Paddle.com Market Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 08172165 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016

FOR

PADDLE.COM MARKET LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H Grimston

C Owens

M Pearson

H Briggs

M W Evans

REGISTERED OFFICE:

15 Briery Close

Great Oakley

Corby

Northamptonshire

NN18 8JG

REGISTERED NUMBER:

08172165 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Limited

Stapleton House

Block A, 2nd Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Intangible assets

2

49,814

75,393

Tangible assets

3

7,973

12,239

Investments

4

85

-

57,872

87,632

CURRENT ASSETS

Debtors

214,283

75,068

Cash at bank

534,153

458,846

748,436

533,914

CREDITORS

Amounts falling due within one year

1,250,048

623,948

NET CURRENT LIABILITIES

(501,612

)

(90,034

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(443,740

)

(2,402

)

CAPITAL AND RESERVES

Called up share capital

5

1,355

1,354

Share premium

742,466

742,346

Profit and loss account

(1,187,561

)

(746,102

)

SHAREHOLDERS' FUNDS

(443,740

)

(2,402

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 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 22 May 2017 and were signed on its behalf by:

H Grimston - 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 Paddle.com Market Limited 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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Intangible fixed asset

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value,

over their expected useful economic life. Where the directors consider that there has been a permanent

impairment in value the asset is written down to its realisable value in the year of impairment.

IP & trademark - 20% on straight line

Website development - 20% on straight line

Tangible fixed assets

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

Computer equipment

-

33.33% on straight line

Fixtures and fittings

-

33.33% on straight line

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

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.

Hire purchase and 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.

Going concern

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

year and the directors are aware the balance sheet shows negative net assets, however the directors are confident

the performance will be reversed once the research and development stage has been completed and the company

becomes fully operational. On this basis, the directors are therefore of the opinion that they should continue to

adopt the going concern basis in preparing the annual financial statements.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

127,894

AMORTISATION

At 1 September 2015

52,501

Amortisation for year

25,579

At 31 August 2016

78,080

NET BOOK VALUE

At 31 August 2016

49,814

At 31 August 2015

75,393

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

17,621

Additions

1,616

At 31 August 2016

19,237

DEPRECIATION

At 1 September 2015

5,382

Charge for year

5,882

At 31 August 2016

11,264

NET BOOK VALUE

At 31 August 2016

7,973

At 31 August 2015

12,239

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

85

At 31 August 2016

85

NET BOOK VALUE

At 31 August 2016

85

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

90,150

Ordinary shares

£0.01

902

901

45,328

Ordinary A shares

£0.01

453

1,355

1,354

On 24 June 2016, the company issued 60 £0.01 Ordinary shares for a total consideration of £120.