|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
RYALTO LTD |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
FOR |
|
RYALTO LTD |
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
RYALTO LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Sundial House |
High Street |
Horsell |
Woking |
Surrey |
GU21 4SU |
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
BALANCE SHEET |
31 DECEMBER 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 ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year (including convertible debt) |
8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Other reserves |
|
|
Retained earnings | ( |
) | ( |
) |
|
|
|
|
|
|
|
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. |
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
BALANCE SHEET - continued |
31 DECEMBER 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
|
|
|
|
|
|
|
|
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
1. | STATUTORY INFORMATION |
|
Ryalto 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 |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
|
An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet |
date indicating the recoverable amount was less than its carrying value. |
|
Patents and licences are being amortised evenly over their estimated useful life of 10 years. |
|
Research and development |
Research and development expenditure is written off as incurred, except that development expenditure incurred |
on an individual project is capitalised as an intangible asset when the group can demonstrate the technical |
feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete |
and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of |
resources to complete the asset and the ability to measure reliably the expenditure during development. |
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the |
asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of |
the asset begins when development is complete and the asset is available for use. It is amortised evenly over the |
period of expected future benefit. During the period of development the asset is tested for impairment annually. |
|
Tangible fixed assets |
|
Computer equipment | - |
|
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
Financial instruments are classified as accounted for according to the substance of the contractual arrangements |
as either financial assets, financial liabilities or equity instruments. |
|
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method, less any impairment. |
|
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost |
using the effective interest method. |
|
Convertible loan notes are split between the liability component and the equity component. The liability |
component is initially recorded at the present value of future payments discounted at a market rate of interest for |
an equivalent liability without a conversion feature. The remainder of the proceeds on issue is allocated to the |
equity component and included in shareholder's equity. Interest is accrued and recognised in the Profit & Loss. |
|
An equity instrument is any contract that evidences a residual interest in the net assets of the company. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
|
|
|
Additions |
|
|
|
At 31 December 2017 |
|
|
|
AMORTISATION |
At 1 January 2017 |
|
|
|
Amortisation for year |
|
|
|
Impairments |
|
|
|
At 31 December 2017 |
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
At 31 December 2016 |
|
|
|
|
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2017 |
|
Additions |
|
At 31 December 2017 |
|
DEPRECIATION |
At 1 January 2017 |
|
Charge for year |
|
At 31 December 2017 |
|
NET BOOK VALUE |
At 31 December 2017 |
|
At 31 December 2016 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
RYALTO LTD (REGISTERED NUMBER: 09876308) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
|
|
|
The total amount sitting in other creditors relates to the liability element of Convertible Notes issued in the year. |
The Notes mature on 31 December 2019 and accrue interest at 10% per annum. |
|
9. | RELATED PARTY DISCLOSURES |
|
Tquila International PTE Ltd |
Controlling party. |
2017 | 2016 |
£ | £ |
Amount due within 1 year from related party at the balance sheet date | 7,420 | 323,900 |
|
Included in Creditors due after more than one year (Note 10) is an amount of £345,148 relating to the debt |
element of the Convertible Notes issued to Tquila International PTE Ltd. |
|
10. | ULTIMATE CONTROLLING PARTY |
|
Ryalto Limited is controlled by Tquila International PTE Ltd, a company registered in Singapore. |