Qubeeo Ltd - Abbreviated accounts 16.1

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 JUNE 2015 TO 31 DECEMBER 2015

FOR

QUBEEO LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A A Vaidya

N Witten

R Mullen

J Coker

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

07632560

FIXED ASSETS

Intangible assets

2

937,537

740,056

Tangible assets

3

22,305

16,372

959,842

756,428

CURRENT ASSETS

Debtors

254,025

364,009

Cash at bank and in hand

161,692

103,892

415,717

467,901

CREDITORS

Amounts falling due within one year

(954,027

)

(421,300

)

NET CURRENT (LIABILITIES)/ASSETS

(538,310

)

46,601

TOTAL ASSETS LESS CURRENT LIABILITIES

421,532

803,029

CREDITORS

Amounts falling due after more than one year

-

(852,500

)

PROVISIONS FOR LIABILITIES

-

(84,970

)

NET ASSETS/(LIABILITIES)

421,532

(134,441

)

CAPITAL AND RESERVES

Called up share capital

4

130

130

Share premium

99,271

99,271

Profit and loss account

322,131

(233,842

)

SHAREHOLDERS' FUNDS

421,532

(134,441

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 September 2016 and were signed on its behalf by:

A A Vaidya - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Preparation of consolidated financial statements

The financial statements contain information about Qubeeo Ltd as an individual company and do not contain

consolidated financial information as the parent of a group. The company has taken the option under Section 398

of the Companies Act 2006 not to prepare consolidated financial statements.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax, except in respect of service

contracts where turnover is recognised when the company obtains the rights to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay

less tax in the future have occured at the balance sheet date.

A net deferred tax asset is recognised as recoverable and therefore recognised only when, on the basis of all

available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against

which to recover carried forward tax losses and from which the future reversal of underlying timing differences

can be deducted.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing

differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted

by the balance sheet date. Deferred tax is measured on an undiscounted basis.

Intangible fixed assets

Development costs are capitalised within intangible assets where they can be identified with a specific product or

project anticipated to produce future benefits, and have been amortised on the straight line basis over the

anticipated life of the benefits arising from the completed product or project of 20 years.

After a review by the Directors which was carried out after the year end, the anticipated life has been revised to 5

years. Amortisation at this rate will begin on 1 January 2016.

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have

ceased or to be in doubt, the balance of any related research and development is written off to the Profit and Loss

Account.

A research and development tax credit is recognised when it is probable that a tax credit in relation to research

and development carried out will be received.

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.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit and loss account in the period to which they relate.

Fixed asset investments

Investments are included in the balance sheet at cost less amounts written off, representing impairment in value.

Impairment charges are recorded if events or changes in circumstances indicate that the carrying value may not

be recoverable and are charged to the profit and loss account.

Going concern

The company's accounts have been prepared on a going concern basis as a large investment has been made in the

company after the year end. This ensures that cash is available to the company which will allow it to continue

trading for the foreseeable future.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

806,997

Additions

221,018

At 31 December 2015

1,028,015

AMORTISATION

At 1 June 2015

66,941

Amortisation for period

23,537

At 31 December 2015

90,478

NET BOOK VALUE

At 31 December 2015

937,537

At 31 May 2015

740,056

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

19,893

Additions

9,537

At 31 December 2015

29,430

DEPRECIATION

At 1 June 2015

3,521

Charge for period

3,604

At 31 December 2015

7,125

NET BOOK VALUE

At 31 December 2015

22,305

At 31 May 2015

16,372

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2015

value:

as restated

£

£

1,304

Ordinary

0.10

130

130

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2015 and the

year ended 31 May 2015:

2015

2015

as restated

£

£

A A Vaidya

Balance outstanding at start of period

28,602

26,748

Amounts advanced

1,957

28,854

Amounts repaid

(29,000

)

(27,000

)

Balance outstanding at end of period

1,559

28,602

6.	POST BALANCE SHEET EVENTS

On 25 January 2016, a mix of Ordinary shares and Ordinary A shares were issued to investors for a total value

of £1,800,011. At this date, loans made to the company totalling £582,000 were converted into Ordinary shares.