MXDATA - TECHNOLOGIES LIMITED Filleted accounts for Companies House (small and micro)

MAPWAY TECHNOLOGIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04054923

MXDATA - TECHNOLOGIES LIMITED

Filleted Unaudited Financial Statements

31 May 2018

MXDATA - TECHNOLOGIES LIMITED

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		5,719	11,132

Current assets

Debtors	6	10,088,540	9,216,162
Cash at bank and in hand		48,650	113,962
		-------------	------------
		10,137,190	9,330,124

Creditors: amounts falling due within one year	7	860,262		870,196
		-------------		------------
Net current assets			9,276,928	8,459,928
			------------	------------
Total assets less current liabilities			9,282,647	8,471,060

Creditors: amounts falling due after more than one year	8	351,132	46,720
		------------	------------
Net assets		8,931,515	8,424,340
		------------	------------

Capital and reserves

Called up share capital	107,025	107,025
Profit and loss account	8,824,490	8,317,315
	------------	------------
Shareholders funds	8,931,515	8,424,340
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MXDATA - TECHNOLOGIES LIMITED

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 27 June 2018 , and are signed on behalf of the board by:

Mr D James

Director

Company registration number: 04054923

MXDATA - TECHNOLOGIES LIMITED

Notes to the Financial Statements

Year ended 31st May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Atlantic House, Atlas Business Park, Simonsway, Manchester, M22 5PR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue recognition, which is stated net of vat, depends on the type of revenue concerned. Interest income and expense is recognised on an accruals basis. Turnover represents amounts recognised over the period of contracts for the provision of services which fall within the company's ordinary activities after deduction of value added tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2017: 2 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1st June 2017 and 31st May 2018	219,380	219,380
	---------	---------
Depreciation
At 1st June 2017	208,248	208,248
Charge for the year	5,413	5,413
	---------	---------
At 31st May 2018	213,661	213,661
	---------	---------
Carrying amount
At 31st May 2018	5,719	5,719
	---------	---------
At 31st May 2017	11,132	11,132
	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	147,867	356,150
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9,463,704	8,602,607
Other debtors	476,969	257,405
	-------------	------------
	10,088,540	9,216,162
	-------------	------------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	94,691	104,302
Trade creditors	73,758	34,850
Amounts owed to group undertakings and undertakings in which the company has a participating interest	466,126	466,126
Social security and other taxes	22,602	62,787
Other creditors	203,085	202,131
	---------	---------
	860,262	870,196
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	351,132	46,720
	---------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D James	213,000	430,000	( 213,000)	430,000
	---------	---------	---------	---------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D James	–	213,000	–	213,000
	----	---------	----	---------

10. Related party transactions

The company has been under the control of mxData Holdings Limited since 19th January 2009. Included in creditors is an amount owed to mxData Holdings Limited of £466,126. Included in debtors is an amount owed by Mapway Limited, a company which is also under the control of mxData Holdings Limited, of £9,463,704.

11. Controlling party

The ultimate parent undertaking is mxData Holdings limited, a company registered in England and Wales.