Company Registration No. 11960313 (England and Wales)
ANIKIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ANIKIN LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
ANIKIN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
53,203
34,953
Tangible assets
4
130,675
133,062
183,878
168,015
Current assets
Stocks
411,790
164,727
Debtors
5
323,753
86,564
Cash at bank and in hand
9,138,981
2,986,906
9,874,524
3,238,197
Creditors: amounts falling due within one year
6
(1,256,605)
(316,430)
Net current assets
8,617,919
2,921,767
Total assets less current liabilities
8,801,797
3,089,782
Creditors: amounts falling due after more than one year
7
(28,035)
Net assets
8,801,797
3,061,747
Capital and reserves
Called up share capital
9
3
2
Share premium account
14,262,953
4,450,005
Profit and loss reserves
(5,461,159)
(1,388,260)
Total equity
8,801,797
3,061,747
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2021 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.
ANIKIN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2022 and are signed on its behalf by:
B O'Farrell
Director
Company Registration No. 11960313
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Anikin Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4 Floor 2, Hardwick Street, London, EC1R 4RB.
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
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Following a review of the impact of COVID19 in 2022, the directors do not believe that this event has had any significant impact on the accounts for the year ended 31 December 2021. Further, the company has sufficient funds in the bank and access to committed capital to meet its obligations for at least the next 12 months.
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
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Trademarks
10% straight line
Internet Domain
10% straight line
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
33% straight line
Plant and equipment
25% straight line
Kitchen furniture and fittings
33% straight line
IT equipment
25% straight line
Office equipment
33% 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
.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.7
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss.
1.8
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 cost and replacement 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.
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
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
,
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.
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 initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
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.
1.12
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
income statement
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.
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
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
income statement
, 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.
It is estimated that the company has £5,467,138 (2020: £1,434,129) of losses available to carry forward against future trading profits. The associated tax asset of £1,325,731 (2020: £243,257) has not been recognised in the financial statements.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted
based on the directors valuation
. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
38
10
3
Intangible fixed assets
Website costs
Trademarks
Internet Domain
Total
£
£
£
£
Cost
At 1 January 2021
35,345
3,120
4,630
43,095
Additions
23,430
7,095
-
30,525
At 31 December 2021
58,775
10,215
4,630
73,620
Amortisation and impairment
At 1 January 2021
7,788
315
39
8,142
Amortisation charged for the year
11,077
735
463
12,275
At 31 December 2021
18,865
1,050
502
20,417
Carrying amount
At 31 December 2021
39,910
9,165
4,128
53,203
At 31 December 2020
27,557
2,805
4,591
34,953
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Kitchen furniture and fittings
IT equipment
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2021
10,500
129,684
6,870
23,918
1,047
172,019
Additions
8,752
1,220
35,842
3,016
48,830
At 31 December 2021
10,500
138,436
8,090
59,760
4,063
220,849
Depreciation and impairment
At 1 January 2021
3,500
30,674
2,544
1,804
435
38,957
Depreciation charged in the year
3,500
33,391
2,499
11,140
687
51,217
At 31 December 2021
7,000
64,065
5,043
12,944
1,122
90,174
Carrying amount
At 31 December 2021
3,500
74,371
3,047
46,816
2,941
130,675
At 31 December 2020
7,000
99,010
4,326
22,114
612
133,062
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
141,206
45,483
Other debtors
182,547
41,081
323,753
86,564
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
504,678
126,206
Taxation and social security
191,494
34,671
Other creditors
560,433
155,553
1,256,605
316,430
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
28,035
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Share-based payment transactions
The company has granted Enterprise Management Incentive [EMI] Options.
Directors and staff are granted options at the company’s discretion. To the extent that the options have vested, the options can be exercised at any time within ten years of being granted. If any individual leaves the company before the vesting of the options then their options lapse. Where options have been vested but not been exercised, it is at the discretion of the company whether these options remain exercisable.
The following table presents the share options activity from 1 January 2020.
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Outstanding as at 1 January 2020
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Year ended 31 December 2020:
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Granted during the period
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Outstanding as at 31 December 2020
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Year ended 31 December 2021:
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Granted before 14 December 2021
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Forfeited before 14 December 2021
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Exercised before 14 December 2021
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Outstanding as at 14 December 2021
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Share sub-divsions as at 14 December 2021
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Forfeited between 14 December and 31 December 2021
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Outstanding as at 31 December 2021
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9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.00001p each
17,421,800
171,551
1.74
1.72
Seed Ordinary shares of 0.00001p each
5,567,000
55,670
0.56
0.56
A1 Ordinary shares of 0.00001p each
639,260
-
0.06
-
23,628,060
227,221
2.36
2.28
ANIKIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Called up share capital
(Continued)
- 10 -
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
A1 Preferred shares of 0.00001p each
7,769,859
-
0.78
-
Preference shares classified as equity
0.78
-
Total equity share capital
3.14
2.28
On 29 March 2021, the company issued 2,667 Ordinary Shares of £0.00001 each at a price of £4.86 per share.
On 14 December 2021, the company subdivided 174,218 ordinary shares of £0.00001 nominal value to 17,421,800 ordinary shares of £0.0000001 nominal value.
On 14 December 2021, the company subdivided 55,670 seed ordinary shares of £0.00001 nominal value to 5,567,000 seed ordinary shares of £0.0000001 nominal value.
On 14 December 2021, the company issued 639,260 A1 Ordinary Shares of £0.0000001 each at a price of £1.1654 per share.
On 14 December 2021, the company issued 7,769,859 A1 Preferred Shares of £0.0000001 each at a price of £1.1654 per share.
10
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:
2021
2020
£
£
195,456
19,300
11
Related party transactions
In the year the company made no material related party transactions, that were not concluded under normal market conditions.