KriticalMass Limited - Period Ending 2016-03-31

KRITICALMASS LIMITED - Company Information

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Registration number: 07972231

KriticalMass Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

KriticalMass Limited
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 5

KriticalMass Limited
(Registration number: 07972231)
Abbreviated Balance Sheet at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Intangible fixed assets		78,315	106,045
Tangible fixed assets		766	1,301
		79,081	107,346
Current assets
Debtors		45,485	1,608
Cash at bank and in hand		6,788	98,213
		52,273	99,821
Creditors: Amounts falling due within one year		(268,099)	(202,710)
Net current liabilities		(215,826)	(102,889)
Net (liabilities)/assets		(136,745)	4,457
Capital and reserves
Called up share capital	3	2	2
Share premium account		415,979	415,979
Profit and loss account		(552,726)	(411,524)
Shareholders' (deficit)/funds		(136,745)	4,457

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

KriticalMass Limited
(Registration number: 07972231)
Abbreviated Balance Sheet at 31 March 2016
......... continued

For the year ending 31 March 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 29 November 2016

.........................................
B Brenzone
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

KriticalMass Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Amortisation

Capitalised website development costs are amortised over the periods the company expects to generate economic benefits from the website being developed. The amortisation expense is included within administrative expenses in the profit and loss account. No amortisation expense is recognised during the development phase of websites pre launch.

Website development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the profit and loss account as incurred.

Asset class	Amortisation method and rate
Website development costss	Straight line over 3 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

KriticalMass Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

The convertible loanholder has the option to convert the loan to equity on a future valuation based on a financing round at a 30% discount and/or at the point of the financing round can ask for any proportion of the loan to be returned with a 1% p.m interest charge.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 April 2015	159,067	2,140	161,207
Additions	34,019	-	34,019
At 31 March 2016	193,086	2,140	195,226
Depreciation
At 1 April 2015	53,022	839	53,861
Charge for the year	61,749	535	62,284
At 31 March 2016	114,771	1,374	116,145
Net book value
At 31 March 2016	78,315	766	79,081
At 31 March 2015	106,045	1,301	107,346

3	Share capital

Allotted, called up and fully paid shares
				2016		2015
			No.	£	No.	£

A Ordinary shares of	£0.0001	each	19,012	1	19,012	1
B Ordinary shares of	£0.0001	each	172	1	172	1

Page 4

KriticalMass Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

19,184

Page 5