Reef Global Limited - Accounts to registrar (filleted) - small 18.2

Reef Global Limited - Accounts to registrar (filleted) - small 18.2

REEF GLOBAL LIMITED - Company Information

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REEF GLOBAL LIMITED

PREVIOUSLY KNOWN AS
PARKJOCKEY GLOBAL LIMITED

Financial Statements

for the Year Ended 31 December 2018






REEF GLOBAL LIMITED (REGISTERED NUMBER: 08573035)

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


REEF GLOBAL LIMITED

Company Information
for the year ended 31 December 2018







Directors: D Guzeloglu
B M Zimmerman





Registered office: 124 Finchley Road
London
NW3 5JS





Registered number: 08573035 (England and Wales)





Page 1
REEF GLOBAL LIMITED (REGISTERED NUMBER: 08573035)

Balance Sheet
31 December 2018

2018 2017
Notes £ £ £ £
Fixed assets
Intangible assets 4 13,928 28,570
Investments 5 70 70
13,998 28,640

Current assets
Debtors 6 1,225,353 1,225,353

Creditors
Amounts falling due within one year 7 1,358,386 1,281,402
Net current liabilities (133,033 ) (56,049 )
Total assets less current liabilities (119,035 ) (27,409 )

Capital and reserves
Called up share capital 200 200
Retained earnings 8 (119,235 ) (27,609 )
(119,035 ) (27,409 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf
by:





D Guzeloglu - Director


The notes form part of these financial statements

Page 2
REEF GLOBAL LIMITED (REGISTERED NUMBER: 08573035)

Notes to the Financial Statements
for the year ended 31 December 2018


1. Statutory information

Reef Global Limited is a private company, limited by shares , 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are
measured at cost less any accumulated amortisation and any accumulated impairment losses.

The estimated useful lives range as follows:

Patents -5 years straight line
Development expenditure-5 years straight line

Going concern
Included in the balance sheet is £1,358,385 (2017: £1,281,402) due to ParkJockey Global Inc., the parent
company. Parkjockey Global Inc. has given an undertaking to continue to provide financial support to the
Parkjockey Global Limited. The directors therefore consider it appropriate to prepare these financial statements
on the basis the company will continue to be a going concern.

Foreign currency translation
Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items
measured at historical cost are translated using the exchange rate at the date of the transaction and
non-monetary items measured at fair value are measured using the exchange rate when fair value was
determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in the statement of income and retained earnings except when deferred in other comprehensive income as
qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in
the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange
gains and losses are presented in the statement of income and retained earnings within 'other operating
income'.

Research and development
Research expenditure is written off in the year in which it is incurred. Identifiable development expenditure is
capitalised to the extent that the technical, commercial and financial feasibility of the project can be
demonstrated.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Page 3
REEF GLOBAL LIMITED (REGISTERED NUMBER: 08573035)

Notes to the Financial Statements - continued
for the year ended 31 December 2018


2. Accounting policies - continued

Creditors
Short term creditors are measured at the transaction price.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors and loans with group companies.

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 in the statement of income and retained earnings.

3. Employees and directors

The average number of employees during the year was 2 (2017 - 2 ) .

4. Intangible fixed assets
Patents and
licences
£
Cost
At 1 January 2018
and 31 December 2018 73,208
Amortisation
At 1 January 2018 44,638
Amortisation for year 14,642
At 31 December 2018 59,280
Net book value
At 31 December 2018 13,928
At 31 December 2017 28,570

5. Fixed asset investments
Other
investments
£
Cost
At 1 January 2018
and 31 December 2018 70
Net book value
At 31 December 2018 70
At 31 December 2017 70

The following were subsidiary undertakings of the Company:

Name Class of shares Holding Principal Activity
Reef London Limited ordinary 100% Mobile parking spaces application
ParkJockey Limited ordinary 100% Dormant

6. Debtors: amounts falling due within one year
2018 2017
£ £
Amounts owed by group undertakings 1,225,353 1,225,353

Page 4
REEF GLOBAL LIMITED (REGISTERED NUMBER: 08573035)

Notes to the Financial Statements - continued
for the year ended 31 December 2018


7. Creditors: amounts falling due within one year
2018 2017
£ £
Amounts owed to group undertakings 1,358,386 1,281,402

8. Reserves
Retained
earnings
£

At 1 January 2018 (27,609 )
Deficit for the year (91,626 )
At 31 December 2018 (119,235 )

9. Ultimate controlling party

The immediate and ultimate parent company is ParkJockey Global Inc, a company registered in Delaware,
United States of America.

Page 5