Company Registration No. 10152526 (England and Wales)
PRO-MAPP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
PRO-MAPP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PRO-MAPP LIMITED
BALANCE SHEET
AS AT 28 OCTOBER 2019
28 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
167,667
119,816
Tangible assets
4
551
1,434
168,218
121,250
Current assets
Debtors
5
28,370
64,227
Cash at bank and in hand
1,072
9,502
29,442
73,729
Creditors: amounts falling due within one year
6
(10,044)
(9,460)
Net current assets
19,398
64,269
Total assets less current liabilities
187,616
185,519
Creditors: amounts falling due after more than one year
7
(169,521)
(162,021)
Net assets
18,095
23,498
Capital and reserves
Called up share capital
1,057
1,057
Share premium account
84,933
84,933
Profit and loss reserves
(67,895)
(62,492)
Total equity
18,095
23,498
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 28 October 2019 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.
PRO-MAPP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 OCTOBER 2019
28 October 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 October 2020 and are signed on its behalf by:
Mr Michael Phillips
Director
Company Registration No. 10152526
PRO-MAPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2019
- 3 -
1
Accounting policies
Company information
Pro-Mapp Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
9400 Garsington Road, Oxford Business Park, Oxford, Oxfordshire, OX4 2HN.
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
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
.
1.3
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
.
1.4
Intangible fixed assets other than goodwill
The intangible fixed asset is internally generated. It is intellectual property in the form of software developed by the company.
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:
Software
5 years straight line
1.5
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:
Computers
3 years straight line
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
.
PRO-MAPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
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.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
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 are
recognised at transaction price
.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised
a
t transaction price
.
1.9
Compound instruments
The
material
component parts of compound instruments issued by the
company
are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date.
The entire convertible loan of £150,000 has been disclosed at cost in these accounts.
PRO-MAPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
-
PRO-MAPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2019
- 6 -
3
Intangible fixed assets
Software
£
Cost
At 29 October 2018
119,816
Additions - internally developed
79,788
At 28 October 2019
199,604
Amortisation and impairment
At 29 October 2018
-
Amortisation charged for the year
31,937
At 28 October 2019
31,937
Carrying amount
At 28 October 2019
167,667
At 28 October 2018
119,816
4
Tangible fixed assets
Computers
£
Cost
At 29 October 2018 and 28 October 2019
2,645
Depreciation and impairment
At 29 October 2018
1,211
Depreciation charged in the year
883
At 28 October 2019
2,094
Carrying amount
At 28 October 2019
551
At 28 October 2018
1,434
PRO-MAPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
13,141
Corporation tax recoverable
14,523
31,629
Other debtors
2,373
8,150
16,896
52,920
2019
2018
Amounts falling due after more than one year:
£
£
Other debtors
11,474
11,307
Total debtors
28,370
64,227
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,540
5,000
Other creditors
5,504
4,460
10,044
9,460
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Convertible loans
8
169,521
162,021
PRO-MAPP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2019
- 8 -
8
Convertible loan notes
2019
2018
£
£
Liability component of convertible loan notes
169,521
162,021
The convertible loan was issued on 10 March 2017 at an issue price of £150,000. The loan is convertible into ordinary shares of the company on (i) the raising of over £3,000,000 from an issue of shares in the company other than to the lender, or, (ii) upon the sale of the company, whichever is the earliest.
The conversion price under (i) above is the subscription price relating to the issue of shares subject to a maximum price of £15 per share, (ii) above is the higher of £15 per share and a 10% discount to the price per share at which the shares are being sold or quoted (as the case may be).
Following conversion the lender has the opportunity to subscribe for shares up to a maximum of £850,000 at a subscription price per share being a 10% discount to the subscription price applicable to that funding round, or a 10% discount to the subscription price agreed between the lender and the company if the lender is the sole subscriber.
The lender has the right to require the company to repay the loan and any accrued interest upon the third anniversary of the date of advance of the loan or in the event of default, whichever is the earlier.
Interest of 5% will be accrued daily up until the loan is converted or redeemed.
The liability component is measured at amortised cost.