Seldon Technologies Limited - Accounts to registrar (filleted) - small 18.2
Seldon Technologies Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
FOR |
SELDON TECHNOLOGIES LIMITED |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SELDON TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Stapleton House Second Floor |
110 Clifton Street |
London |
EC2A 4HT |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
31.3.19 | 31.8.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Equity liability |
Share option reserve |
Other equity reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
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 |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
1. | STATUTORY INFORMATION |
Seldon Technologies Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Seldon Technologies Limited as an individual company and do |
not contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Share based payments as set out in note 13 to the accounts have been made to employees of the company. As |
disclosed in the Share Based Payments accounting policy note, the fair value of any vested share options is |
recognised in the income statement and for the accounting period ending 31 March 2019, the fair value has been |
estimated as £0.9113 per share. This is based on the value of Ordinary shares issued. |
There have been no other significant judgements or estimates applied to the numbers contained within these financial |
statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, |
less estimated residual value, of each asset evenly over its expected useful life, as follows: |
Computer equipment - 33.33% on straight line |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial |
paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where |
the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such |
assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of |
impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present |
value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in the Income Statement. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the |
impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying |
amount would have been had the impairment not previously been recognised. The impairment reversal is recognised |
in the Income Statement. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income |
Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be |
measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control |
of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an |
unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, loans from fellow Group companies that are classified |
as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where |
the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they |
are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently |
measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current tax. Tax is recognised in the Income Statement, except to the extent that it |
relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement |
of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The directors have a reasonable expectation that the company will continue to trade profitably. The company was |
successful in raising additional investments during the year. This along with the current cash balances on hand means |
the directors are confident that the company has sufficient resources to meet its future liabilities, as and when they |
become due. On this basis, they are therefore of the opinion that they should continue to adopt the going concern |
basis in preparing the annual financial statements. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes |
in value. |
Share based payments |
The company operates an equity-settled compensation plan. The fair value of the employee services received in |
exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting |
period is determined by reference to the fair value of the options granted, excluding the impact of any non-market |
vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included |
in assumptions about the number of options that are expected to vest. At each statement of financial position date, the |
entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision |
to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options |
are equity-settled. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2018 - NIL). |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 September 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 September 2018 |
Charge for period |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 August 2018 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 September 2018 |
Additions |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 August 2018 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.8.18 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
SELDON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09188032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2018 TO 31 MARCH 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.8.18 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.8.18 |
value: | £ | £ |
A Ordinary shares | £0.00001 | 11 | 2 |
Ordinary shares | £0.00001 | 1 | 2 |
Series Seed | £0.00001 | 5 | 5 |
17 | 9 |
Ordinary shares have full dividend rights but no right to either vote or attend meetings. |
A Ordinary shares and Series Seed shares have full rights in the company with respect to voting, dividends and on |
capital distribution the Series Seed shares are given priority over all the other classes of shares. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with |
wholly owned subsidiaries within the group. |
Directors |
During the period, the director settled expenses totalling £70 on behalf of the company and was paid £10,016. |
At the date of the financial statements, the company owed the director £70 (2018 - £10,016). The loans are interest |
free and repayable on demand. |
11. | SHARE-BASED PAYMENT TRANSACTIONS |
The company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial Position, |
the company had granted 161,845 EMI share options to 7 employees of the company. During the period, 6,832 share |
options vested but none were exercised and 10,000 share options lapsed. Share options vest over a period of 4 years |
from the date of grant with a 12 month cliff. |