Registration number:
Pocket App Ltd
trading as
for the Year Ended 31 March 2017
Pocket App Ltd
trading as Pocket App Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
|
Notes to the Abridged Financial Statements |
Pocket App Ltd
trading as Pocket App Limited
Company Information
Directors |
Paul Stanley Swaddle Hugh Griffiths Jeremy Leathers |
Registered office |
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Accountants |
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Page 1 |
Pocket App Ltd
trading as Pocket App Limited
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the abridged financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is developing mobile solutions.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Paul Stanley Swaddle
Director
.........................................
Hugh Griffiths
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pocket App Ltd
trading as Pocket App Limited
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pocket App Ltd for the year ended 31 March 2017 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Pocket App Ltd, as a body, in accordance with the terms of our engagement letter dated 13 May 2015. Our work has been undertaken solely to prepare for your approval the accounts of Pocket App Ltd and state those matters that we have agreed to state to the Board of Directors of Pocket App Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pocket App Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pocket App Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Pocket App Ltd. You consider that Pocket App Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Pocket App Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
Priory Business Park, Stannard Way
Bedford
MK44 3RZ
Page 3 |
Pocket App Ltd
trading as Pocket App Limited
Abridged Profit and Loss Account for the Year Ended 31 March 2017
Note |
Total |
Total |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Income from shares in group undertakings |
- |
|
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Other interest receivable and similar income |
- |
|
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Interest payable and similar expenses |
( |
( |
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Loss before tax |
( |
( |
|
Taxation |
|
|
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Pocket App Ltd
trading as Pocket App Limited
Statement of Comprehensive Income for the Year Ended 31 March 2017
Note |
2017 |
2016 |
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
Page 5 |
Pocket App Ltd
trading as Pocket App Limited
(Registration number: 07432479)
Abridged Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Intangible assets not including goodwill |
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Tangible assets |
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Investments |
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|
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Other financial assets |
68,126 |
68,126 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
|||
Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 6 |
Pocket App Ltd
trading as Pocket App Limited
(Registration number: 07432479)
Abridged Balance Sheet as at 31 March 2017
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
.........................................
Paul Stanley Swaddle
Director
.........................................
Hugh Griffiths
Director
Page 7 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 8 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
33.33% reducing balance basis |
Office equipment |
33.33% Straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost over 5 years:
Asset class |
Amortisation method and rate |
Development costs |
20% Straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 9 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 10 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Income from shares in group undertakings |
- |
(42,405) |
Intangible assets |
Total |
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Cost or valuation |
|
At 1 April 2016 |
|
Additions acquired separately |
|
At 31 March 2017 |
|
Amortisation |
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At 1 April 2016 |
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Amortisation charge |
|
At 31 March 2017 |
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Carrying amount |
|
At 31 March 2017 |
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At 31 March 2016 |
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 11 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Total |
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Cost or valuation |
|
At 1 April 2016 |
|
Additions |
|
At 31 March 2017 |
|
Depreciation |
|
At 1 April 2016 |
|
Charge for the year |
|
At 31 March 2017 |
|
Carrying amount |
|
At 31 March 2017 |
|
At 31 March 2016 |
|
Investments |
Total |
|
Cost or valuation |
|
At 1 April 2016 |
|
Provision |
|
Carrying amount |
|
At 31 March 2017 |
|
At 31 March 2016 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 12 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
||||
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Ordinary |
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|
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India |
The principal activity of PocketApp Software PVT Ltd is |
The profit for the financial period of PocketApp Software PVT Ltd was £44,888 and the aggregate amount of capital and reserves at the end of the period was £188,627. |
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2016 |
68,126 |
68,126 |
At 31 March 2017 |
68,126 |
68,126 |
Impairment |
||
Carrying amount |
||
At 31 March 2017 |
|
68,126 |
Stocks |
2017 |
2016 |
|
Work in progress |
|
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Related party transactions |
Summary of transactions with subsidiaries
Included in the accounts are management fees totalling £537,956 (2016 - £500,890) by PocketApp Software Private Ltd, a subsidiary of the company. All transactions are charged on an arms length basis. At the balance sheet date the amount due to PocketApp Software Private Ltd was £580 (2016 - £-48,471)
Page 13 |
Pocket App Ltd
trading as Pocket App Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Summary of transactions with other related parties
Included in trade creditors is an amount due to the directors totalling £2,195 (2015 - £6,277) for expenses incurred on behalf of the company.
Page 14 |