Yamgo LTD - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03597254 (England and Wales)

YAMGO LTD

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

S Ellison

I R Mullins

J B Quinn

T Denny

D R Moreau

REGISTERED OFFICE:

Unit 1

Technium 1

Kings Road

Swansea

SA1 8PH

REGISTERED NUMBER:

03597254 (England and Wales)

AUDITORS:

Gerald Thomas

Chartered Accountants and Statutory Auditor

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

63,957

61,335

Investments

5

1

1

63,958

61,336

CURRENT ASSETS

Debtors

6

448,996

414,276

Cash at bank and in hand

497,967

423,356

946,963

837,632

CREDITORS

Amounts falling due within one year

7

370,919

218,452

NET CURRENT ASSETS

576,044

619,180

TOTAL ASSETS LESS CURRENT LIABILITIES

640,002

680,516

CAPITAL AND RESERVES

Called up share capital

8

39,998

39,998

Share premium

1,505,395

1,505,395

Retained earnings

(905,391

)

(864,877

)

SHAREHOLDERS' FUNDS

640,002

680,516

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 27 November 2017 and were signed on its behalf by:

I R Mullins - Director

1.	STATUTORY INFORMATION

Yamgo 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.

The principal activity of the company during the year was the provision of digital advertising services.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The company reported a loss for the year, which the directors expected, due to a focus on

programmatic product development and expansion in Asia.

The directors have assessed the projected results of the company over the next twelve months and

consider that the company has sufficient cash reserves to cover the losses.

Therefore, having reviewed the balance sheet and likely future cash flows of the company as at the

date of approving the financial statements, the directors have a reasonable expectation that the

company has access to adequate resources to continue in operational existence for the foreseeable

future being at least 12 months from the date of approval of the 2016 financial statements.

Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover and revenue recognition

Turnover represents the revenue arising from the sale of services, stated at the fair value of the

consideration receivable, excluding value added tax, rebates and discounts. Turnover is recognised

evenly over the period in which the underlying service is provided.

Tangible fixed assets

Tangible fixed assets ae included at cost less depreciation and impairment. Depreciation is provided at

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

Plant and machinery etc - 25% on cost and 10% on cost

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 have been

enacted or substantively enacted by the balance sheet date.

Taxation

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a

similar debt instrument, those financial instruments are classed as financial liabilities. Financial

liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to

financial liabilities are included in the profit and loss account. Finance costs are calculated so as to

produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a

financial liability then this is classed as an equity instrument. Dividends and distributions relating to

equity instruments are debited direct to equity.

Government grants

Grants are credited to deferred revenue when entitlement to the grant has been established. Grants

towards capital expenditure are then released to the Income Statement over the useful life of the

assets. Grants towards revenue expenditure are released to the Income Statement as the related

expenditure is incurred.

Share-based payments

The company has applied the requirements of FRS 102 1A in respect of share-based payments. The

company has issued equity-settled share based-payments to directors and employees, which have

been measured at fair-value at the grant date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

328,722

Additions

33,015

Disposals

(205,478

)

At 31 December 2016

156,259

DEPRECIATION

At 1 January 2016

267,387

Charge for year

23,825

Eliminated on disposal

(198,910

)

At 31 December 2016

92,302

NET BOOK VALUE

At 31 December 2016

63,957

At 31 December 2015

61,335

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

1

NET BOOK VALUE

At 31 December 2016

1

At 31 December 2015

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

375,498

342,523

Other debtors

73,498

71,753

448,996

414,276

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

171,948

70,505

Taxation and social security

12,883

24,019

Other creditors

186,088

123,928

370,919

218,452

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

399,975

Ordinary

10p

39,998

39,998

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Evans (Senior Statutory Auditor)

for and on behalf of Gerald Thomas

10.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £128,280.

11.	SHARE-BASED PAYMENT TRANSACTIONS

The company has granted share options, which were still in issue at the balance sheet date, as

follows:

Year of issue

2013

2014

2015

2016

Number granted

2,666

11,000

9,200

15,000

Exercise price

£10

£10

£10

£10

Number of employees/directors/others

2

2

1

2

Exercisable to

31/12/17

31/12/19

31/12/25

31/12/26

At the balance sheet date, the total share options granted to directors and related parties were as

follows:

Director

Options held

S Ellison

1,000

S Naundorf

10,000

T Denny

1,666

I Mullins

14,200

D Moreau

1,000

N Berry

10,000

12.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under the Financial

Reporting Standard 102 Section 1A for Small Entities (FRS 102 1A) issued by the Financial Reporting

Council. The last financial statements under the previous Financial Reporting Standard for Smaller

Entities (effective January 2015) (under UK GAAP for Smaller Entities) were for the year ended 31

December 2015 and the date of transition to FRS 102 1A was therefore 1 January 2015. No

adjustments have been made as a result of the transition.