Seldon Technologies Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09188032 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

SELDON TECHNOLOGIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A M Housley

REGISTERED OFFICE:

Stapleton House

Block A, 2nd Floor

110 Clifton Street

London

EC2A 4HT

REGISTERED NUMBER:

09188032 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Limited

Stapleton House

Block A, 2nd Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Tangible assets

5

767

-

Investments

6

300,404

300,319

301,171

300,319

CURRENT ASSETS

Debtors

7

504,474

215,014

Cash at bank

114,326

23,508

618,800

238,522

CREDITORS

Amounts falling due within one year

8

236,938

60,016

NET CURRENT ASSETS

381,862

178,506

TOTAL ASSETS LESS CURRENT LIABILITIES

683,033

478,825

CAPITAL AND RESERVES

Called up share capital

9

8

Share premium

536,699

486,699

Equity liability

926

-

Retained earnings

145,399

(7,882

)

683,033

478,825

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 4 June 2018 and were signed by:

A M Housley - Director

1.	STATUTORY INFORMATION

Seldon Technologies 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.

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

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.

First year adoption of financial reporting standard 102 (frs 102) section 1a

These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP (FRSSE

2015), the date of transition to FRS 102 Section 1A is 1 September 2015.

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

and have no impact on equity or profit and loss.

Preparation of consolidated financial statements

The financial statements contain information about Seldon Technologies 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.

Significant judgements and estimates

There are no significant judgements or estimates applied to the numbers 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.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment

losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write

off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment - 33.33% on straight line

Fixed asset investments are initially measured at cost less any accumulated impairment in value. Where there has

been a permanent impairment in value, the asset is written off to its realisable value in the year of impairment.

Financial instruments

The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial

paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount

and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The

impairment loss is recognised in the Income Statement.

If there is decrease in the impairment loss arising from an event occurring after the impairment as recognised the

impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying

amount would have been had the impairment not previously been recognised. The impairment reversal is

recognised in the Income Statement.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in,the Income

Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot

be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party

or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the

asset to an unrelated third party without imposing additional restrictions.

Taxation

Taxation for the year comprises current 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 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 statement of financial position date.

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 Director has a reasonable expectation that the Company will continue to trade profitably and have adequate

resources to continue in operational existence for the foreseeable future. The Director is therefore of the opinion

that he should continue to adopt the going concern basis of accounting in preparing the annual financial

statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to

changes in value.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

767

At 31 August 2017

767

NET BOOK VALUE

At 31 August 2017

767

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 September 2016

300,319

Additions

85

At 31 August 2017

300,404

NET BOOK VALUE

At 31 August 2017

300,404

At 31 August 2016

300,319

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

13,458

-

Amounts owed by group undertakings

474,059

211,945

Other debtors

16,957

3,069

504,474

215,014

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade creditors

3,856

-

Other creditors

233,082

60,016

236,938

60,016

Included in other creditors are £50,000 convertible loan notes with a maturity date of 11 August 2018. The loan

notes accrue interest at the rate of 6% per annum. The loan notes shall automatically convert to fully paid A

Ordinary shares on the next seed equity fund raising or on a change of control. Loan notes outstanding at the

maturity date can be redeemed at the principal amount together with applicable interest.

9.	RELATED PARTY DISCLOSURES

During the year the director settled expenses totalling £42 on behalf of the company. At the date of the financial

statements, the company was owed £10,016 (2016 - £9,974) to the director. The loan is interest free and

repayable on demand.