Afternoonify Ltd - Filleted accounts
Afternoonify Ltd - Filleted accounts
Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2019 | 2018 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 | ||||||
Tangible assets | 5 | ||||||
Current assets | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current assets | |||||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Share Option Reserve | 8 | ||||||
Profit and loss account | ( |
( |
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Shareholders' funds | |||||||
Tom Quick | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the period from 1 January 2019 to |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Period of Accounts | ||||||||
The accounts cover a 10 month period which is shorter than the 2018 comparative year | ||||||||
Turnover | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Computer Equipment | 33.33% on straight line | |||||||
Debtors | ||||||||
Creditors | ||||||||
Impairment | ||||||||
Financial assets (including trade and other debtors) A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its 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 reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Non-financial assets The carrying amounts of the company’s non-financial assets reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. |
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Employee benefits | ||||||||
Defined contribution plans and other long term employee benefits A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
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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 pricing 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. |
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Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Judgments in applying accounting policies and key sources of estimation uncertainty | ||||||||
In the application of the Company's accounting policies, which are described in note 1 to these financial statements, management are required to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The following judgments, estimates and assumptions have had the most significant effect on the amounts recognised in these financial statements: Share option charges At the end of each financial period the directors review options, as part of the review process, the number of options expected to vest at maturity are assessed and the share option charge is adjusted accordingly. The actual vesting of these options depends on future events and as such there is significant estimation uncertainty. |
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2 | Total tax recognised in the profit and loss account | 2019 | 2018 | |||||
£ | £ | |||||||
Current Tax | ||||||||
Current year R&D Tax Credit | -106659 | -82235 | ||||||
Adustment in respect of Prior Year | ||||||||
(106,659) | (82,235) | |||||||
3 | Employees | 2019 | 2018 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Intangible assets | £ | ||||||
Intellectual Property: | ||||||||
Cost | ||||||||
Additions | - | |||||||
At 31 October 2019 | ||||||||
Amortisation | ||||||||
Provided during the period | ||||||||
At 31 October 2019 | ||||||||
Net book value | ||||||||
At 31 October 2019 | ||||||||
Intellectual Property is being written off in equal annual instalments over its estimated economic life of 5 years. | ||||||||
5 | Tangible fixed assets | |||||||
Computer Equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2019 | ||||||||
Additions | ||||||||
At 31 October 2019 | ||||||||
Depreciation | ||||||||
At 1 January 2019 | ||||||||
Charge for the period | ||||||||
At 31 October 2019 | ||||||||
Net book value | ||||||||
At 31 October 2019 | ||||||||
At 31 December 2018 | ||||||||
6 | Debtors | 2019 | 2018 | |||||
£ | £ | |||||||
Trade debtors | - | |||||||
Prepayments | ||||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2019 | 2018 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Accruals and deferred Income | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
8 | Share Based Payments | |||||||
As at 31 December 2019, the company has the following equity settled share options in existence: | ||||||||
Grant Date | Number of instruments | Vesting period | Contractual life of the options | |||||
01 October 2017 | 200 | 4 years | 10 years | |||||
All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise | ||||||||
The table below represents the share options in force: | ||||||||
Number | Weighted Average exercise price | |||||||
2,019 | 2,018 | |||||||
£ | £ | |||||||
Outstanding as at 1 January | ||||||||
Expired during the year | - | - | ||||||
At 31 October 2019 | ||||||||
Equity-settled schemes - charges arising | 2,019 | 2018 | ||||||
£ | £ | |||||||
4,265 | 9,085 | |||||||
9 | Related party transactions | |||||||
As at 31 October 2019, T Quick owed the company £3,530 (2018: nil). T Quick is a director of the company. The loan is interest free and repayable on demand. During the year, the company paid £24,999 (2018: £29,999) to Mercia Fund Management (Nominees) Limited, a director and shareholder, for its services. As at 31 October 2019, there was £7,495 owed (2018: £7,495) to Mercia Fund Management (Nominees) Limited. During the year, the company paid £38,340 (2018: £71,220) for services from Demoncode Limited, a company with mutual shareholders and directors. As at 31 October 2019, there was nil owed (2018: £20,250) to Demoncode Limited. |
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10 | Other information | |||||||
Afternoonify Ltd is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
12 Grange Street | ||||||||
St Albans | ||||||||
Hertfordshire | ||||||||
United Kingdom | ||||||||
AL3 5NB |