FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
COMPANY INFORMATION
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MAISTRO LIMITED
CONTENTS
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MAISTRO LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
The chairman presents his statement for the period.
2020 has been a very positive year. The new management team have refocused the business, redeveloped the Maistro Platform and the Maistro “way” to focus on becoming world-leaders in managing tail spend for services. We are moving the business from a managed services model to a combination of managed service and self-service licence fee. The licence fee model allows businesses to use the Maistro Platform to manage their own tail spend either through a central resource or by devolving responsibility to the relevant stakeholders.
The proposition is proving to be very attractive and provides a solution for both companies who want to manage tail spend in house and for those who want to outsource the responsibility to Maistro. The inhouse solution can allow various departments to make their own sourcing decisions while prescribing the parameters of choosing the suppliers and having greater insight and control. Smaller enterprises benefit from having access to a platform that delivers faster and cheaper sourcing through automation and tail spend expertise. In all cases the Maistro platform is proving to significantly reduce the time and effort to source the suppliers while delivering material cost savings alongside greater supplier control and governance. The economic pressures from the Covid pandemic continue to be a catalyst for many businesses to assess all their cost base. The crisis has also put great emphasis on understanding the capability and authenticity of the whole supply chain in terms of compliance, alignment and reliability. Increasingly businesses have to demonstrate to their customers, employees and shareholders adherence to ESG standards. The board is confident that the business is on a strong growth trajectory and we have developed a leading niche capability in a hitherto largely unaddressed market and the prospects for 2021 and beyond are looking very positive. Maistro’s client base has grown rapidly through the second half of 2020 and we are now working with several large and prestigious brands across several sectors. This growth in client base is expected to continue through 2021. The key performance indicators for the Group are (1) Client Spend, (2) Platform Revenue, (3) EBITDA and (4) Net Cashflow. We are also very proud of our partnership with American Express where they promote the use of our services across their whole client base and we have integrated their payment platform into Maistro – delivering additional cashflow and expense management capabilities. All businesses carry risks and uncertainties. For Maistro these are (1) the sales cycle from qualified opportunity to billable activity, (2) the impact of Covid on our clients decision making process and the impact on our people, and (3) funding through to cash breakeven. These are reviewed regularly by the Management Team and the Board.
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MAISTRO LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
None of this considerable progress would have been made without the commitment and passion of our people who have worked tirelessly throughout a very difficult 2020 to help turn around the business. We have a strong team with extensive tail spend knowledge across all the major spend categories and we continue to invest heavily in this area. Our other major investment has been in the platform where we are incorporating the advantages of AI and robotics to automate many of the work streams. This road map of further automation and client integration will continue throughout 2021 driving yet further efficiencies and enabling our clients to have much greater control and insight into their tail spend. To fund the restructuring of the business the Group raised a total of £2.6m in 2020, and a Further £1.4m in May and June 2021. We have enjoyed the support of our major shareholders and brought in our first institutional shareholder in October 2020. The directors are in the process of securing the financial support it requires to grow the business. We have good reason to be confident that this funding will be secured.
Name
Mr N Upton
Chairman
Date
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MAISTRO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors are responsible for preparing the Directors' report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
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MAISTRO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MAISTRO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAISTRO LIMITED
We have audited the financial statements of Maistro Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2020, which comprise the Consolidated Income statement, the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated analysis of net debt, the Consolidated and Company Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 2.3 in the financial statements, which refers to the significant challenges and uncertainties the Group faces in respect of the Coronavirus (COVID-19) pandemic and future funding. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's ability to continue to adopt the going concern basis of accounting included a review of future budgets and cash flow forecasts which present an overdraft position 12 months from the date of signature on these financial statements.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MAISTRO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAISTRO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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MAISTRO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAISTRO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance. • the results of our enquiries of management about their own identification and assessment of the risk of irregularities. • any matters we identified having obtained and reviewed the Group and Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group and Company operate in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group and Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation and information security regulations including ISO27001. Our procedures to respond to risks identified included the following for the Parent Company and its subsidiaries, as was considered appropriate: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; • audit procedures to gain assurance that these financial statements are materially correct in relation to the Group and Company’s compliance with laws and regulations; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance; • in addressing the risk of fraud through management override of controls, testing the appropriateness of
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MAISTRO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MAISTRO LIMITED (CONTINUED)
journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
EX1 3QS
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MAISTRO LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
REGISTERED NUMBER:
08188404
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
The Company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 18 to 35 form part of these financial statements.
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MAISTRO LIMITED
REGISTERED NUMBER:
08188404
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
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MAISTRO LIMITED
REGISTERED NUMBER:
08188404
COMPANY STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 18 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED
31 DECEMBER 2019
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Maistro Limited is a private company, limited by shares, incorporated in England, United Kingdom. The address of the registered office is 1a, Grow On Building 3 Babbage Way, Clyst Honiton, Exeter, England, EX5 2FN. The principal activity of the Company is to control the subsidiaries and other entities in the Group.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2018.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
The Group’s financial statements have been prepared on a going concern basis, which assumes that the Group will be able to realise its assets and discharge its liabilities in the normal course of business.
The year ended 31 December 2020 was one of significant progress for the Group, and the Group Reduced its loss from operations in the year to £(1.4)m from a loss of £(4.1)m in 2019. As at 31 December 2020 the Group had cash of £1.4m (2019: £120k). During 2020, the Directors continued their new Business Strategy, changed the composition of the board, appointed a new highly experienced Senior Management Team, repositioned the business, and substantially invested in its technology platform. To fund the new strategy the Group raised a total of £2.6m in March and September 2020, and a Further £1.4m in May and June 2021. A significant amount of this raise was to invest further in development of the Maistro Platform, to attract a new highly experienced management team, and to finance the growth of the business. The Directors have prepared forecasts for the period up to 31 December 2024. These show that the Group will get to cashflow breakeven in Q4 2023. As such, the directors anticipate further funding support will be required at the end of 2021/Beginning of 2022 in order for the Group to continue as a going concern and are actively pursuing additional investment both from within the current shareholder base and from external sources. The Group continues to enjoy the support of its major shareholders and the directors are not aware of any matters which would indicate that this will support will not continue. Based on the above, the Directors are confident that the Group and Company have adequate resources to continue to operate for at least twelve months from the date of approval of these financial statements and have, therefore, continued to adopt the going concern basis in preparing the Directors’ Report and Financial Statements. However, whilst the Directors are confident of continuing to raise additional funds to finance the business in accordance with the Group's Strategic Plan, they nevertheless recognise that a material uncertainty exists which might impact the Group and Company’s ability to continue as a going concern.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
R&D credits are recognised within the tax charge/credit in the Financial Statements when amounts due can be reliably estimated and there is sufficient certainty of receipt.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year within the Group are discussed below. Going Concern As set out in note 2.3, the Directors have prepared a cashflow forecast covering a period extending beyond 12 months from the date of approval of these Financial Statements. These forecasts show that in order for the Group to meet its debts as they fall due over the course of the next 12 months, further fundraising is needed. Breakeven cashflow is achieved in Q4 2023. The forecast contains assumptions including significant growth in future revenues, both in project revenues and premium services; the cost model and margins. The Directors recognise that the forecasts contain assumptions that are inherently uncertain, and should the assumed growth and margin improvement not be achieved, further funding will be required beyond 2022 which is not in control of the Group. Revenue Recognition Where the Group is acting as principal, revenue is recognised on a gross basis, as our evaluation and assessment of the indicators under FRS102 supports the fact that Maistro is acting as principal. The factors that are considered and prove decisive in the conclusion of the assessment include the following: - Maistro has the latitude to agree the fee for each project; - Maistro has primary responsibility for providing the services to a customer; - Maistro is responsible for the quality of the service delivery, delivered on time, budget and to a sufficiently high standard This includes the management of the service delivery of the supplier; and - Maistro facilitates both commercial terms and the project management for each project. Although Maistro passes on some of the credit risk to the supplier it engages to delivery the services to its customers, Maistro does not consider this is sufficiently persuasive in light of the other factors noted above to suggest that accounting for the transaction as principal is not appropriate. Maistro recognises revenue as control is passed to the customer, either over time or at a point in time. Intangible Assets Intangible assets include the capitalised development costs of the PaaS Platform. These costs are assessed based on management's view of the technology team's time spent on projects that enhance the PaaS Platform, supported by internal time recording and considering the requirements of FRS 102. The development cost of the PaaS Platform is amortised over the useful life of the asset. The useful life is based on the management's estimate of the period that the asset will generate revenue, which is reviewed on a project by project basis for continued appropriateness and is one of the key assumptions involved in determining the value of these assets. The carrying value is tested for impairment when there is an indication that the value of the assets might be impaired. The impairment tests also require assumptions about future events which require management judgement. Changes in those assumptions could result in a materially different amortisation charge, or an impairment, in future years depending on the circumstances prevailing at that time. Share-based Payments The fair value of share options is calculated using the Black-Scholes valuation model, which takes into account conditions attached to the vesting and exercise of the equity instruments. The expected life used in the model is adjusted, based on the management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
3.
Judgments in applying accounting policies (continued)
Carrying value of investments and recoverability of intercompany balances Fixed asset investments include the value of investments in subsidiary companies. The carrying value of these investments, along with the intercompany balances, is tested for impairment when there is an indication that the value of the assets might be impaired. The impairment tests also require assumptions about future events which require management judgement. Changes in those assumptions could result in a materially different impairment, in future years depending on the circumstances prevailing at that time.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
During the year Maistro Limited converted 401,105,816 Ordinary shares of £0.01 into 401,105,816 Deferred shares of £0.00999 with an aggregate nominal value of £4,007,047 and 401,105,816 Ordinary shares of £0.00001 with an aggregate nominal value of £4,011. The Company also issued 21,565,605,334 £0.00001 Ordinary shares with an aggregate nominal value of £215,654.
Costs of share issue totalled £5,470.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Share premium account
Merger Reserve
Profit and loss account
Share based payment reserve
The share based payment reserve represents payments on options granted during the period not yet exercised.
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Group operates a
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MAISTRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
There is no controlling party
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