2023
1,368
At 31 March 2022
1,368
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
18
8
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2022
46,035
109,441
7,776
163,252
Additions
2,189
2,189
At 31 March 2023
46,035
111,630
7,776
165,441
Depreciation and impairment
At 1 April 2022
46,035
63,179
7,776
116,990
Depreciation charged in the year
18,178
18,178
At 31 March 2023
46,035
81,357
7,776
135,168
Carrying amount
At 31 March 2023
30,273
30,273
At 31 March 2022
46,262
46,262
9
Debtors
2023
2022
£
£
Trade debtors
22,666
53,342
Corporation tax recoverable
496,100
680,654
Amounts due from group undertakings
208,732
164,980
Other debtors
13,770
52,410
Prepayments and accrued income
66,461
65,135
807,729
1,016,521
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
106,493
145,097
Amounts owed to group undertakings
2,158,742
1,243,885
Taxation and social security
61,068
74,780
Other creditors
60,143
59,465
Accruals and deferred income
132,960
206,095
2,519,406
1,729,322
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
19
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
153,898
173,898
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,826
40,394
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
21,850
21,850
21,850
21,850
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
71,280
118,860
Between two and five years
52,532
124,008
123,812
242,868
15
Ultimate controlling party
The company is a wholly owned subsidiary of Collidr Capital Limited, a company registered in the United Kingdom.
The ultimate parent undertaking is Independent Strategic Group (ISG) Limited, a company registered in Jersey. The directors do not deem there to be one ultimate controlling party.
Collidr Technologies Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
20
16
Related party transactions
During the year management fees of £1,200,000 (2022: £900,000) were receivable from Collidr Asset Management Limited, a fellow subsidiary of the group. As at 31 March 2023, the company owed £1,075,033 (2022: £1,021,137) to Collidr Asset Management Limited.
During the year management fees of £43,352 (2022: £56,675) were receivable from Purple Asset Management Pte Ltd , a fellow subsidiary of the group. As at 31 March 2023, the company was owed £5,475 (2022: £164,980) by Purple Asset Management Pte Ltd.
As at 31 March 2023, the company owed £1,082,657 (2022: £221,696) to Collidr Capital Limited, the company's immediate parent company.
As at 31 March 2023, the company owed £1,052 (2022: £1,052) to Independent Strategic Group (ISG) Limited, the ultimate parent undertaking of the group.
As at 31 March 2023, the company was owed £400 (2022: £Nil) to Independent Strategic Capital (ISC) Jersey, a fellow subsidiary of the group.
As at 31 March 2023, the company was owed £6,193 (2022: £6,574) from John Lamb LLP, a connected company. During the year, income of £982 (2022: £3,482) was received from John Lamb LLP.
As at 31 March 2023, the company owed £nil (2022: £nil) to Burnley Limited, a connected company. During the year, expenses of £nil (2022: £77,102) were paid to Burnley Limited.
17
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(1,015,514)
(468,248)
Adjustments for:
Taxation charged/(credited)
2,745
(321,798)
Investment income
(204)
(52)
Depreciation and impairment of tangible fixed assets
18,178
18,078
Movements in working capital:
Decrease/(increase) in debtors
24,238
(128,714)
Increase/(decrease) in creditors
770,084
(1,421,407)
Cash absorbed by operations
(200,473)
(2,322,141)
18
Analysis of changes in net funds
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
25,813
(20,649)
5,164
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