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No description of principal activity
2021-12-01
Sage Accounts Production Advanced 2023 - FRS102_2023
16,321
7,250
23,571
2,726
6,796
9,522
14,049
13,595
9,090
9,090
9,090
xbrli:pure
xbrli:shares
iso4217:GBP
11071470
2021-12-01
2022-12-31
11071470
2022-12-31
11071470
2021-11-30
11071470
2020-12-01
2021-11-30
11071470
2021-11-30
11071470
2020-11-30
11071470
bus:OrdinaryShareClass1
2021-12-01
2022-12-31
11071470
bus:Director1
2021-12-01
2022-12-31
11071470
core:WithinOneYear
2022-12-31
11071470
core:WithinOneYear
2021-11-30
11071470
core:AfterOneYear
2022-12-31
11071470
core:AfterOneYear
2021-11-30
11071470
core:ShareCapital
2022-12-31
11071470
core:ShareCapital
2021-11-30
11071470
core:SharePremium
2022-12-31
11071470
core:SharePremium
2021-11-30
11071470
core:RetainedEarningsAccumulatedLosses
2022-12-31
11071470
core:RetainedEarningsAccumulatedLosses
2021-11-30
11071470
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
11071470
core:Non-currentFinancialInstruments
2022-12-31
11071470
core:Non-currentFinancialInstruments
2021-11-30
11071470
bus:SmallEntities
2021-12-01
2022-12-31
11071470
bus:AuditExemptWithAccountantsReport
2021-12-01
2022-12-31
11071470
bus:SmallCompaniesRegimeForAccounts
2021-12-01
2022-12-31
11071470
bus:EntityHasNeverTraded
2021-12-01
2022-12-31
11071470
bus:PrivateLimitedCompanyLtd
2021-12-01
2022-12-31
11071470
bus:FullAccounts
2021-12-01
2022-12-31
11071470
bus:OrdinaryShareClass1
2022-12-31
11071470
bus:OrdinaryShareClass1
2021-11-30
11071470
core:OfficeEquipment
2021-12-01
2022-12-31
11071470
core:OfficeEquipment
2021-11-30
11071470
core:OfficeEquipment
2022-12-31
11071470
core:AfterOneYear
2021-12-01
2022-12-31
COMPANY REGISTRATION NUMBER:
11071470
Fetch Technology Group Ltd |
|
Filleted Unaudited Financial Statements |
|
Fetch Technology Group Ltd |
|
Period from 1 December 2021 to 31 December 2022
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Fetch Technology Group Ltd |
|
Statement of Financial Position |
|
31 December 2022
|
31 Dec 22 |
30 Nov 21 |
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
Tangible assets |
5 |
|
14,049 |
13,595 |
Investments |
6 |
|
9,090 |
9,090 |
|
|
-------- |
-------- |
|
|
23,139 |
22,685 |
|
|
|
|
|
Current assets
Debtors |
7 |
421,952 |
|
187,539 |
Cash at bank and in hand |
113,597 |
|
1,977,293 |
|
---------- |
|
------------ |
|
535,549 |
|
2,164,832 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
169,751 |
|
197,917 |
|
---------- |
|
------------ |
Net current assets |
|
365,798 |
1,966,915 |
|
|
---------- |
------------ |
Total assets less current liabilities |
|
388,937 |
1,989,600 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
25,046 |
35,747 |
|
|
---------- |
------------ |
Net assets |
|
363,891 |
1,953,853 |
|
|
---------- |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
10 |
|
135 |
135 |
Share premium account |
|
4,086,849 |
3,794,700 |
Profit and loss account |
|
(
3,723,093) |
(
1,840,982) |
|
|
------------ |
------------ |
Shareholders funds |
|
363,891 |
1,953,853 |
|
|
------------ |
------------ |
|
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the period 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 period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Fetch Technology Group Ltd |
|
Statement of Financial Position (continued) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
11 July 2023
, and are signed on behalf of the board by:
Company registration number:
11071470
Fetch Technology Group Ltd |
|
Notes to the Financial Statements |
|
Period from 1 December 2021 to 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow, HA2 0DH, United Kingdom.
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 company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company will require additional working capital within the next 12 months. The Directors are in continued discussions with shareholders and other investors on further capital investment as performance milestones are attained. The Directors are also exploring and considering other short term funding opportunities. The directors have concluded that an uncertainty exists that casts doubt upon the company's ability to continue as a going concern. Nevertheless, after making enquiries and considering the uncertainties described, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The directors expect the major creditors, because of the nature of their relationship with the company, to continue with their support for at least twelve months from the date of approval of the financial statements. If the going concern basis were not appropriate, adjustments would have to be made to reclassify fixed assets as current assets, reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
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.
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:
|
Equipment |
- |
20% 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 accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
15
(2021:
7
).
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 December 2021 |
16,321 |
Additions |
7,250 |
|
-------- |
At 31 December 2022 |
23,571 |
|
-------- |
Depreciation |
|
At 1 December 2021 |
2,726 |
Charge for the period |
6,796 |
|
-------- |
At 31 December 2022 |
9,522 |
|
-------- |
Carrying amount |
|
At 31 December 2022 |
14,049 |
|
-------- |
At 30 November 2021 |
13,595 |
|
-------- |
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 December 2021 and 31 December 2022 |
9,090 |
|
------- |
Impairment |
|
At 1 December 2021 and 31 December 2022 |
– |
|
------- |
|
|
Carrying amount |
|
At 31 December 2022 |
9,090 |
|
------- |
At 30 November 2021 |
9,090 |
|
------- |
|
|
7.
Debtors
|
31 Dec 22 |
30 Nov 21 |
|
£ |
£ |
Trade debtors |
1,200 |
– |
Amounts owed by group undertakings |
391,842 |
154,981 |
Prepayments and accrued income |
3,744 |
2,251 |
Other debtors |
25,166 |
30,307 |
|
---------- |
---------- |
|
421,952 |
187,539 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Dec 22 |
30 Nov 21 |
|
£ |
£ |
Bank loans and overdrafts |
8,789 |
9,624 |
Trade creditors |
119,338 |
157,995 |
Accruals and deferred income |
2,464 |
2,000 |
Social security and other taxes |
37,295 |
25,489 |
Other creditors |
1,865 |
2,809 |
|
---------- |
---------- |
|
169,751 |
197,917 |
|
---------- |
---------- |
|
|
|
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
9.
Creditors:
amounts falling due after more than one year
|
31 Dec 22 |
30 Nov 21 |
|
£ |
£ |
Bank loans and overdrafts |
25,046 |
35,747 |
|
-------- |
-------- |
|
|
|
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
10.
Called up share capital
Issued, called up and fully paid
|
31 Dec 22 |
30 Nov 21 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.0001 each |
1,347,131 |
135 |
1,347,131 |
135 |
|
------------ |
---- |
------------ |
---- |
|
|
|
|
|