MAPWAY TECHNOLOGIES LIMITED Filleted accounts for Companies House (small and micro)

MAPWAY TECHNOLOGIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04054923

MAPWAY TECHNOLOGIES LIMITED

Filleted Unaudited Financial Statements

31 May 2022

MAPWAY TECHNOLOGIES LIMITED

Statement of Financial Position

31 May 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		–	2

Current assets

Debtors	6	11,486,556	10,728,971
Cash at bank and in hand		220,099	332,815
		-------------	-------------
		11,706,655	11,061,786

Creditors: amounts falling due within one year	7	1,220,822		719,669
		-------------		-------------
Net current assets			10,485,833	10,342,117
			-------------	-------------
Total assets less current liabilities			10,485,833	10,342,119

Creditors: amounts falling due after more than one year	8	355,509	279,163
		-------------	-------------
Net assets		10,130,324	10,062,956
		-------------	-------------

Capital and reserves

Called up share capital	107,025	107,025
Profit and loss account	10,023,299	9,955,931
	-------------	-------------
Shareholders funds	10,130,324	10,062,956
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MAPWAY TECHNOLOGIES LIMITED

Statement of Financial Position (continued)

31 May 2022

These financial statements were approved by the board of directors and authorised for issue on 22 February 2023 , and are signed on behalf of the board by:

Mr D James

Director

Company registration number: 04054923

MAPWAY TECHNOLOGIES LIMITED

Notes to the Financial Statements

Year ended 31st May 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dalton Place, 29 John Dalton Street, Manchester, M2 6DS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue recognition, which is stated net of vat, depends on the type of revenue concerned. Interest income and expense is recognised on an accruals basis. Turnover represents amounts recognised over the period of contracts for the provision of services which fall within the company's ordinary activities after deduction of value added tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2021: Nil).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1st June 2021 and 31st May 2022	219,380	219,380
	---------	---------
Depreciation
At 1st June 2021	219,378	219,378
Charge for the year	2	2
	---------	---------
At 31st May 2022	219,380	219,380
	---------	---------
Carrying amount
At 31st May 2022	–	–
	---------	---------
At 31st May 2021	2	2
	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	27,342	86,945
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10,692,836	10,338,861
Other debtors	766,378	303,165
	-------------	-------------
	11,486,556	10,728,971
	-------------	-------------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	82,210	109,964
Trade creditors	46,017	49,868
Amounts owed to group undertakings and undertakings in which the company has a participating interest	464,926	464,926
Social security and other taxes	69,361	26,802
Other creditors	558,308	68,109
	------------	---------
	1,220,822	719,669
	------------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	355,509	279,163
	---------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D James	293,000	460,000	( 293,000)	460,000
	---------	---------	---------	---------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D James	460,000	293,000	( 460,000)	293,000
	---------	---------	---------	---------

10. Related party transactions

The company has been under the control of Mapway Holdings Limited since 19th January 2009. Included in creditors is an amount owed to Mapway Holdings Limited of £464,926. Included in debtors is an amount owed by Mapway Limited, a company which is also under the control of mxData Holdings Limited, of £10,338,861.

11. Controlling party

The ultimate parent undertaking is Mapway Holdings Limited , a company registered in England and Wales.