Company Registration No. 06426697 (England and Wales)
INNGOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
INNGOT LIMITED
COMPANY INFORMATION
Directors
M Brassell
Prof I R Davies
Dr D Harvey
J M Helson
D G Hulston
S C Thorpe
(Appointed 10 September 2018)
Secretary
Prof I R Davies
Company number
06426697
Registered office
Urban Village
221 High Street
Swansea
SA1 1NW
Accountants
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
INNGOT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
INNGOT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
4
89,200
30,935
Tangible assets
5
3,337
1,456
92,537
32,391
Current assets
Debtors
6
315,406
6,830
Cash at bank and in hand
54,674
15
370,080
6,845
Creditors: amounts falling due within one year
7
(106,883)
(249,527)
Net current assets/(liabilities)
263,197
(242,682)
Total assets less current liabilities
355,734
(210,291)
Creditors: amounts falling due after more than one year
8
(27,773)
(128,000)
Net assets/(liabilities)
327,961
(338,291)
Capital and reserves
Called up share capital
9
6,553
5,403
Share premium account
1,416,502
698,902
Other reserves
128,000
-
Profit and loss reserves
(1,223,094)
(1,042,596)
Total equity
327,961
(338,291)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INNGOT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2019 and are signed on its behalf by:
M Brassell
Director
Company Registration No. 06426697
INNGOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Inngot Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Urban Village, 221 High Street, Swansea, SA1 1NW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts invoiced to third parties, net of VAT and trade discounts.
1.3
Research and development expenditure
Expenditure on research and development is written off in the year in which it is incurred.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property and licenses
Useful economic life of ten years
Software and systems
Useful economic life of five years
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line basis
Computer equipment
33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
INNGOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date.
The company has a deferred tax asset of £
166,780
(201
7
: £
158,810
) resulting from tax losses of
£
981,057
(
2017: £934,176
). The company has not recognised any deferred tax asset in
respect of the
above due to there being uncertainty of future revenue streams and because the company is
committed to significant investment in R&D.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2017 - 12).
INNGOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
(29,660)
(5,224)
Adjustments in respect of prior periods
(16,777)
-
Total current tax
(46,437)
(5,224)
4
Intangible fixed assets
Intellectual property and licenses
Software and systems
Total
£
£
£
Cost
At 1 January 2018
900
96,429
97,329
Additions - separately acquired
98,839
-
98,839
Disposals
-
(96,429)
(96,429)
At 31 December 2018
99,739
-
99,739
Amortisation and impairment
At 1 January 2018
810
65,584
66,394
Amortisation charged for the year
9,729
30,845
40,574
Disposals
-
(96,429)
(96,429)
At 31 December 2018
10,539
-
10,539
Carrying amount
At 31 December 2018
89,200
-
89,200
At 31 December 2017
90
30,845
30,935
INNGOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
5
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2018
4,911
24,097
29,008
Additions
-
3,089
3,089
At 31 December 2018
4,911
27,186
32,097
Depreciation and impairment
At 1 January 2018
3,912
23,640
27,552
Depreciation charged in the year
357
851
1,208
At 31 December 2018
4,269
24,491
28,760
Carrying amount
At 31 December 2018
642
2,695
3,337
At 31 December 2017
999
457
1,456
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
70,219
6,830
Other debtors
46,437
-
Share subscriptions pledged
198,750
-
315,406
6,830
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
102,479
Trade creditors
14,946
21,054
Taxation and social security
13,203
9,680
Other creditors
49,749
87,629
Accruals and deferred income
28,985
28,685
106,883
249,527
INNGOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
8
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Other borrowings
27,773
128,000
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
655,300 Ordinary of 1p each
6,553
4,537
0 Preferred ordinary of £1 each
-
866
6,553
5,403
On 19 April 2018, Inngot Limited issued a total of 382 shares with a nominal value of £1 each. A total of £152,800 was received for these shares.
On 31 July 2018, Inngot Limited issued a total of 243 shares with a nominal value of £1 each. A total of £97,200 was received for these shares.
On 10 August 2018, Inngot Limited issued a total of 125 shares with a nominal value of £1 each. A total of £50,000 was received for these shares.
On 7 September 2018, Inngot Limited gave notice to change a class of shares. A total of 866 Preferred Ordinary shares with a nominal value of £1 each were changed to 866 Ordinary shares with a nominal value of £1 each.
On 23 November 2018, Inngot Limited gave notice to sub-divide the 6,153 Ordinary £1 shares then in issue into 615,300 Ordinary shares of £0.01 each.
On 21 December 2018, Inngot Limited issued a total of 40,000 Ordinary shares with a nominal value of £0.01 each. A total of £220,000 was received for these shares.
After the year-end, Inngot Limited issued a total of 15,000 Ordinary shares on 28 June 2019, for which £108,750 was received, and a further 10,000 Ordinary shares on 7 August 2019, for which £90,000 was received. All these shares were issued with a nominal value of £0.01 each. The amounts paid for them are shown under debtors as ‘share subscriptions pledged’.
10
Option Agreement
During the financial year ending 31 December 2015
the company entered into an option agreement with nine existing shareholders who
also hold loan notes.
The agreement gives the grantees the right to subscribe for ordinary shares within five years from the
date of the agreement.
The number of shares is dependent on the value of the loan notes held and the option price at the time
of exercise. The option agreement states the option price is £1,000 per share, though this may vary if
there is a new equity issue.