Mapix Technologies Ltd. - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC167731 (Scotland)

Unaudited Financial Statements for the Year Ended 28th February 2017

for

Mapix Technologies Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

10

DIRECTORS:

Mr G. J. Riemersma

Ms E L Thomas

SECRETARY:

None Appointed

REGISTERED OFFICE:

54 Timber Bush

Edinburgh

Midlothian

EH6 6QH

REGISTERED NUMBER:

SC167731 (Scotland)

ACCOUNTANTS:

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

FIXED ASSETS

Tangible assets

4

43,937

46,854

Investments

5

30,000

30,000

73,937

76,854

CURRENT ASSETS

Stocks

182,570

133,649

Debtors

6

213,369

108,748

Cash at bank and in hand

65,978

25,461

461,917

267,858

CREDITORS

Amounts falling due within one year

7

439,622

281,999

NET CURRENT ASSETS/(LIABILITIES)

22,295

(14,141

)

TOTAL ASSETS LESS CURRENT LIABILITIES

96,232

62,713

CREDITORS

Amounts falling due after more than one year

8

11,056

23,853

NET ASSETS

85,176

38,860

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

85,076

38,760

SHAREHOLDERS' FUNDS

85,176

38,860

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2017 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 3rd August 2017 and were signed on its behalf by:

Mr G. J. Riemersma - Director

1.	STATUTORY INFORMATION

Mapix Technologies Ltd. is a private company, limited by shares , registered in Scotland. The company's

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Equipment and Fittings

-

15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provision of the instrument.

Financial assets and liabilities are offset with the net amounts presented in the financial statements when there is a

legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price

including transaction costs and are subsequently carried at amortised cost using the effective interest method

unless the arrangement constitutes a financing transaction where the transaction is measured at the present value

of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one

year are not amortised.

Classification of Financial Liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic Financial Liabilities

Basic financial liabilities including creditors, bank loans, loans from fellow group companies and preference shares

that are classified as debt are initially recognised at a transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market value of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less and are not amortised. If not, they are presented as non-current liabilities. Trade creditors are recognised

initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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 have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

Grants

The company undertakes various trading projects where it receives grants. These grants are accounted for in the

profit and loss as they are received and no part is deferred or accrued. This policy is applied across all income

grants received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Equipment

Motor

and

vehicles

Fittings

Totals

£

£

£

COST

At 1st March 2016

18,645

61,786

80,431

Additions

1,095

6,292

7,387

At 28th February 2017

19,740

68,078

87,818

DEPRECIATION

At 1st March 2016

389

33,188

33,577

Charge for year

5,227

5,077

10,304

At 28th February 2017

5,616

38,265

43,881

NET BOOK VALUE

At 28th February 2017

14,124

29,813

43,937

At 29th February 2016

18,256

28,598

46,854

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st March 2016

18,645

Additions

1,095

At 28th February 2017

19,740

DEPRECIATION

At 1st March 2016

389

Charge for year

5,227

At 28th February 2017

5,616

NET BOOK VALUE

At 28th February 2017

14,124

At 29th February 2016

18,256

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st March 2016

and 28th February 2017

30,000

NET BOOK VALUE

At 28th February 2017

30,000

At 29th February 2016

30,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Trackplot Limited

Registered office: 54 Timber Bush Edinburgh EH6 6QH

Nature of business: Tracking systems

%

Class of shares:

holding

Ordinary

75.00

31.3.16

31.3.15

£

£

Aggregate capital and reserves

(111,915

)

(99,125

)

Loss for the year

(35,289

)

(35,915

)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade debtors

150,238

98,782

Other debtors

19,530

4,490

VAT

6,457

-

Prepayments and accrued income

37,144

3,741

Accrued income

-

1,735

213,369

108,748

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Bank loans and overdrafts

26,353

27,217

Other loans

15,600

-

Hire purchase contracts

2,797

2,797

Trade creditors

109,455

11,146

Social security and other taxes

1,747

1,960

VAT

-

6,091

Other creditors

39,839

50,204

Credit card liability

3,925

3,255

Directors' loan accounts

189,209

179,329

Accrued expenses

50,697

-

439,622

281,999

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.17

29.2.16

£

£

Other loans - 1-2 years

-

10,000

Hire purchase contracts

11,056

13,853

11,056

23,853

9.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.17

29.2.16

£

£

Bank overdrafts

26,353

27,217

The bank debt is secured by a bond and floating charge over the company assets.

10.	CONTINGENT LIABILITIES

The company receives income grants to undertake a number of projects. These grants are accounted for as

income in the profit and loss as they are received. There is no amount of income deferred or accrued.

The grants are non refundable however the company must perform the duties required in the grant specifications.

There is therefore a contingent liability when the timing of grants received is before work undertaken. The

liability being the cost of the work to complete the grant.

In the year ended 29th February 2016 the company aborted such a project and has made provision of £39,839 to

cover the cost of not completing the project, In the current year this project has still not been resolved and the

provision has been left at the 2016 level.

11.	RELATED PARTY DISCLOSURES

Trackplot Limited

A subsidiary company in which Gert Riemersma is a director

Trackplot Limited received services of production costs, marketing and rent amounting to £34,150.

28.2.17

29.2.16

£

£

Amount due from related party at the balance sheet date

82,209

70,276

12.	FIRST YEAR ADOPTION

The transition from FRSSE 2015 to FRS 102 (Section 1A) has not affected the company's financial position or its

performance.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28th February 2017 set out on pages three to sixteen and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Taylor McIntyre Limited

15 East Cromwell Street

Edinburgh

Midlothian

EH6 6HD

3rd August 2017