Codio Ltd - Accounts to registrar - small 16.3

REGISTERED NUMBER: 06969762 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

CODIO LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D S Aegerter

T May

J May

P Snalune

REGISTERED OFFICE:

51 Queens Road

London

United Kingdom

SW19 8NP

REGISTERED NUMBER:

06969762 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Limited

Stapleton House

Block A, 2nd Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Intangible assets

5

-

229,574

Tangible assets

6

-

-

Investments

7

41

-

41

229,574

CURRENT ASSETS

Debtors

8

141,096

32,451

Cash at bank

172,163

320,636

313,259

353,087

CREDITORS

Amounts falling due within one year

9

115,634

462,257

NET CURRENT ASSETS/(LIABILITIES)

197,625

(109,170

)

TOTAL ASSETS LESS CURRENT LIABILITIES

197,666

120,404

CAPITAL AND RESERVES

Called up share capital

35,631

27,885

Share premium

3,505,826

2,518,148

Retained earnings

(3,343,791

)

(2,425,629

)

SHAREHOLDERS' FUNDS

197,666

120,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 February 2017 and were signed on its behalf by:

P Snalune - Director

1.	STATUTORY INFORMATION

Codio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Codio 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.

Significant judgements and estimates

No significant judgements or estimates have been applied to arrive at the financial information contained within

these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Other income

Other income comprises grant income received.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and accumulated impairment losses.

Development costs are being amortised over their estimated useful life of 2 years.

Tangible fixed assets

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

Office equipment

-

33.33% on straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

The financial statements have been prepared on the going concern basis. The company has incurred losses during

the year but as the directors have been successful in raising additional investment they have a reasonable

expectation that the company has sufficient cash resources to allow it to meet its obligations, if and when they

become due. It is on this basis that the directors are therefore of the opinion that they should continue to adopt

the going concern basis in preparing the annual financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2015 - 6 ) .

5.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2016

and 31 December 2016

1,754,501

AMORTISATION

At 1 January 2016

1,524,927

Amortisation for year

229,574

At 31 December 2016

1,754,501

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

229,574

6.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2016

and 31 December 2016

6,286

DEPRECIATION

At 1 January 2016

and 31 December 2016

6,286

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

41

At 31 December 2016

41

NET BOOK VALUE

At 31 December 2016

41

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

37,763

31,527

Amounts owed by group undertakings

28,180

-

Prepayments

1,944

924

Corporation tax debtor

73,209

-

141,096

32,451

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

1,222

8,447

Trade creditors

25,641

6,832

Social security and other taxes

12,158

23,172

VAT

422

53

Other creditors

72,891

423,753

Accrued expenses

3,300

-

115,634

462,257

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the shareholders.

11.	FIRST YEAR ADOPTION

This is the first period that the company has presented its results and financial position in accordance with FRS

102. The last financial statements under UK GAAP were for the year ended 31 December 2015. The date of

transition to FRS 102 was 1 January 2015.

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit or loss.