Company Registration No. 05118474 (England and Wales)
WAPPLE.NET LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2015
WAPPLE.NET LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
WAPPLE.NET LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
2,559
Tangible assets
2
1,357
4,085
Investments
2
783
783
2,140
7,427
Current assets
Debtors
3
348,193
370,425
Cash at bank and in hand
121
400
348,314
370,825
Creditors: amounts falling due within one year
(120,490)
(165,220)
Net current assets
227,824
205,605
Total assets less current liabilities
229,964
213,032
Creditors: amounts falling due after more than one year
4
(98,451)
-
131,513
213,032
Capital and reserves
Called up share capital
5
1,703
1,703
Share premium account
1,177,554
1,177,554
Profit and loss account
(1,047,744)
(966,225)
Shareholders' funds
131,513
213,032
WAPPLE.NET LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2015
30 April 2015
- 2 -
For the financial year ended 30 April 2015 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 year 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 January 2016
Mr R Holdsworth
Director
Company Registration No. 05118474
WAPPLE.NET LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover is for the individual company only, Wapple.Net Limited, and does not include income of its subsidiary, Wapple North America Inc, whose income is shown under note 2 Fixed assets.
1.4
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal monthly instalments over their estimated useful li
f
e of 3 years.
1.5
Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
1.6
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:
Fixtures, fittings & equipment
straight line method over 3 years
1.7
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.8
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.9
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.
1.10
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. The deferred tax balance has not been discounted.
1.11
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.
WAPPLE.NET LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
1
Accounting policies
(Continued)
- 4 -
1.12
Share-based payments
The company has issued share options to certain directors and employees. These financial statements have been prepared in accordance with Financial Reporting Standard for Small Entities which does not require equity-settled share based payment arrangements to be recognised as an expense.
1.13
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 May 2014
42,934
56,057
783
99,774
Additions
-
1,125
-
1,125
At 30 April 2015
42,934
57,182
783
100,899
Depreciation
At 1 May 2014
40,375
51,972
-
92,347
Charge for the year
2,559
3,853
-
6,412
At 30 April 2015
42,934
55,825
-
98,759
Net book value
At 30 April 2015
-
1,357
783
2,140
At 30 April 2014
2,559
4,085
783
7,427
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
Wapple North America Inc.
USA
Ordinary
100.00
WAPPLE.NET LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
2
Fixed assets
(Continued)
- 5 -
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
£
£
Wapple North America Inc.
Mobile web services
929
(9,232)
In the year to 30 April 2015 turnover for Wapple North America amounted to $152,261 (2014 - $382,152).
3
Debtors
Debtors include an amount of £214,769 (2014 - £196,650) which is due after more than one year.
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £135,660 (2014 - £21,617).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
156,762 Ordinary shares of 1p each
1,568
1,568
13,500 Ordinary "A" shares of 1p each
135
135
1,703
1,703
The Ordinary 'A' shares rank pari passu with Ordinary shares in respect of distributions and return of capital.
Voting rights at general meetings for every member present in person, by proxy or (being a corporation) is present by duly authorised representative not being himself a member entitled to vote and on a poll, have one vote for every Ordinary 'A' share and/or every Ordinary share of which he is the holder. A step in rights exists for holders of Ordinary 'A' shares if at any time there is an event of a default notice made.