Miappi Limited - Accounts to registrar (filleted) - small 18.2
Miappi Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Miappi Limited |
| Unaudited Financial Statements for the Year Ended 31 December 2018 |
| Miappi Limited (Registered number: 08337782) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Miappi Limited |
| Company Information |
| for the Year Ended 31 December 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Miappi Limited (Registered number: 08337782) |
| Balance Sheet |
| 31 December 2018 |
| 31.12.18 | 31.12.17 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Share based payment reserve |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Miappi Limited (Registered number: 08337782) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| Miappi Limited is a private company, limited by shares and registered in England and Wales. The company's registered number and |
| registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting |
| policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK |
| and Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements |
| is sterling. All amounts in the financial statements have been rounded to the nearest £1. |
| Going concern |
| The directors believe that notwithstanding current year losses of £486,550, net current liabilities of £110,481 and net liabilities of |
| £109,066, the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of |
| funding or support from future investment will be adequate to meet the company's needs for a period of at least 12 months from the date of |
| approval of these financial statements. |
| Turnover |
| Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably |
| measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax |
| and other sales taxes. |
| Revenue from a contract to provide services is recognised in the period in which the services are provided. |
| Interest receivable and payable |
| Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes |
| expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the |
| manner intended by management. |
| Depreciation is charged to profit or loss over the estimated useful economic lives, as follows - |
| - Computer equipment - over 3 years on a straight line 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. |
| Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| 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. Any impairment loss is |
| recognised immediately as an expense within the profit or loss. |
| Basic financial instruments |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are |
| recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised |
| cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing |
| transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments |
| discounted at a market rate of interest for a similar debt instrument. |
| Impairment of financial assets |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of |
| impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss. |
| For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying |
| amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying |
| amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
| Government grants |
| Grants are accounted for under the accruals model of accounting. Grants relating to expenditure on tangible fixed assets are credited to |
| profit or loss at the same rate as the depreciation on assets to which the grant relates. The deferred element of grants is included in creditors |
| as deferred income. Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure. |
| Miappi Limited (Registered number: 08337782) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Current and deferred taxation |
| Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it |
| relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other |
| comprehensive income. |
| Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively |
| enacted at the balance sheet date. |
| Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences |
| arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances |
| are greater or smaller than the corresponding income or expense. |
| Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or |
| substantively enacted at the balance sheet date. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the |
| reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off as incurred. |
| Foreign currencies |
| Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the |
| transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional |
| currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. |
| Pensions |
| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the |
| company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment |
| obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by |
| employees. |
| Share-based payments |
| The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding |
| increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards |
| granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. |
| The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market |
| vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that |
| do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting |
| conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for |
| differences between expected and actual outcomes. |
| 3. | STAFF NUMBERS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Miappi Limited (Registered number: 08337782) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Other loans (see note 8) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Included in other creditors are outstanding pension contributions of £1,060 (2017: £656). |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Other loans (see note 8) |
| 8. | LOANS |
| Included within other loans is a balance amounting to £40,000 owed to S Eyre. The terms set out in the agreement state interest will accrue |
| at a rate of 2% per month and the loan is repayable either on completion of the current round of fund raising or upon 28 days' notice. No |
| interest has been charged to profit or loss to date on the basis management have reached a mutual agreement with the provider to waive |
| interest charges. |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Creative England Limited | 20,775 | 59,003 |
| A fixed and floating charge was registered at Companies House on 18 February 2013. |
| 10. | RELATED PARTY DISCLOSURES |
| During the year, the company paid director's fees of £62,775 (2017: £71,025) to A Foyle. |
| During the year ended 31 December 2017, the company provided an interest free loan to A Foyle of £10,000. At the balance sheet date |
| £10,000 (2017: £10,000) was owed by the director. The loan is interest free and repayable upon demand. |
| During the year, the company incurred director's fees of £72,000 (2017: £72,000) from The Flavour Media Ltd. T Britton is a director of |
| both The Flavour Media Ltd and of Miappi Limited. At the balance sheet date £14,400 (2017: £14,400) remained outstanding. |