Company Registration No. 04394624 (England and Wales)
MOBILEWEBADZ LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2015
MOBILEWEBADZ LIMITED
COMPANY INFORMATION
Directors
K O'Keeffe
Mr S Jacobs
(Appointed 4 September 2015)
Secretary
K O'Keeffe
Company number
04394624
Registered office
Units 4 - 6, 2nd Floor, Europoint House
5-11 Lavington Street
London
SE1 0NZ
Auditors
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Business address
Units 4 - 6, 2nd Floor, Europoint House
5-11 Lavington Street
London
SE1 0NZ
MOBILEWEBADZ LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4
Profit and loss account
5
Balance sheet
6
Cash flow statement
7
Notes to the financial statements
8 - 18
MOBILEWEBADZ LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
The directors present the strategic report and financial statements for the year ended 31 March 2015.
Review of the business
The directors are pleased to report excellent revenue growth at the rate of 16% compared to the result for 2014 whilst gross margin contribution improved by £3.0m.
The directors forecast that this growth will stabilize over the coming 12 months and the company will need to deal with the risks associated with this and the industry challenges as they arise. The directors are confident that the infrastructure of the company will be able to deal with this.
The company's principle risks and uncertainties are surrounding foreign currency trading, online regulatory changes, and liquidity. Details of how these risks are managed can be found in the Directors' Report.
On behalf of the board
Mr S Jacobs
Director
14 October 2015
MOBILEWEBADZ LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
The directors present their report and financial statements for the year ended 31 March 2015.
Principal activities
The principal activity of the company continued to be that of software development and supply.
Results and dividends
The results for the year are set out on page 5.
Post balance sheet events
On 5 September 2015 the company undertook an organisational restructure resulting in a new parent company, Mobilewebadz Global Limited, acquiring its entire share capital.
Directors
The following directors have held office since 1 April 2014:
K O'Keeffe
N Bigaignon
(Resigned 9 July 2015)
M Williams
(Resigned 9 July 2015)
R Watney
(Appointed 9 July 2015 and resigned 4 September 2015)
D Beck
(Appointed 22 May 2015 and resigned 4 September 2015)
Mr S Jacobs
(Appointed 4 September 2015)
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The business has a £1m facility in place (not fully drawn down) and no other debt. As cash reserves continue to increase, the business sees little short and medium term risk in the area as a result and can continue to self-finance any medium term investments.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies.
Mobilewebadz has income globally but continues to undertake much of its trading in United States Dollars (at gross profit level). As such, movements in the USD to GBP rate impacts the net contribution.
Online regulatory changes
As the mobile ad network continues to evolve, mobile carrier process changes (particularly around payment transactions) can have short term impact on end user behaviours. Mobilewebadz finds that these impacts are normally manifested as short term corrections in behaviour which return to pre-change levels as users get accustomed to new processes.
Auditors
The auditors, Carpenter Box, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
MOBILEWEBADZ LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, Directors' 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;
- 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 auditors
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors 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 auditors are aware of that information.
On behalf of the board
Mr S Jacobs
Director
14 October 2015
MOBILEWEBADZ LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF MOBILEWEBADZ LIMITED
- 4 -
We have audited the financial statements of MobileWebAdz Limited for the year ended 31 March 2015 which comprise the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 auditors' 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.
Respective responsibilities of directors and auditors
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. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the
FRC
’s website at www.frc.org.uk/auditscopeukprivate
.
Opinion on financial statements
In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit 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. In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Robin Evans BA FCA CTA (Senior Statutory Auditor)
for and on behalf of Carpenter Box
19 October 2015
Chartered Accountants
Statutory Auditor
Worthing
MOBILEWEBADZ LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2015
- 5 -
2015
2014
Notes
£
£
Turnover
2
35,670,352
30,657,676
Cost of sales
(25,969,305)
(23,923,449)
Gross profit
9,701,047
6,734,227
Administrative expenses
(6,705,387)
(6,601,732)
Operating profit
3
2,995,660
132,495
Other interest receivable and similar income
4
21
14
Interest payable and similar charges
5
(21,707)
(28,050)
Profit on ordinary activities before taxation
2,973,974
104,459
Tax on profit on ordinary activities
6
(557,798)
270,053
Profit for the year
15
2,416,176
374,512
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
MOBILEWEBADZ LIMITED
BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 6 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
7
193,971
209,049
Investments
8
6,453
6,453
200,424
215,502
Current assets
Debtors
9
6,479,081
4,778,570
Cash at bank and in hand
2,984,704
1,203,154
9,463,785
5,981,724
Creditors: amounts falling due within one year
10
(4,262,234)
(3,177,241)
Net current assets
5,201,551
2,804,483
Total assets less current liabilities
5,401,975
3,019,985
5,401,975
3,019,985
Capital and reserves
Called up share capital
14
7,830
7,830
Share premium account
15
2,705,274
2,705,274
Other reserves
15
-
34,186
Profit and loss account
15
2,688,871
272,695
Shareholders' funds
16
5,401,975
3,019,985
Approved by the Board and authorised for issue on 14 October 2015
Mr S Jacobs
Director
Company Registration No. 04394624
MOBILEWEBADZ LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2015
- 7 -
2015
2014
Notes
£
£
£
£
Net cash inflow from operating activities
21
1,594,786
260,676
Returns on investments and servicing of finance
Interest received
21
14
Interest paid
(21,707)
(28,050)
Net cash outflow for returns on investments and servicing of finance
(21,686)
(28,036)
Taxation
35,521
(12,338)
Capital expenditure and financial investment
Payments to acquire tangible assets
(94,068)
(191,715)
Payments to acquire investments
-
(6)
Receipts from sales of tangible assets
1,159
4,995
Net cash outflow for capital expenditure
(92,909)
(186,726)
Net cash inflow before management of liquid resources and financing
1,515,712
33,576
Increase in cash in the year
22, 23
1,515,712
33,576
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
- 8 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts. Revenue is recognised based upon the volume of online traffic the company has facilitated through software development and supply.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% Straight line per annum
Plant and machinery
25% Reducing balance per annum
Fixtures, fittings and equipment
25% Reducing balance per annum
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
Share-based payments
The company has issued share options to certain directors and employees. These must be measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in equity. The fair value of the options was estimated at the date of grant using the Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The charge is adjusted each year to reflect the expected and actual level of vesting.
1.10
Group accounts
Group accounts have not been prepared, and the results of the two subsidiaries Mobadz Inc. (a Philippines company) and Mobadz Inc (a US company) have not been consolidated, on grounds of immateriality.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 9 -
2
Turnover
Geographical market
Turnover
2015
2014
£
£
Africa
659,269
653,322
Asia
7,230,380
4,780,853
Australasia
1,268,691
1,266,281
Europe
11,341,514
9,835,562
North America
10,390,590
8,472,206
South America
2,277,694
3,214,189
United Kingdom
2,502,214
2,435,263
35,670,352
30,657,676
3
Operating profit
2015
2014
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
106,481
94,987
Loss on disposal of tangible assets
1,506
-
Loss on foreign exchange transactions
-
282,828
Operating lease rentals
107,269
180,394
Auditors' remuneration (including expenses and benefits in kind)
20,000
17,500
and after crediting:
Profit on disposal of tangible assets
-
(1,249)
Profit on foreign exchange transactions
(184,548)
-
4
Investment income
2015
2014
£
£
Bank interest
21
14
21
14
5
Interest payable
2015
2014
£
£
On bank loans and overdrafts
21,707
-
Other interest
-
28,050
21,707
28,050
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 10 -
6
Taxation
2015
2014
£
£
Total current tax
-
-
Deferred tax
Origination and reversal of timing differences
557,798
(270,053)
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation
2,973,974
104,459
Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 20.00% (2014 - 21.00%)
594,795
21,936
Effects of:
Non deductible expenses
62,626
39,636
Depreciation add back
21,296
19,947
Capital allowances
(18,893)
(40,415)
Tax losses utilised
(233,574)
-
Foreign tax adjustments
-
(2,591)
Tax losses carried forward
-
315,805
Loss/(profit) on sale of fixed assets
301
(262)
Research & development relief
(426,551)
(354,056)
(594,795)
(21,936)
Current tax charge for the year
-
-
At the balance sheet date the company had taxable losses of £1,672,645 (2014 - £2,840,515) available to utilise in future periods.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 11 -
7
Tangible fixed assets
Computer equipment
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 April 2014
389,177
20,210
16,077
425,464
Additions
85,580
-
8,488
94,068
Disposals
(2,860)
-
-
(2,860)
At 31 March 2015
471,897
20,210
24,565
516,672
Depreciation
At 1 April 2014
189,011
17,833
9,571
216,415
On disposals
(195)
-
-
(195)
Charge for the year
102,139
594
3,748
106,481
At 31 March 2015
290,955
18,427
13,319
322,701
Net book value
At 31 March 2015
180,942
1,783
11,246
193,971
At 31 March 2014
200,166
2,377
6,506
209,049
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 12 -
8
Fixed asset investments
Shares in subsidiary undertakings
£
Cost
At 1 April 2014 & at 31 March 2015
6,453
Net book value
At 31 March 2015
6,453
At 31 March 2014
6,453
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Mobadz Inc. (PHP)
Philippines
Ordinary PHP100
99.93
Mobadz Inc (US)
USA
Ordinary $1
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Mobadz Inc. (PHP)
Operations support
83,822
42,744
Mobadz Inc (US)
Operations support
141,630
39,283
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 13 -
9
Debtors
2015
2014
£
£
Trade debtors
6,205,288
4,024,137
Amounts owed by subsidiary undertakings
57,553
57,553
Corporation tax
-
35,521
Other debtors
117,007
41,679
Prepayments and accrued income
99,233
61,882
Deferred tax asset (see note 11)
-
557,798
6,479,081
4,778,570
10
Creditors: amounts falling due within one year
2015
2014
£
£
Bank loans and overdrafts
595,117
329,279
Trade creditors
2,747,430
1,694,728
Taxes and social security costs
246,408
158,115
Company credit card
22,143
25,264
Other creditors
204,639
65,962
Accruals and deferred income
446,497
903,893
4,262,234
3,177,241
The bank loans and overdrafts are secured against a debenture and personal guarantee of £250,000 provided by K O'Keeffe, a director of the company.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 14 -
11
Provisions for liabilities
The deferred tax asset (included in debtors, note 9) is made up as follows:
2015
£
Balance at 1 April 2014
(557,798)
Profit and loss account
557,798
Balance at 31 March 2015
-
2015
2014
£
£
Accelerated capital allowances
-
43,194
Tax losses available
-
(600,992)
-
(557,798)
12
Retirement Benefits
Defined contribution scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.
2015
2014
£
£
Contributions payable by the company for the year
960
960
13
Share based payments
2015
2014
£
£
(Credit) / expense arising from share-based payment transactions
(34,186)
34,186
Due to the planned changes in the organisational structure after the balance sheet date (as detailed in note 20), the directors no longer believe the share options will be exercised under any circumstances and as such have reversed the previous year's share based payment charge.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 15 -
14
Share capital
2015
2014
£
£
Allotted, called up and fully paid
3,131,854 ordinary shares of £0.0025 each
7,830
7,830
15
Statement of movements on reserves
Share premium account
Other reserves
(see below)
Profit
and loss
account
£
£
£
Balance at 1 April 2014
2,705,274
34,186
272,695
Profit for the year
-
-
2,416,176
Movement during the year
-
(34,186)
-
Balance at 31 March 2015
2,705,274
-
2,688,871
Share-based payment reserve
Balance at 1 April 2014
34,186
Share-based payment reserve movement
(34,186)
Balance at 31 March 2015
-
Other reserves represents a share based payment reserve, details of which are provided in note 13.
16
Reconciliation of movements in Shareholders' funds
2015
2014
£
£
Profit for the financial year
2,416,176
374,512
Movements on other reserves
(34,186)
34,186
Opening Shareholders' funds
3,019,985
2,611,287
Closing Shareholders' funds
5,401,975
3,019,985
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 16 -
17
Financial commitments
At 31 March 2015 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 March 2016:
Land and buildings
2015
2014
£
£
Operating leases which expire:
Within one year
10,725
-
Between two and five years
64,625
64,625
75,350
64,625
18
Directors' remuneration
2015
2014
£
£
Remuneration for qualifying services
164,302
280,353
19
Employees
Number of employees
The average monthly number of employees (including directors) during the year was:
2015
2014
Number
Number
36
29
Employment costs
2015
2014
£
£
Wages and salaries
2,868,669
2,166,335
Social security costs
361,112
277,339
Other pension costs
960
960
Costs of share option scheme
(34,186)
34,186
3,196,555
2,478,820
20
Post balance sheet events
On 5 September 2015 the company undertook an organisational restructure resulting in a new parent company, Mobilewebadz Global Limited, acquiring its entire share capital.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 17 -
21
Reconciliation of operating profit to net cash outflow from operating activities
2015
2014
£
£
Operating profit
2,995,660
132,495
Depreciation of tangible assets
106,481
94,987
Loss/(profit) on disposal of tangible assets
1,506
(1,249)
(Increase)/decrease in debtors
(2,293,830)
197,524
Increase/(decrease) in creditors within one year
819,155
(197,267)
Share-based payment transaction
(34,186)
34,186
Net cash inflow from operating activities
1,594,786
260,676
22
Analysis of net funds
1 April 2014
Cash flow
Other non-cash changes
31 March 2015
£
£
£
£
Net cash:
Cash at bank and in hand
1,203,154
1,781,550
-
2,984,704
Bank overdrafts
(329,279)
(265,838)
-
(595,117)
873,875
1,515,712
-
2,389,587
Net funds
873,875
1,515,712
-
2,389,587
23
Reconciliation of net cash flow to movement in net funds
2015
2014
£
£
Increase in cash in the year
1,515,712
33,576
Movement in net funds in the year
1,515,712
33,576
Opening net funds
873,875
840,299
Closing net funds
2,389,587
873,875
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 18 -
24
Related party relationships and transactions
Advances and credits to directors
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
K O'Keeffe -
-
-
60,446
-
60,446
-
60,446
-
-
60,446
During the year the company paid nil (2014 - £15,000) to K O'Keeffe and nil (2014 - £7,000) to N Bigaignon, directors in the year, for the use of home as an office.
K O'Keeffe provided a personal limited guarantee of £250,000 (2014 - £250,000) against the overdraft facility provided to the company.
Included in other debtors is an amount of £2,258 (2013 - £2,258) due from R Watney, a former director.
During the year the company was invoiced £290,898 (2014 - £183,556) by Mobadz Inc., a subsidiary undertaking incorporated in the Philippines, for services provided. At the balance sheet date the amount owed by the subsidiary undertaking amounted to £27,553 (2014 - £177,489) of which £nil (2014 - £119,936) is included in trade debtors.
During the year the company was invoiced £675,924 (2014 - £218,776) by Mobadz Inc, a subsidiary undertaking incorporated in the USA, for services provided. At the year end the company owed £95,451 (2014 - £35,980) to the subsidiary which is included in trade creditors.
During the year the company invoiced £466,184 to MobStuff Global Limited, a company under the control of K O'Keeffe, for services provided. The company was charged £37,693 during the year by MobStuff Global Limited for services provided. At the balance sheet date the amount owed by the connected company amounted to £453,146, of which £514,466 is included in trade debtors and £61,320 in trade creditors. MobStuff Global Limited was not a related party in the previous year.
During the year the company invoiced £20,470 to MobBill Global Limited, a company under the control of K O'Keeffe, for services provided. At the balance sheet date the amount owed by the connected company amounted to £22,159 which is included in trade debtors. MobBill Global Limited was not a related party in the previous year.
During the year the company also invoiced £2,831,594 (2014 - £1,076,834) to Mobafill Limited, a company which K O'Keeffe owns and controls. At the year end the company was owed £1,993,834 (2014 - £501,996) by Mobafill Limited. This was settled in full by June 2015.
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