Year Ended
Registration number:
Aptenex Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Aptenex Limited
Company Information
Directors |
Mr R O Vaughton Mr C J Atkinson Mr R G C Misselbrook Mr M Ribail |
Registered office |
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Accountants |
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Page 1 |
Aptenex Limited
Balance Sheet
30 November 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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- |
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Other financial assets |
500 |
- |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Profit and loss account |
( |
( |
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Total equity |
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( |
Page 2 |
Aptenex Limited
Balance Sheet
30 November 2017
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07646198
Page 3 |
Aptenex Limited
Notes to the Financial Statements
Year Ended 30 November 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Science Park Centre
6 Babbage Way
Clyst Honiton
Exeter
Devon
EX5 2FN
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional and presentational currency of the company is sterling.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when services are provided.
Page 4 |
Aptenex Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Foreign currency transactions and balances
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Intangible assets
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life.
Development costs
Development costs are capitalised where they meet the criteria for recognition in FRS102.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 10 years |
Development costs |
Over 5 years |
Share based payments
Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share payments is expensed on a straight-line basis over the vesting period, based on the company's estimate of the number of shares the will eventually vest.
The fair value of share options is measured using the Black-Scholes model on the grounds there are no market related vesting conditions.
Page 5 |
Aptenex Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Financial instruments
Classification
• Short term other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Internally generated software development costs |
Total |
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Cost or valuation |
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Additions |
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At 30 November 2017 |
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Amortisation |
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Amortisation charge |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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Page 6 |
Aptenex Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 November 2017 |
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Depreciation |
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Charge for the year |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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Additions |
500 |
500 |
At 30 November 2017 |
500 |
500 |
Impairment |
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Carrying amount |
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At 30 November 2017 |
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500 |
Debtors |
2017 |
2016 |
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Other debtors |
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Page 7 |
Aptenex Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Corporation tax |
- |
23 |
Social security and other taxes |
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Other creditors |
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- |
Director's current account |
5,021 |
5,021 |
Accrued expenses |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2017 |
2016 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
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- |
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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129 |
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100 |
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6 |
- |
- |
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Page 8 |
Aptenex Limited
Notes to the Financial Statements
Year Ended 30 November 2017
In January 2017 the company split its ordinary shares of £1 each into ordinary shares of £0.00001 each and subsequently converted them into A ordinary shares of £0.00001 each.
In February 2017 the company undertook a fund raising exercise via Crowdcube, issuing 1,734,496 A ordinary shares and 614,969 B investment shares raising £323,000 after costs.
In May 2017 the company issued a further 1,173,450 A ordinary shares to acquire the business of Web Perspective Limited for £184,500.
Related party transactions |
Summary of transactions with entities with joint control or significant interest
Transition to FRS 102 |
There were no changes to the previously stated equity as at 1 December 2015 and 30 November 2016 or in the profit for the year ended 30 November 2016 as a result of the transition to FRS 102.
Page 9 |