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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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SCRIBESTAR LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2017 |
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for |
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SCRIBESTAR LIMITED |
SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SCRIBESTAR LIMITED |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Auditors |
51 Clarkegrove Road |
Sheffield |
South Yorkshire |
S10 2NH |
SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Scribestar Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The appropriateness of the going concern basis for preparing the financial statements has been considered by the |
directors as they have reviewed the working capital requirements of the company for the short, medium and |
longer term taking account of possible changes in trading performance. In doing so, the directors have |
determined additional funding is required to enable the company to continue in operational existence. The |
directors have signalled their intention to raise sufficient finance from the shareholders so that the company is |
able to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of |
the financial statements. The directors acknowledge that material uncertainty exists which may cast significant |
doubt over the company's ability to continue as a going concern and, therefore that it may be unable to realise its |
assets and discharge its liabilities in the normal course of business. |
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Nevertheless, after making enquiries and considering the funding requirement of the company, the directors are |
confident that funding will be made available and have a reasonable expectation that the company has adequate |
resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the |
going concern basis in the preparation of the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of |
the disclosure made in note 1 to the financial statements concerning the company's ability to continue as a going |
concern. |
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The directors have stated, and we have confirmed that sufficient funds are available to finance the company's |
ongoing operations for a period of 12 months from the date of signature of the financial statements. The |
directors have stated that further investment from shareholders will be sought, but we are not able to form an |
opinion relating to this matter at this stage. |
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Work in progress has been valued by the directors at the lower of cost and net realisable value. Because of the |
specialised nature of the product, we have not been able to form an opinion regarding the appropriateness of its |
carrying value. |
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These conditions indicate the existence of material uncertainties which may cast significant doubt on the company's ability to |
continue as a going concern. The financial statements do not include the adjustments that would result if the company was |
unable to continue as a going concern. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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During the year the company was invoiced £28,000 by Sstar Consulting Ltd, a company controlled by R J |
Westmacott. At the year end no amounts were outstanding. |
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10. | POST BALANCE SHEET EVENTS |
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After the year end 2,349,854 Ordinary shares were issued for £527,464. A further 2,344,487 Ordinary shares are |
to be issued. |
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11. | ULTIMATE CONTROLLING PARTY |
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No individual holds a majority shareholding and therefore there is no controlling party. |
SCRIBESTAR LIMITED (REGISTERED NUMBER: 06935972) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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Eligible employees of Scribestar Ltd are entitled to participate in a share based payment arrangement offered by |
the company. |
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Awards vest either on granting or over a three year period. |
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The expense recognised for the stock option scheme in respect of employees' services received by the company |
during the year to 31 December 2017 was £138,420 (2016 - £Nil). |
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The fair value of each option award is estimated on the date of grant using the current share valuation which |
during the year was £0.25 (2016 : £Nil). |
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The weighted average exercise price (WAEP) of, and movements in, share options during the year was as |
follows: |
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Number of shares |
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average exercise price per share |
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Outstanding at 1 January 2017 | 145,645 | £1.60 |
Granted | 553,680 | £0.25 |
Exercised | 0 | £0.25 |
Cancelled | 61,204 | £1.60 |
Outstanding at 31 December 2017 | 638,121 | £0.43 |
Exercisable at 31 December 2017 | 426,665 | £0.43 |
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