Registered number:
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
COMPANY INFORMATION
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MOUS PRODUCTS LTD
CONTENTS
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MOUS PRODUCTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
Mous Products is a privately owned company that designs, manufactures and sells protective mobile phone cases and accessories predominantly online, distributing to the UK and over 100 countries internationally.
The directors use various measures to assess the performance of the business. At this early stage of the business’s growth, the measures which, in the opinion of the directors, give the best indication of the business performance are turnover growth and adjusted earnings before interest, tax, depreciation and amortisation, exceptional items and expensed research & development costs (Adjusted EBITDA).
Even with the uncertain economic environment in 2020 as a result of the global COVID-19 pandemic, the company delivered a 24% growth in turnover year on year driven by the continued expansion of the product offering. Gross profit saw a 2% decline mainly driven by increased freight costs where COVID-19 restrictions resulted in a premium cost to air freight products. Administrative costs excluding exceptional costs* in 2021 increased by £3.9m compared to the prior year where the business increased investment in digital marketing and staff costs as the business continues to grow and establish itself. Adjusted EBITDA which excludes research & development costs expenses for which the benefits will be seen in future years, was a loss of £0.7m in 2021, £0.8m less than the prior year. In September 2020, additional equity funding was received from new and existing shareholders. This equity funding was used for further research and development into the design and manufacturing of new products. Financial KPIs 2021 2020 £000 £000 Turnover 24,005 19,413 Gross Profit % 70% 72% EBITDA excluding Exceptional Costs* (1,267) (528) Expenses R&D Costs (602) (383) Adjusted EBITDA (665) 145 *Exceptional costs in 2020 related to fees of circa £665k paid in relation to investment rounds. There are no identified exceptional costs in 2021.
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MOUS PRODUCTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The business’ activities give rise to a number of risks detailed below as well as additional risks as a result of the ongoing impact of the COVID-19 pandemic and Brexit.
Changes in customer trends There is a risk that the product offering declines in popularity, leading to reduced revenues, margins and cash flows. This risk is managed by continued research and development in order to design and manufacture market leading products that meet our customers' needs as well as managing stock levels on products for older phone models. Competition Risk The company is exposed to a number of competitors in the market which also provide protective phone cases. This risk is mitigated by investing heavily into the research and development of new and existing products to maintain the business’ point of difference. Supply Chain The company is dependent on the ability of its suppliers to manufacture its products to the desired quality and standards and on its logistics providers to ensure it reaches the required location on a timely basis. The standards, arrangements and contingency plans are under constant review by management. Currency Risk The company is exposed to foreign currency risks on sales and purchases. Exposures are primarily to the US Dollar and Euro. Forecast transactional exposures are reviewed on an ongoing basis and where possible excess foreign currencies are utilised to settle supplier payments. The majority of the sales and supplier purchases are in US dollars, providing a natural and effective hedge to these risks. COVID-19 The COVID-19 pandemic had a significant impact on the UK and global economies. The company still managed to deliver strong double digit growth albeit lower than planned for 2021 and did see increased costs as a result. There continues to be uncertainty in the economic environment however the directors, having taken into account the company's current loss and looking at future projections, consider that it continues to be appropriate to prepare the financial statements on a going concern basis. Brexit The impact on the business as a result of Brexit has been minimal. EU distributions were streamlined to minimise the impact on changes in import duties and related reporting requirements and the business continues to review any further changes because of this.
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MOUS PRODUCTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
This report was approved by the board
and signed on its behalf.
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MOUS PRODUCTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £
1,475,214
(2020 -
loss
£
1,166,625
)
.
There were no dividends declared during the year.
The directors who served during the year were:
Fergus Hedderick Ulick O'Sullivan (resigned 19 June 2020)
Willem Haitink (resigned 15 October 2020) Peter Kemp-Welch was appointed as a director on 18 June 2020 Third party indemnity provision The company has indemnity insurance in place for the benefit of its directors during the year and remaining in force at the date of this report.
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MOUS PRODUCTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
In September 2020, the business received a loan of £1.7m from HSBC on the government backed Coronavirus Business Interruption Loan Scheme. Repayments of this loan will commence in September 2021 and as such the financials show amounts due within one year relating to this loan.
In June 2021, the business received additional equity funding from new and existing investors to further grow the business through research and development into new product areas and investments into headcount structures to deliver the planned growth.
Please see note 27.
The auditors, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD
We have audited the financial statements of Mous Products Ltd (the 'Company') for the year ended 31 March 2021, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance and management; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD (CONTINUED)
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
6th Floor
2 London Wall Place
EC2Y 5AU
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MOUS PRODUCTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
REGISTERED NUMBER:
09468982
BALANCE SHEET
AS AT
31 MARCH 2021
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MOUS PRODUCTS LTD
REGISTERED NUMBER:
09468982
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 16 to 33 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2021
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MOUS PRODUCTS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The entity is a private company, limited by shares, incorporated in England. The registered office is
115 Mare Street, London, England, E8 4RU. The principal activity of the company is the manufacture and supply of mobile phone and laptop accessories.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in £ sterling, the functional currency, rounded to the nearest
£1.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
In early 2020, the coronavirus pandemic struck the United Kingdom. The pandemic had an impact on the company's planned growth trajectory during the year. However, further shareholder support as well as the HSBC Coronavirus Business Interruption Loan provided the company with sufficient cash resources to remain fully operational. The company made a pre-tax loss for the year of £1,753,698 (2020 - £1,364,153). The loss reflects the company's strategy in the year of furthering its brand and increasing its market presence through high marketing costs and investment into research and development. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided over the estimated useful lives of assets on the following bases:
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Assets are depreciated over their expected useful life as estimated by the Directors. The valuation of stock held at year end is a key judgement made by the Directors. Management ensure that damaged, slow moving and obsolete stock provisions are as accurate as possible, however there is a risk that these provisions do not match the actual write off for damaged, slow moving or obsolete stock.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11.
Taxation (continued)
The rate of corporation tax in the United Kingdom had been expected to reduce from 19% to 17% from 1 April 2020 however in March 2020 it was announced that the rate would continue at 19 per cent. In March 2021 it was announced the at UK corporation tax rates would rise to 25% from 2023.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 29
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 30
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 31
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
During the year the company issued 283 Ordinary shares of £0.01, subdivided subsequently into shares of £0.0001, raising a share premium of £1,409,945. This increased the share premium reserve from £2,458,948 to £3,868,893.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £68,806 (2020 - £46,166). Contributions totalling £15,691 (2020 - £13,361) were payable to the fund at the balance sheet date and are included in creditors.
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MOUS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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