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

REGISTERED NUMBER: 09718792 (England and Wales)

AMPLYFI LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

C Ganje

I A Jones

P R Teather

M Woods

Ms S Morrissey

REGISTERED OFFICE:

Pendyris Street

Cardiff

CF11 6BH

REGISTERED NUMBER:

09718792 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

FIXED ASSETS

Intangible assets

4

13,333

16,737

Tangible assets

5

47,209

32,120

60,542

48,857

CURRENT ASSETS

Debtors

6

764,915

405,573

Cash at bank and in hand

1,337,753

1,024,785

2,102,668

1,430,358

CREDITORS

Amounts falling due within one year

7

416,129

165,764

NET CURRENT ASSETS

1,686,539

1,264,594

TOTAL ASSETS LESS CURRENT LIABILITIES

1,747,081

1,313,451

CREDITORS

Amounts falling due after more than one year

8

818,838

1,497,897

NET ASSETS/(LIABILITIES)

928,243

(184,446

)

CAPITAL AND RESERVES

Called up share capital

9

1,515

1,292

Share premium

4,118,298

928,521

Fair value reserve

10

57,120

157,267

Retained earnings

(3,248,690

)

(1,271,526

)

SHAREHOLDERS' FUNDS

928,243

(184,446

)

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

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

C Ganje - Director

I A Jones - Director

P R Teather - Director

Ms S Morrissey - Director

M Woods - Director

1.	STATUTORY INFORMATION

Amplyfi 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

These financial statements have been prepared on the going concern basis, which assumes that

continued support will be provided by the company's investors for the foreseeable future. The

company's financial position is such that it is dependent, for the foreseeable future, upon the continuing

support of its investors. The directors of have prepared projected profit and loss, balance sheet and

cash flows statements for the next four years. The projections show that with the benefit of approved

capital raises, the company is able to meet its liabilities as they fall due.

After making enquiries, and taking in account the above, the directors have a reasonable expectation

that the company has adequate resources to continue in operational existence for the foreseeable

future. Accordingly the company continues to adopt the going concern basis in preparing its financial

statements.

Turnover

Turnover represents net invoiced sales of services provided, excluding value added tax.

Turnover relating to subscription services are recognised in the period to which they relate.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property is being amortised evenly over its estimated useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Government grants

Government grants in relation to expenditure are credited when the expenditure is charged to profit

and loss.

Financial assets

Financial assets, which include trade and other debtors and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised

cost using the effective interest method 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.

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument’s

contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, excluding

convertible debt and derivatives, are initially measured at transaction price (after deducting transaction

costs) and subsequently held at amortised cost.

Convertible loan

The company holds convertible debt which has been deemed a basic financial liability based on its

contractual obligations. The proceeds received are treated wholly as a liability and not split between

equity and liabilities. On conversion, the unpaid liability element is credited to share capital and share

premium as appropriate. Any part of the liability that is not converted will remain a liability until

settlement or future conversion.

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.

Share based payments

The cost of equity-settled transactions with employees is measured by reference to the fair value of the

equity instruments granted at the date at which they are granted and is recognised as an expense over

the vesting period, which ends on the date on which the relevant employees become fully entitled to

the award.

Where equity-settled arrangements are modified, and are of the benefit to the employee, the

incremental fair value is recognised over the period from the date of modification to the date of vesting.

Where a modification is not beneficial to the employee there is no change to the charge for the

share-based payment.

The company has no cash-settled arrangements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2018 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2018

and 31 August 2019

17,021

AMORTISATION

At 1 September 2018

284

Charge for year

3,404

At 31 August 2019

3,688

NET BOOK VALUE

At 31 August 2019

13,333

At 31 August 2018

16,737

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2018

4,653

35,526

40,179

Additions

2,184

30,651

32,835

Disposals

-

(7,318

)

(7,318

)

At 31 August 2019

6,837

58,859

65,696

DEPRECIATION

At 1 September 2018

274

7,785

8,059

Charge for year

1,709

11,912

13,621

Eliminated on disposal

-

(3,193

)

(3,193

)

At 31 August 2019

1,983

16,504

18,487

NET BOOK VALUE

At 31 August 2019

4,854

42,355

47,209

At 31 August 2018

4,379

27,741

32,120

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

225,110

119,607

Other debtors

539,805

285,966

764,915

405,573

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

115,674

530

Taxation and social security

48,409

31,788

Other creditors

252,046

133,446

416,129

165,764

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

818,838

1,497,897

Amounts falling due in more than five years:

Repayable by instalments

Convertible loan more 5 years

-

82,015

Included in others creditors are amounts of £552,750 (2018: £512,750) and £nil (2018: £792,587)

which relate to a convertible loan note and an advanced share subscription respectively, both of which

were issued during the previous year. During the year the advanced share subscription was converted

into 9,255 shares.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

Value:

£

£

151,540

Ordinary

0.01

1,515

1,292

During the year, 5,750 shares of £0.01 were gifted back to the company, who are currently holding the

shares whilst awaiting consent from shareholders to cancel these shares

As part of a new investment round, 13,085 new ordinary shares of £0.01 were issued at a premium of

£121.65 per share with an additional 5,750 shares to be issued relating to the investment round. In

addition to the investment round, 9,255 new ordinary shares of £0.01 were issued to Advanced

Investors pursuant to their respective advance subscription agreements.

10.

RESERVES

Fair

value

reserve

£

At 1 September 2018

157,267

Share option issue

27,853

Advanced share subscription

(128,000

)

At 31 August 2019

57,120

11.	OTHER FINANCIAL COMMITMENTS

Total amount of commitments guarantees and contingencies is £55,098 (2018: 68,310)

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Amplyfi Ltd for the year ended 31 August 2019 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Amplyfi Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Amplyfi Ltd and state those matters that we have agreed to state to the Board of Directors of Amplyfi Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amplyfi Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Amplyfi Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Amplyfi Ltd. You consider that Amplyfi Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Amplyfi Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

31 October 2019