Zegami Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09853507 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020

FOR

ZEGAMI LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Noble

C S R Pope

J H Wilkinson

A M Graham

REGISTERED OFFICE:

Oxford Sciences Innovation - Grassroots

46 Woodstock Road

Oxford

OX2 6HT

REGISTERED NUMBER:

09853507 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Intangible assets

4

6,000

12,000

Tangible assets

5

3,481

5,945

9,481

17,945

CURRENT ASSETS

Debtors

6

130,407

225,607

Cash at bank

268,046

515,149

398,453

740,756

CREDITORS

Amounts falling due within one year

7

(180,673

)

(146,018

)

NET CURRENT ASSETS

217,780

594,738

TOTAL ASSETS LESS CURRENT LIABILITIES

227,261

612,683

CREDITORS

Amounts falling due after more than one year

8

(29,549

)

-

NET ASSETS

197,712

612,683

CAPITAL AND RESERVES

Called up share capital

3,639

3,639

Share premium

4,023,199

4,023,199

Share option reserve

20,046

53,459

Retained earnings

(3,849,172

)

(3,467,614

)

SHAREHOLDERS' FUNDS

197,712

612,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2020 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 August 2020 and were signed on its behalf by:

R Noble - Director

1.	STATUTORY INFORMATION

Zegami 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.

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.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts,

rebates,value added tax and other sales taxes.

Revenue from a fixed term license is recognised evenly over the license period. Revenue from other contracts is

recognised when invoiced.

Intangible fixed assets

Intellectual property is written off over the anticipated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery etc

- 33%

straight line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from related parties, 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. Such instruments

are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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.

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 period was 14 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 30 June 2020

60,000

AMORTISATION

At 1 January 2020

48,000

Charge for period

6,000

At 30 June 2020

54,000

NET BOOK VALUE

At 30 June 2020

6,000

At 31 December 2019

12,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

18,653

Additions

920

Disposals

(2,108

)

At 30 June 2020

17,465

DEPRECIATION

At 1 January 2020

12,708

Charge for period

2,540

Eliminated on disposal

(1,264

)

At 30 June 2020

13,984

NET BOOK VALUE

At 30 June 2020

3,481

At 31 December 2019

5,945

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

24,000

19,533

Other debtors

106,407

206,074

130,407

225,607

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

83,054

40,028

Taxation and social security

16,188

17,390

Other creditors

81,431

88,600

180,673

146,018

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

29,549

-

9.	SHARE-BASED PAYMENT TRANSACTIONS

The company has a share option scheme open to all employees.

The table below summaries the movements in the share options during the period:

2020

2019

No.

No.

Outstanding at 1 January 2020

1,458,958

2,619,516

Granted during the period

0

325,000

Forfeited during the period

(200,000

)

(1,485,558

)

Balance at 30 June 2020

1,258,958

1,458,958

The movement in the share option reserve is:

2019

2019

£

£

Share option reserve at 1 January 2020

53,459

138,672

Fair value expense recognised in profit and loss account in the period

(33,413

)

(85,213

)

Share option reserve at 30 June 2020

£20,046

£53,459

10.	COVID-19 PANDEMIC

At the balance sheet date, the world is in the middle of the COVID-19 outbreak and there has been volatility in

the markets as a result.

The directors have considered the effect that this may have on the company, and although unclear what impact

this will have they are informed by the government's guidance that the issue will be time limited. An estimate of

the financial effect cannot therefore be made at this stage. The directors have assessed the above and

considers the company to be a going concern.