Company Registration No. 06298825 (England and Wales)
Find Mapping Limited
Unaudited accounts
for the year ended 31 March 2021
Find Mapping Limited
Unaudited accounts
Contents
Find Mapping Limited
Company Information
for the year ended 31 March 2021
Company Number
06298825 (England and Wales)
Registered Office
The Whitehouse
Belvedere Road
London
SE1 8GA
Accountants
RJ Accountancy Limited
Crossways
Alverston Avenue
Woodhall Spa
LN10 6SN
Find Mapping Limited
Statement of financial position
as at 31 March 2021
Cash at bank and in hand
93,015
88,448
Creditors: amounts falling due within one year
(696,702)
(771,072)
Net current liabilities
(547,618)
(591,863)
Net liabilities
(547,497)
(591,113)
Called up share capital
1,000
1,000
Profit and loss account
(548,497)
(592,113)
Shareholders' funds
(547,497)
(591,113)
For the year ending 31 March 2021 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 and authorised for issue on 16 September 2021 and were signed on its behalf by
G Ingram
Director
Company Registration No. 06298825
Find Mapping Limited
Notes to the Accounts
for the year ended 31 March 2021
Find Mapping Limited is a private company, limited by shares, registered in England and Wales, registration number 06298825. The registered office is The Whitehouse, Belvedere Road, London, SE1 8GA.
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 year, 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.
At the year end the Company had net current liabilities of £547,497 (2020 - £591,113). During the prior year a loan balance of £2,608,606 due from GIA Venture Holdings, a related entity, was waived as the company was liquidated.
The Company owed Gordon Ingram Associates, a related entity, a total of £608,528 (2020 - £664,250) at the year end. This entity has pledged their ongoing support of the Company for at least 12 months from the signing of the financial statements.
The director is taking steps to improve the Company's financial performance which is supported by the operating profit realised in the current year.
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this.
The directors are working to ensure the safety of their employees and maintaining the continuity of their operations as far as they are able, whilst adhering to Government advice. Whilst the pandemic will have a financial impact on the company, at this stage it is not possible to reliably forecast what this may be. However, the directors have taken all relevant measures to ensure they are able to safeguard cashflow, jobs and customers.
Given the uncertainties that exist, this may cast significant doubt on the Company?s ability to continue as a going concern, however, the Directors believe that the actions they have taken should enable them to continue in operational existence.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sale of maps
Revenue is raised in relation to the sale of electronic maps, as and when, the orders are placed online and the product is downloaded by the buyer.
Royalties
Revenue is raised in relation to royalties for the use of the software developed, is charged to the statement of comprehensive income in line with the period it relates to.
Consultancy
Revenue is recognised in relation to consultancy work performed based on stage of completion.
Find Mapping Limited
Notes to the Accounts
for the year ended 31 March 2021
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:
Computer equipment
25% straight line
The company operates a defined contribution scheme for the benefit of its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Expenditure on research and development is written off in the year in which it is incurred.
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Tangible fixed assets
Computer equipment
Find Mapping Limited
Notes to the Accounts
for the year ended 31 March 2021
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
37,510
37,677
Accrued income and prepayments
18,559
42,403
6
Creditors: amounts falling due within one year
2021
2020
Trade creditors
6,260
5,790
Taxes and social security
3,543
4,318
Other creditors
612,803
669,436
Deferred income
39,467
51,642
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Transactions with related parties
During the prior year, a loan balance due to GIA Venture Holdings Limited, of £2,608,606 was waived by the directors of GIA Venture Holdings as a result of company liquidation. No interest has been charged on this loan.
This balance has been treated as a write back of intercompany loan and disclosed as an exceptional item.
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Average number of employees
During the year the average number of employees was 4 (2020: 4).
