Critical Blue Limited |
Notes to the Accounts |
for the year ended 31 December 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Equipment, fixtures and fittings |
25% straight line |
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Computer equipment |
33% straight line |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
7 |
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7 |
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3 |
Intangible fixed assets |
£ |
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Patents: |
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Cost |
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At 1 January 2022 |
146,049 |
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Additions |
2,410 |
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At 31 December 2022 |
148,459 |
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Amortisation |
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At 1 January 2022 |
128,088 |
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Provided during the year |
5,352 |
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At 31 December 2022 |
133,440 |
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Net book value |
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At 31 December 2022 |
15,019 |
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At 31 December 2021 |
17,961 |
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4 |
Tangible fixed assets |
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Equipment fixtures and fittings |
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Computer equipment |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2022 |
13,594 |
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46,089 |
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59,683 |
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Additions |
- |
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1,200 |
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1,200 |
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At 31 December 2022 |
13,594 |
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47,289 |
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60,883 |
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Depreciation |
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At 1 January 2022 |
13,594 |
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44,880 |
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58,474 |
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Charge for the year |
- |
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958 |
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958 |
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At 31 December 2022 |
13,594 |
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45,838 |
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59,432 |
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Net book value |
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At 31 December 2022 |
- |
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1,451 |
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1,451 |
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At 31 December 2021 |
- |
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1,209 |
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1,209 |
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5 |
Debtors |
2022 |
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2021 |
£ |
£ |
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Trade debtors |
34,382 |
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30,567 |
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Other debtors |
41,401 |
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40,673 |
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75,783 |
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71,240 |
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6 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Trade creditors |
37,054 |
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46,596 |
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Convertible loan from shareholders |
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903,010 |
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525,614 |
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Taxation and social security costs |
17,124 |
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14,661 |
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Other creditors |
63,926 |
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62,769 |
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1,021,114 |
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649,640 |
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7 |
Share - based payments |
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Under the terms of the company's Enterprise Management Incentive Scheme, the Board may offer employees options to purchase ordinary shares in the company. Under the terms the options have an exercise price of £1.00 per share for options granted in 2014 and £0.10 per share for options granted in 2021. They become exercisable in equal tranches over the period commencing on the date of grant and ending 2 years after the date of grant for options granted in 2014 and ending 4 years after the date of grant for options granted in 2021, or in the event that the business is being sold or listed. The options lapse 10 years from the date of grant, if the employee leaves the company or if not exercised when the business is sold or listed. The company also offers options to non-employees under a separate share option scheme. The options have an exercise price of £1.00 per share for options granted in 2014 and £0.10 per share for options granted in 2021. They become exercisable in equal tranches over the period commencing on the date of grant and ending 2 years after the date of grant for options granted in 2014 and ending 4 years after the date of grant for options granted in 2021, or in the event that the business is being sold or listed. The options lapse 10 years from the date of grant, if the holder ceases to act as a director, consultant, adviser or employee of the company or if not exercised when the business is sold or listed. |
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Number of options |
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2022 |
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2022 |
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2021 |
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2021 |
EMI |
EMI |
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Scheme |
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Other |
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Scheme |
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Other |
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Outstanding at beginning of the year |
5,066,322 |
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719,719 |
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146,054 |
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19,719 |
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Granted |
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4,920,268 |
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700,000 |
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Lapsed |
- |
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- |
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- |
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- |
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Exercised |
- |
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- |
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- |
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- |
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Outstanding at end of the year |
5,066,322 |
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719,719 |
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5,066,322 |
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719,719 |
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Outstanding options were granted in the following periods: |
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Options granted: |
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Period ended December 2014 |
146,054 |
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19,719 |
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146,054 |
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19,719 |
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Period ended December 2021 |
4,920,268 |
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700,000 |
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4,920,268 |
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700,000 |
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Total options |
5,066,322 |
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719,719 |
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5,066,322 |
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719,719 |
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8 |
Other reserve |
2022 |
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2021 |
£ |
£ |
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At 1 January 2022 |
(10) |
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(10) |
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At 31 December 2022 |
(10) |
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(10) |
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9 |
Other information |
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Critical Blue Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Quartermile One |
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15 Lauriston Place |
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Edinburgh |
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EH3 9EP |