| Exonar Limited |
| Registered number: |
06439969 |
| Abbreviated Balance Sheet |
| as at 30 November 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
2,670 |
|
|
9,579 |
| Tangible assets |
3 |
|
|
42,135 |
|
|
66,268 |
|
|
|
|
44,805 |
|
|
75,847 |
|
| Current assets |
| Debtors |
|
|
185,363 |
|
|
434,295 |
| Cash at bank and in hand |
|
|
18,645 |
|
|
384,285 |
|
|
|
204,008 |
|
|
818,580 |
|
| Creditors: amounts falling due within one year |
|
|
(285,145) |
|
|
(62,764) |
|
| Net current (liabilities)/assets |
|
|
|
(81,137) |
|
|
755,816 |
|
| Total assets less current liabilities |
|
|
|
(36,332) |
|
|
831,663 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(59,290) |
|
|
(59,055) |
|
|
|
| Net (liabilities)/assets |
|
|
|
(95,622) |
|
|
772,608 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
2,418 |
|
|
2,139 |
| Share premium |
|
|
|
2,556,918 |
|
|
2,082,361 |
| Profit and loss account |
|
|
|
(2,654,958) |
|
|
(1,311,892) |
|
| Shareholders' funds |
|
|
|
(95,622) |
|
|
772,608 |
|
|
|
|
|
|
|
|
| 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. |
| The 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. |
|
|
|
| A W Barrett |
| Director |
| Approved by the board on 24 January 2017 |
|
| Exonar Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 30 November 2016 |
|
| 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 January 2015). |
|
|
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. |
|
|
Amortisation |
|
The intangible asset represents legal costs relating to the equity investment in the company as shown in note 11 below "Share Capital". The costs are being amortised over a 3 year period. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Equipment, fixtures and fittings |
10% to 25% straight line |
|
|
Research and Development |
|
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
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. |
|
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
|
|
|
|
Going concern |
|
As at 30 November 2016, the company had net liabilities of £72,390 after making a loss of £1,340,954 (November 2015: £476,491). The loss was primarily as a result of writing down research and development work. The company is reliant upon the continued support of the directors, private loans and existing investors. All parties have confirmed their willingness to support the company for the foreseeable future and therefore the directors have prepared these accounts on a going concern basis. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 December 2015 |
20,727 |
|
At 30 November 2016 |
20,727 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 December 2015 |
11,148 |
|
Provided during the year |
6,909 |
|
At 30 November 2016 |
18,057 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2016 |
2,670 |
|
At 30 November 2015 |
9,579 |
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 December 2015 |
122,034 |
|
Additions |
3,816 |
|
At 30 November 2016 |
125,850 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2015 |
55,766 |
|
Charge for the year |
27,949 |
|
At 30 November 2016 |
83,715 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2016 |
42,135 |
|
At 30 November 2015 |
66,268 |
|
|
|
|
|
|
|
|
| 4 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Secured bank loans |
59,290 |
|
53,900 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
|
Ordinary A shares |
0.0001 |
|
20,083,104 |
|
2,008 |
|
1,729 |
|
Ordinary B shares |
0.0001 |
|
2,600,000 |
|
260 |
|
260 |
|
Ordinary C shares |
0.0001 |
|
1,500,000 |
|
150 |
|
150 |
|
|
|
|
|
|
2,418 |
|
2,139 |
|
|
|
|
|
|
|
2,418 |
|
2,139 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
A W Barrett |
|
Interest free loan from the company |
106,522 |
|
- |
|
- |
|
106,522 |
|
|
|
106,522 |
|
- |
|
- |
|
106,522 |
|
|
|
|
|
|
|
|
|
