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Unaudited Financial Statements for the Year Ended 31 January 2019 |
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Seenit Digital Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 January 2019 |
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for |
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Seenit Digital Limited |
Seenit Digital Limited (Registered number: 08838909) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Seenit Digital Limited |
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Company Information |
for the Year Ended 31 January 2019 |
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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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100 Cannon Street |
London |
EC4N 6EU |
Seenit Digital Limited (Registered number: 08838909) |
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Balance Sheet |
31 January 2019 |
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31.1.19 | 31.1.18 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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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Capital redemption reserve |
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Share option reserve |
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Other reserves |
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Retained earnings | ( |
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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 |
(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. |
Seenit Digital Limited (Registered number: 08838909) |
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Balance Sheet - continued |
31 January 2019 |
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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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Seenit Digital Limited (Registered number: 08838909) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2019 |
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1. | STATUTORY INFORMATION |
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Seenit Digital Limited is a
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company's 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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Significant judgements and estimates |
Share based payments have been made to employees of the company. As disclosed in the Share Based Payments |
accounting policy note below, the fair value of any vested share options is recognised in the income statement |
and for the accounting period ending 31 January 2019 the fair value has been estimated as £5.43 per share. |
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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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Tangible fixed assets |
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Office equipment - 33.33% straight line method |
Computer equipment - 25% straight line method |
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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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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 |
balance sheet 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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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. |
Seenit Digital Limited (Registered number: 08838909) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. 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 has incurred losses |
during the year, however the directors have a reasonable expectation that the company's performance will be |
reversed when the research and development stage has been completed. The directors believe that the company |
has sufficient resources available to meet its future liabilities 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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Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to a insignificant risk to |
changes in value. |
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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. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2018 |
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Additions |
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Disposals |
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At 31 January 2019 |
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DEPRECIATION |
At 1 February 2018 |
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Charge for year |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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Seenit Digital Limited (Registered number: 08838909) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.19 | 31.1.18 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.19 | 31.1.18 |
as restated |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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During the year the company settled all outstanding amounts owing to the directors. As at the end of the |
financial year the balance outstanding is nil (2018 - nil). |
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8. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial |
Position, the company had granted EMI qualifying share options to its employees. Of the total share options |
granted 16,338 lapsed during the year and 5,434 were exercised. A total of 17,941 share options vested but were |
not exercised. |
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No non-EMI qualifying options were granted during the financial year. |