Company Registration No. 6203799 (England and Wales)
ABILOTT LTD
Unaudited accounts
for the period from 1 October 2018 to 31 December 2019
ABILOTT LTD
Unaudited accounts
Contents
ABILOTT LTD
Company Information
for the period from 1 October 2018 to 31 December 2019
Directors
Philip Marcella
Appointed on 13 January 2020
Company Number
6203799 (England and Wales)
Registered Office
Salisbury House
London Wall
London
EC2M 5PS
United Kingdom
Accountants
CFPro Limited
12 Times Court
Retreat Road
Richmond
London
TW9 1AF
ABILOTT LTD
Statement of financial position
as at 31 December 2019
Cash at bank and in hand
-
153,818
Creditors: amounts falling due within one year
(1,659,366)
(1,278,482)
Net current liabilities
(1,422,998)
(28,063)
Total assets less current liabilities
(1,422,998)
(20,824)
Creditors: amounts falling due after more than one year
(148,094)
-
Net liabilities
(1,571,092)
(20,824)
Called up share capital
10
10
Profit and loss account
(1,571,102)
(20,834)
Shareholders' funds
(1,571,092)
(20,824)
For the period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2021 and were signed on its behalf by
Philip Marcella
Director
Company Registration No. 6203799
ABILOTT LTD
Notes to the Accounts
for the period from 1 October 2018 to 31 December 2019
ABILOTT LTD is a private company, limited by shares, registered in England and Wales, registration number 6203799. The registered office is Salisbury House, London Wall, London, EC2M 5PS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by when services have been made available to the customers to utilise.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Office Equipment- 5 years
Computer Equipment- 5 years
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
ABILOTT LTD
Notes to the Accounts
for the period from 1 October 2018 to 31 December 2019
The financial statements have been prepared on the going concern basis despite a loss of £1,550,268 as the directors have received confirmation from the parent company, Airnow Plc, that financial support will be provided, if necessary, for a period of at least one year from the date of approval of these financial statements.
The Covid 19 crisis and responses to it are creating unprecedented global uncertainty. The impact of the Covid 19 virus has quickened the pace at which e-commerce is replacing traditional forms of commerce and has led to opportunities for the Group. However, the long term effect of the Covid 19 pandemic cannot yet be assessed. The directors do not believe the impact of either Covid 19 or Brexit affects their assessment of going concern.
The Group is currently in a growth phase as it develops its platform and customer propositions. The parent company raised equity capital of $1.9m in 2019 and raised further capital in 2020 in excess of $12m. Group trading has been profitable in recent months, however the Group will require higher levels of working capital than it has required in previous periods in order to sustain a very significant increase in trading levels.
The Group has a detailed working capital model which is used to determine future requirements and has closed non viable businesses to preserve cash for expansion. Based on forecasts, the funds raised do not provide sufficient funding for at least the next twelve months based on the increased level. The parent company is in discussions with existing and new working capital funders regarding potential increased and additional facilities and has also secured further equity investment which would be available upon a London Stock Exchange Listing of the parent company. The parent company has filed an application for listing with the Financial Conduct Authority although as at the date of approval of these financial statements this has not as yet been approved.
Whilst there is no guarantee that future funding will be available, based on discussions to date with working capital funders and further equity investment that would become available upon a London Stock Exchange listing, the parent company board believes that such funding , if required, would be obtained through debt or equity to enable the parent company to support Abilott Limited to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements and consequently the financial statements have been prepared on a going concern basis and do not include adjustments that would result if the Company was unable to continue as a going concern.
4
Tangible fixed assets
Total
At 30 September 2018
7,239
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
ABILOTT LTD
Notes to the Accounts
for the period from 1 October 2018 to 31 December 2019
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to Director
87,678
36,920
-
124,598
Release of Director's loan
-
-
124,598
(124,598)
On 17 December 2018, appScatter Group Plc acquired 100% of the issued share capital of Abilott Limited and therefore appScatter Group Plc is the ultimate controlling party.
With effect from 24 December 2019, the name of the parent company was changed from appScatter Group Plc to Airnow Plc.
Airnow Plc is registered in England and Wales and the registered address is Salisbury House, London Wall, EC2M 5PS
8
Average number of employees
During the period the average number of employees was 1 (2018: 2).
