Feedstock Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09604780 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

FEEDSTOCK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Henderson

Mr R Szabo

Mr L Wurfbain

Mr M S Lyons

REGISTERED OFFICE:

37 Floral Street

London

WC2E 9DJ

REGISTERED NUMBER:

09604780 (England and Wales)

ACCOUNTANTS:

Green and Purple Limited

The Barn

13-17 Margett Street

Cottenham

Cambridgeshire

CB24 8QY

FIXED ASSETS

Intangible assets

4

2,366,156

1,503,876

Tangible assets

5

15,442

9,228

2,381,598

1,513,104

CURRENT ASSETS

Debtors

6

434,649

153,541

Prepayments and accrued income

42,705

13,168

Cash at bank

1,863,659

163,139

2,341,013

329,848

CREDITORS

Amounts falling due within one year

7

778,046

492,551

NET CURRENT ASSETS/(LIABILITIES)

1,562,967

(162,703

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,944,565

1,350,401

PROVISIONS FOR LIABILITIES

188,659

88,609

NET ASSETS

3,755,906

1,261,792

CAPITAL AND RESERVES

Called up share capital

9

231

174

Share premium

4,251,637

1,750,065

Retained earnings

(495,962

)

(488,447

)

SHAREHOLDERS' FUNDS

3,755,906

1,261,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 17 March 2020 and were signed on its behalf by:

Mr L Wurfbain - Director

1.	Statutory information

Feedstock Ltd 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.

Going Concern

The financial statements have been prepared on a going concern basis. The company incurred losses of £7,515 during the period.

However, to date the directors have been successful in raising additional share capital which allows the company to meet its

obligations when they become due. The directors are therefore of the opinion that they should continue to adopt the going concern

basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax

and other sales taxes.

Intangible assets

Development costs are initially recognised at cost. After initial recognition they are measured at cost less any accumulated

amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible assets are initially recorded at cost and subsequently stated at cost less accumulation depreciation.

Depreciation

Depreciation is provided at the following rates:

Office equipment

10% reducing balance

Computer equipment

25% straight line

Taxation

Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which

they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or

substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 10 (2018 - 10 ) .

4.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 January 2019

1,503,876

Additions

862,280

At 31 December 2019

2,366,156

Net book value

At 31 December 2019

2,366,156

At 31 December 2018

1,503,876

5.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 January 2019

13,567

Additions

10,003

At 31 December 2019

23,570

Depreciation

At 1 January 2019

4,339

Charge for year

3,789

At 31 December 2019

8,128

Net book value

At 31 December 2019

15,442

At 31 December 2018

9,228

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

110,420

11,940

Other debtors

324,229

141,601

434,649

153,541

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

42,378

5,568

Taxation and social security

23,107

18,364

Other creditors

712,561

468,619

778,046

492,551

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

41,733

-

9.	Called up share capital

Allotted, issued and fully paid:

Number

Class

Nominal value

31.12.19

31.12.18

100,000 (2018: 100,000)

Ordinary

0.001

100

100

60,382 (2018: 42,933)

Ordinary A

0.001

60

43

26,772 (2018: 26,772)

Series Seed

0.001

27

27

3,768 (2018: 3,768)

Series Seed B

0.001

4

4

33,934 (2018: NIL)

Series A

0.001

34

-

6,117 (2018: NIL)

Series A Preferred

0.001

6

-

231

174

The following shares were issued during the period:

17,449 Ordinary A shares for cash of £589,438

33,934 Series A shares for cash of £1,775,088

6,117 Series A Preferred shares for cash of £319,980

10.	Share-based payment transactions

Share Options

31.12.19

31.12.18

Number

Number

Outstanding at the beginning of the year

7,578

10,168

Granted during the year

4,320

280

Exercised during the year

-

-

Cancelled during the year

-

(2,870

)

Outstanding at the end of the year

11,898

7,578

The total charge for the year relating to employee share based payment plans was £Nil (2018: £Nil) in accordance with the

provisions of FRS 102 (Section 1A).

On 15 August 2017, the Company commenced the operation of an Enterprise Management Incentive scheme (EMI). At 31

December 2019 7,270 (2018: 3,230) EMI options remained in issue. These options have an exercise price of £0.001 per share.