Company Registration No. 10637337 (England and Wales)
Beam Up Ltd
Unaudited accounts
for the year ended 28 February 2023
Beam Up Ltd
Unaudited accounts
Contents
Beam Up Ltd
Company Information
for the year ended 28 February 2023
Directors
Sebastian Barker
Alexander Mark Stephany
Marie Moussavou
Company Number
10637337 (England and Wales)
Registered Office
Senna Building
Gorsuch Place
London
E2 8JF
United Kingdom
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Beam Up Ltd
Statement of financial position
as at 28 February 2023
Intangible assets
1,772
4,734
Tangible assets
76,508
45,617
Cash at bank and in hand
2,597,870
4,101,282
Creditors: amounts falling due within one year
(1,477,278)
(448,444)
Net current assets
2,428,079
4,053,741
Total assets less current liabilities
2,506,359
4,104,092
Creditors: amounts falling due after more than one year
(401,928)
(422,959)
Net assets
2,104,431
3,681,133
Called up share capital
21
20
Share premium
4,494,043
4,483,237
Profit and loss account
(2,389,633)
(802,124)
Shareholders' funds
2,104,431
3,681,133
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by
Alexander Mark Stephany
Director
Company Registration No. 10637337
Beam Up Ltd
Notes to the Accounts
for the year ended 28 February 2023
Beam Up Ltd is a private company, limited by shares, registered in England and Wales, registration number 10637337. The registered office is Senna Building, Gorsuch Place, London, E2 8JF, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover is measured at the fair value of the consideration received or receivable for goods and 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.
Revenue from contracts for the provision of professional services is recognized by reference to the stage of completion. Based on the revenue stream specified in the contract terms, the entity determines the stage of completion as one of the following:
- a percentage of the total contract period; or
- as it invoices the customers because the amount to which it is entitled to invoice approximates the fair value of the services transferred.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Straight line over 5 years
Computer equipment
Reducing balance over 3 years
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation has been provided at the following rates in order to write off the intangible assets over their estimated useful lives:
Domain Names - Straight line over 5 years
Trademarks - Straight line over 10 years
Beam Up Ltd
Notes to the Accounts
for the year ended 28 February 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful economic lives of the related assets. Grants relating to other expenditure are credited to the profit and loss account in the period the related expenditure is recognised.
Government grants are received in relation to the Coronavirus Job Retention Scheme and are credited to the profit and loss on receipt. The corresponding expense is also included within the profit and loss for the same period.
Expenditure on research and development is written off in the year in which it is incurred.
Research and Development Tax Credit
During the financial year, Beam Up Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Prior year balances were reviewed during the year and it was noted that turnover and corporation tax were not accounted for on the accruals basis.
The accounts have therefore been restated, requiring the following adjustments:
- Increase in Corporation Tax of £55,447
- Increase in Turnover of £235,717
- Decrease in Other Operating Income of £404,202
- Increase in Deferred Income of £312,825
- Increase in Accrued Income of £173,731
- Decrease in Retained Earnings of £139,093
Beam Up Ltd
Notes to the Accounts
for the year ended 28 February 2023
4
Intangible fixed assets
Other
At 28 February 2023
15,422
At 28 February 2023
13,650
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2022
14,735
52,683
67,418
Additions
7,615
46,642
54,257
At 28 February 2023
22,350
99,325
121,675
At 1 March 2022
3,224
18,577
21,801
Charge for the year
3,759
19,607
23,366
At 28 February 2023
6,983
38,184
45,167
At 28 February 2023
15,367
61,141
76,508
At 28 February 2022
11,511
34,106
45,617
Amounts falling due within one year
Trade debtors
822,955
196,449
Accrued income and prepayments
418,133
178,079
Other debtors
66,399
26,375
Beam Up Ltd
Notes to the Accounts
for the year ended 28 February 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
7,951
-
Trade creditors
1,281
26,903
Taxes and social security
130,991
74,455
Other creditors
18,084
1,654
Deferred income
1,240,139
319,948
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
377,773
383,420
Allotted, called up and fully paid:
2,095,003 Ordinary shares of £0.00001 each
20.95
20.36
Shares issued during the period:
58,408 Ordinary shares of £0.00001 each
0.58
10
Average number of employees
During the year the average number of employees was 63 (2022: 34).