Ephemeral Labs Limited - Abbreviated accounts

EPHEMERAL LABS LIMITED - Company Information

Registered number

08082788

Ephemeral Labs Limited

Abbreviated Accounts

30 April 2015

Ephemeral Labs Limited
Registered number:		08082788
Abbreviated Balance Sheet
as at 30 April 2015


Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		6,939			10,532

Current assets
Debtors		84,667			1,953
Cash at bank and in hand		122,418			332,600
		207,085			334,553

Creditors: amounts falling due within one year		(126,084)			(354,677)

Net current assets/(liabilities)			81,001			(20,124)

Net assets/(liabilities)			87,940			(9,592)

Capital and reserves
Called up share capital	3		6,324			4,678
Share premium			1,083,645			515,124
Profit and loss account			(1,002,029)			(529,394)

Shareholders' funds			87,940			(9,592)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



J N Russell
Director
Approved by the board on 4 September 2015

Ephemeral Labs Limited
Notes to the Abbreviated Accounts
for the year ended 30 April 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Research and development
	Expenditure on research and development is written off in the period in which it is incurred.

	Tangible fixed assets
	Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			33.33% straight line

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Operating lease
	Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Going concern
	The financial statements have been prepared on a going concern basis. The company sustained losses during the year however the directors are confident that the performance will be reversed when the research and development stage has been completed and the company becomes fully operational. The directors and investors undertake to continue to support the company until such time so that the company may meet its obligations if and when they become due.


2	Tangible fixed assets					£

	Cost
	At 1 May 2014					13,086
	Additions					1,040
	At 30 April 2015					14,126

	Depreciation
	At 1 May 2014					2,554
	Charge for the year					4,633
	At 30 April 2015					7,187

	Net book value
	At 30 April 2015					6,939
	At 30 April 2014					10,532


3	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£0.01 each		350,081		3,501		3,084
	A Preferred shares	£0.01 each		265,731		2,657		1,594
	Deferred shares	£0.01 each		16,594		166		-
						6,324		4,678

Nominal			Number		Amount
value			£
	Shares issued during the period:
	Ordinary shares	£0.01 each		58,275		583
	A Preferred shares	£0.01 each		106,368		1,063
						1,646

	On 6 May 2014, the company issued 106,368 A Preferred shares of £0.01 each for a total consideration of £320,168. On 19 December 2014, 16,594 Ordinary shares of £0.01 each were converted in to 16,594 Deferred shares of £0.01 each. On 23 January 2015, the company issued 23,310 Ordinary shares of £0.01 each for a total consideration of £100,000. Between 12 March 2015 and 27 March 2015, the company issued 34,965 Ordinary shares of £0.01 each for a total consideration of £150,000. Each preferred share carries one vote and has rights to a fixed cumulative compounding cash preferential dividend at the annual rate of 8% of the issue price, to be paid on an exit, IPO or conversion date, or the winding up of the company. For distribution of assets on a liquidation or return of capital, prefence shares carry preference. For other profit distributions, the preference shares rank pari passu with the other classes of shares.