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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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LOCATABLE LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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LOCATABLE LTD |
LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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LOCATABLE LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Stapleton House |
Block A, 2nd Floor |
110 Clifton Street |
London |
EC2A 4HT |
LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2016 |
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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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LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Locatable Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing 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 fixed assets |
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, |
over their expected useful economic life. Where the directors consider that there has been a permanent |
impairment in value the asset is written off to its realisable value in the year of impairment. |
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Trademarks - 10% straight line |
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Tangible fixed assets |
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Office equipment | - |
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Computer equipment | - |
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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 that have been enacted or |
substantively enacted by the statement of financial position date. |
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The tax credit disclosed in the income statement represents the surrender of corporation tax losses for research |
and development tax credits. |
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LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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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. |
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Share based payments |
The company operates an equity-settled, cash-based compensation plan. The fair value of the employee services |
received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed |
over the vesting period is determined by reference to the fair value of the options granted, excluding the impact |
of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting |
conditions are included in assumptions about the number of options that are expected to vest. At each balance |
sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognises the |
impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves |
because the share options are equity-settled. |
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Going concern |
The financial statements have been prepared on the going concern basis. The company incurred losses during the |
year however the directors have a reasonable expectation that the performance of the company will be reversed |
when the research and development stage has been completed. The directors have been successful in raising |
investment both during the year and after the balance sheet date and are continuing to raise further investment to |
ensure the company has sufficient resources to meet its future obligations, as and when they fall due. On this |
basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in |
preparing the annual financial statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | INTANGIBLE FIXED ASSETS |
Trademark |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Other debtors |
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Corporation tax recoverable | 66,618 | 26,127 |
VAT |
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Prepayments |
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LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 6,334 | 6,451 |
Accrued expenses |
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9. | RELATED PARTY DISCLOSURES |
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N R Katz |
Director |
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31.12.16 | 31.12.15 |
£ | £ |
Amount due from related party at the balance sheet date | 3,181 | - |
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V N Subramanian |
Director |
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31.12.16 | 31.12.15 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 3,153 | (3,283 | ) |
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10. | POST BALANCE SHEET EVENTS |
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On 25 January 2017 the company issued 36,057 Ordinary shares of £0.0001 each for a total consideration of |
£36.06. In addition the company issued 1,532 Ordinary shares of £0.0001 each for a total consideration of £0.15. |
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11. | ULTIMATE CONTROLLING PARTY |
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The directors are the ultimate controlling party by virtue of their shareholding. |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates an EMI Employee Share Option Scheme. During the year, 23,240 share options were |
granted to employees of the company (2015: 96,154) at an exercise price of £0.001 per share. During the year, |
no employees exercised or forfeited their shares. As a result the total number of share options granted at the |
balance sheet date were 119,494. The options granted in 2015 vest equally over the 48 months from the date of |
the grant with the options granted in 2016 vesting 25% on the first anniversary date of the grant with the |
remaining 75% of the options vesting in equal month instalments over the following thirty six months. |
LOCATABLE LTD (REGISTERED NUMBER: 08616210) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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13. | FIRST YEAR ADOPTION |
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This is the first period that the company has presented its results and financial position in accordance with FRS |
102. The last financial statements under UK GAAP were for the year ended 31 December 2015. The date of |
transition to FRS 102 for this company was 1 January 2015. |
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The policies applied under the entity's previous accounting framework are not materially different to FRS 102 |
and have not impacted on equity or profit or loss. |