Company Registration No. 09523903 (England and Wales)
CURVE 1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
CURVE 1 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CURVE 1 LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
917,918
743
Tangible assets
4
70,916
20,477
Investments
5
-
1
988,834
21,221
Current assets
Stocks
136,929
-
Debtors
6
449,939
450,322
Cash at bank and in hand
3,655,647
865,443
4,242,515
1,315,765
Creditors: amounts falling due within one year
7
(747,378)
(3,683,671)
Net current assets/(liabilities)
3,495,137
(2,367,906)
Total assets less current liabilities
4,483,971
(2,346,685)
Capital and reserves
Called up share capital
8
2,757
1,407
Share premium account
9,487,072
-
Profit and loss reserves
(5,005,858)
(2,348,092)
Total equity
4,483,971
(2,346,685)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
CURVE 1 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2018 and are signed on its behalf by:
S Bialick
Director
Company Registration No. 09523903
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Curve 1 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
114-116 Curtain Road, London, EC2A 3AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The comparative period is for the 7 months ended 31 October 2016. Management chose to present the previous set of financial statements for a period less than 12 months for commercial reasons.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets comprise capitalised research and develepment costs and licence fees paid in advance for the use of trade marks and technology. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Research and development
straight line over 3 years
Patents and licences
straight line over the life of the patent or licence
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
straight line over 3 years
Computers
straight line over 3 years
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2016 - 16).
3
Intangible fixed assets
Patents & licences
Research and development
Total
£
£
£
Cost
At 1 November 2016
743
-
743
Additions - internally developed
-
873,834
873,834
Additions - separately acquired
-
47,212
47,212
Disposals
(743)
-
(743)
At 31 October 2017
-
921,046
921,046
Amortisation and impairment
At 1 November 2016
-
-
-
Amortisation charged for the year
-
3,128
3,128
At 31 October 2017
-
3,128
3,128
Carrying amount
At 31 October 2017
-
917,918
917,918
At 31 October 2016
-
-
743
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2016
32,772
Additions
67,608
Disposals
(587)
At 31 October 2017
99,793
Depreciation and impairment
At 1 November 2016
12,295
Depreciation charged in the year
16,924
Eliminated in respect of disposals
(342)
At 31 October 2017
28,877
Carrying amount
At 31 October 2017
70,916
At 31 October 2016
20,477
5
Fixed asset investments
2017
2016
£
£
Investments
-
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2016 & 31 October 2017
1
Impairment
At 1 November 2016
-
Disposals
1
At 31 October 2017
1
Carrying amount
At 31 October 2017
-
At 31 October 2016
1
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 8 -
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
296,345
340,315
Other debtors
153,594
110,007
449,939
450,322
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
536,093
222,179
Amounts due to group undertakings
-
1
Other taxation and social security
70,138
-
Other creditors
141,147
3,461,491
747,378
3,683,671
CURVE 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 9 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
14,272,971 Ordinary shares of £0.0001 each
1,427
1,407
2,572,896 A Ordinary shares of £0.0001 each
257
-
2,913,428 A1 Preferred shares of £0.0001 each
291
-
7,823,251 A2 Preferred shares of £0.0001 each
782
-
2,757
1,407
Ordinary shares carry full rights to voting, dividends and capital on a winding up. A Ordinary shares, A1 Preferred shares and A2 Preferred shares carry rights to voting pari passu with all other classes of share, but carry no rights to dividends or capital on a sale or winding up. Full details of class rights are contained in the company's Articles of Association.
At 31 October 2017, there were unexercised warrants for 147,330 Ordinary shares of £0.0001 each.
Reconciliation of movements during the year:
Ordinary
A Ordinary
A1 Preferred
A2 Preferred
Number
Number
Number
Number
At 1 November 2016
14,069,983
-
-
-
Issue of fully paid shares
202,988
2,572,896
2,913,428
7,823,251
At 31 October 2017
14,272,971
2,572,896
2,913,428
7,823,251
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
300,000
216,000
2017-10-31
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No description of principal activity
25 July 2018
S Bialick
R Courtneidge
A Kamellard
S Klestil
N Smalle
D Bradley
W Earner
B Marrel
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