|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2017 |
|
for |
|
Den Automation Ltd. |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 March 2017 |
|
for |
|
Den Automation Ltd. |
Den Automation Ltd. (Registered number: 08448361) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Chartered Accountants' Report | 2 |
|
Balance Sheet | 3 |
|
Notes to the Financial Statements | 5 |
|
Den Automation Ltd. |
|
Company Information |
for the Year Ended 31 March 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Ground Floor, Bury House |
31 Bury Street |
London |
EC3A 5AR |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Den Automation Ltd. |
|
The following reproduces the text of the report prepared for the directors and members in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance |
Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the |
Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Den Automation Ltd. for the year ended 31 March 2017 which comprise the Income Statement, Balance Sheet and the |
related notes from the company's accounting records and from information and explanations you have given us. |
|
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of Den Automation Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Den Automation Ltd. and state those matters that we have agreed to state to the Board of Directors of Den Automation Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Den Automation Ltd. Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Den Automation Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Den Automation Ltd.. You consider that Den Automation 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 financial statements of Den Automation 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 financial statements. |
|
|
|
|
|
|
|
Chartered Accountants |
Ground Floor, Bury House |
31 Bury Street |
London |
EC3A 5AR |
|
|
|
Den Automation Ltd. (Registered number: 08448361) |
|
Balance Sheet |
31 March 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
|
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Share premium |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Den Automation Ltd. (Registered number: 08448361) |
|
Balance Sheet - continued |
31 March 2017 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
Den Automation Ltd. (Registered number: 08448361) |
|
Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
|
1. | STATUTORY INFORMATION |
|
Den Automation Ltd. is a
|
number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Although the company has net current liabilities of £747,916 at the year end, the financial statements have been prepared |
on a going concern basis, which assumes the continued support of its investors for a period greater than 12 months from the |
date of approval of these financial statements. The financial statements do not include any adjustments that would result |
from a failure to obtain continued support. |
|
Intangible assets |
The accounts reflect the costs incurred to date in relation to applications for patents across certain territories around the |
globe including UK.The patents once granted will have a useful life of 20 years. Given that the company is in the process |
of designing products with prototypes with no income, the costs incurred will be amortised from the point sales income |
arises once the the products are in manufacture. |
|
Tangible fixed assets |
|
R & D computers & equipment | - |
|
Office furniture & fittings | - |
|
Computer & office equipment | - |
|
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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. |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Den Automation Ltd. (Registered number: 08448361) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Share based payments |
The company grants from to time share options to its employees and non-employees service providers. In accordance with |
FRS 102 Section 26 "Share based payment", the company recognises a charge to its Profit & Loss Account for those where |
shares have vested with an equivalent provision on the Balance Sheet on a straight line basis. Where options have lapsed, |
the provision is released back to the Profit & Loss Account in the year in which the event occurs. Where options are |
exercised the provision is reduced and an equivalent value is credited to the share capital and share premium account. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 April 2016 |
|
Additions |
|
At 31 March 2017 |
|
AMORTISATION |
At 1 April 2016 |
|
|
Charge written back | (991 | ) |
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
Den Automation Ltd. (Registered number: 08448361) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
5. | TANGIBLE FIXED ASSETS |
R & D | Office | Computer |
computers | furniture | & office |
& equipment | & fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
|
Additions |
|
|
|
|
At 31 March 2017 |
|
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 March 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
|
At 31 March 2016 |
|
|
|
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
|
|
Corporation tax recoverable |
|
|
VAT |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Social security and other taxes |
|
|
Net wages control account | 10,511 | - |
Other creditors |
|
|
Credit card Control account | 8,465 | - |
Directors' current accounts | 22,085 | 1,248 |
Accruals and deferred income |
|
|
|
|
|
Other creditors include £775,450 from investors for shares in the company which were allotted post year end. |
|
8. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
|
|
Den Automation Ltd. (Registered number: 08448361) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
|
9. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
1,671,430 | Ordinary | £0.000001 | 2 | 2 |
|
10. | RELATED PARTY DISCLOSURES |
|
Included in creditors is an amount owed of £22,085 (2016 : £1,248) to Y. Khattak one of the company's directors. |
|
11. | POST BALANCE SHEET EVENTS |
|
On 21 June 2017, the company issued 232,516 ordinary shares with nominal value of £0.000001 each at a premium of |
£3.12 and 426,258 ordinary shares of £0.000001 each at a premium of £3.90. |
|
12. | ULTIMATE CONTROLLING PARTY |
|
The company is under the control of the director, Y Khattak, who at the balance sheet date had beneficial interest of |
51.05% of the issued share capital. |
|
13. | SHARE BASED PAYMENTS |
|
a) The company has granted share options to its employees under the UK HMRC approved Enterprise Management |
Incentive Scheme which was adopted in November 2015. |
|
The share option scheme provides employees with the option to acquire ordinary shares in the company at a fixed exercise |
price. An employee's ability to exercise this option is subject to the employee still employed by the company at the end of |
the vesting period. |
|
|
Employees | Non-employees | Total |
Number | Number | Number |
At 1 April 2016 | - | - | - |
Granted in the year | 137,281 | 12,066 | 149,347 |
Exercised in the year | - | - | - |
Lapsed in the year | - | (8,619 | ) | (8,619 | ) |
|
At 31 March 2017 | 137,281 | 3,447 | 140,728 |
====== | ====== | ====== |
|
Fair value was determined by reference to the previously published accounts, other relevant financial information and |
shares issued during the year. |
The charge to the Profit & Loss Account for the year was £33,078 which sum was also carried forward as a provision on |
the Balance Sheet at the year end date. |