Tapdaq Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08309095 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Tapdaq Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E J Nash

N J Reffitt

P O Backman

R C F Buckley

W M Evans

H C Briggs

REGISTERED OFFICE:

Third Floor

29 - 30 Ely Place

London

EC1N 6TD

REGISTERED NUMBER:

08309095 (England and Wales)

ACCOUNTANTS:

Phillips Dinnes Limited

Chartered Accountants

Incorporating Patricia Todd

115 South Road

Taunton

Somerset

TA1 3EA

FIXED ASSETS

Tangible assets

4

59,974

11,925

CURRENT ASSETS

Debtors

5

99,354

14,396

Cash at bank

3,232,142

3,443,302

3,331,496

3,457,698

CREDITORS

Amounts falling due within one year

6

(49,685

)

(71,067

)

NET CURRENT ASSETS

3,381,181

3,528,765

TOTAL ASSETS LESS CURRENT LIABILITIES

3,441,155

3,540,690

CAPITAL AND RESERVES

Called up share capital

8

417

388

Share premium

5,131,132

4,216,424

Retained earnings

(1,690,394

)

(676,122

)

SHAREHOLDERS' FUNDS

3,441,155

3,540,690

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 22 September 2017 and were signed on its behalf by:

N J Reffitt - Director

1.	STATUTORY INFORMATION

Tapdaq Limited 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.	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.

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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

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

over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2016

-

-

13,968

13,968

Additions

35,162

11,929

11,497

58,588

At 31 December 2016

35,162

11,929

25,465

72,556

DEPRECIATION

At 1 January 2016

-

-

2,043

2,043

Charge for year

4,220

1,440

4,879

10,539

At 31 December 2016

4,220

1,440

6,922

12,582

NET BOOK VALUE

At 31 December 2016

30,942

10,489

18,543

59,974

At 31 December 2015

-

-

11,925

11,925

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

1,706

1,463

Other debtors

97,648

12,933

99,354

14,396

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

52,508

4,238

Taxation and social security

(163,457

)

(79,972

)

Other creditors

61,264

4,667

(49,685

)

(71,067

)

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.16

31.12.15

£

£

Within one year

78,525

-

Between one and five years

259,455

-

337,980

-

On 22 April 2016 a five year lease was taken out for 29-30 Ely Place at an annual rent of

£87,250. A six month rent free period was granted and this has been apportioned over

the period of the lease.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

2,111,513

Ordinary

£0.00

01

211

209

34,874

A Ordinary

£0.00

01

4

4

772,219

A Preferred

£0.00

01

77

77

1,252,555

A-1 Preferred

£0.00

01

125

98

417

388

The following fully paid shares were allotted during the year at a premium as shown

below:-

3 February 2016 268,295 £0.0001 A-1 Preferred shares at £3.39306 per share

5 April 2016 17,513 £0.0001 Ordinary shares at £0.2510 per share, issued under the

EMI approved share option scheme

9.	SHARE-BASED PAYMENT TRANSACTIONS

Approved share option scheme

The company operates an HM Revenue and Customs approved Enterprise Management

Incentive scheme for its qualifying employees who are entitled to a grant of options for

Ordinary Shares.

The share options vest over a four year period from the date of grant, with twenty five

per cent of options vesting after twelve months, the balance vesting in equal monthly

tranches over the remaining three years.

In the event that the option holder's employment with the company is terminated for any

reason, vesting of options shall immediately cease, any unvested options shall lapse and

vested options shall be exercisable for a maximum period of sixty days.

The exercise price of the options granted in 2015 was £0.2510 and the exercise price of

the options granted in 2016 is £0.6786. The expense recognised for approved

share-based payments during the year to 31 December 2016 is £7,489 (2015 £nil).

Unapproved share option scheme

The company operates an unapproved share option scheme for individuals who provide

advisory or consultancy or other services to the company or is a non-executive director

of the company.

The share options vest over a four year period from the date of grant, with twenty five

per cent of options vesting after twelve months, the balance vesting in equal monthly

tranches over the remaining three years.

In the event that the option holder shall cease to be an eligible person for good reason,

an option may be exercised, to the extent that the option holder was entitled to exercise

that option immediately prior to that date over a maximum period of twelve months.

The exercise price of the options granted in 2015 was £0.2510 and the exercise price of

the options granted in 2016 is £0.6786.

The following table illustrates the number and weighted average exercise prices (WAEP)

of, and movement in, share options during the year.

2016

2016

2015

2015

Number

WAEP

Number

WAEP

Outstanding as at 1 January

181,318

£0.2510

0

Granted during the year

157,581

£0.6786

181,318

£0.2510

Forfeited during the year

(45,863

)

£0.3808

0

Exercised

(17,513

)

£0.2510

0

Outstanding at 31 December

275,523

£0.4739

181,318

£0.2510

Exercisable at 31 December

124,314

£0.4164

82,074

£0.3727