Lomox Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06439471 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th April 2018

for

Lomox Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

W O Zawawi

R Preece

Professor A N Davies

N K Goyal

Dr M J Elwell

REGISTERED OFFICE:

Bank House

Market Square

Congleton

Cheshire

CW12 1ET

REGISTERED NUMBER:

06439471 (England and Wales)

FIXED ASSETS

Intangible assets

4

2,704,234

2,575,441

Property, plant and equipment

5

2,386

3,222

2,706,620

2,578,663

CURRENT ASSETS

Debtors

28,641

101,041

Cash at bank and in hand

191,505

99,254

220,146

200,295

CREDITORS

Amounts falling due within one year

5,316,327

4,716,419

NET CURRENT LIABILITIES

(5,096,181

)

(4,516,124

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,389,561

)

(1,937,461

)

CAPITAL AND RESERVES

Called up share capital

6

878

878

Share premium

349,972

349,972

Retained earnings

(2,740,411

)

(2,288,311

)

SHAREHOLDERS' FUNDS

(2,389,561

)

(1,937,461

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2018 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th April 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 28th August 2018 and were signed on its behalf by:

Dr M J Elwell - Director

1.	STATUTORY INFORMATION

Lomox 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 do not comprise statutory accounts within the meaning of sections 435 - 436 of the

Companies Act 2006. Statutory accounts for the year ended 30 April 2018 were approved by the Board of

Directors and will be delivered to the Registrar of Companies. These statutory accounts are not subject to audit.

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard

applicable in the UK and Republic of Ireland" ("FRS 102"), the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime, and under the historical cost convention. The

disclosure requirements of section 1A of FRS 102 have been.

Going Concern

The financial statements have been prepared on a going concern basis. The validity of the going concern

assumption depends on the continued support of the company's shareholders and parent company, Galloping

Technology Limited. The directors are of the opinion that this support will be forthcoming if necessary.

Intangible assets

The Company capitalises development expenditure as an intangible asset when it is able to demonstrate all of the

following:

(a) The technical feasibility of completing the development so the intangible asset will be available for use or

sale.

(b) Its intention to complete the development and to use or sell the intangible asset.

(c) Its ability to use or sell the intangible asset.

(d) How the intangible asset will generate probable future economic benefits.

(e) The availability of adequate technical, financial and other resources to complete the development and to use

or sell the intangible asset.

(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Furthermore, as the development costs capitalised under this policy are expected to produce future economic

benefits the amortisation of such costs will be treated as a realised loss in accordance with section 844 of

Companies Act 2006 rather than the initial expenditure.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are not currently amortised until brought into use.

Tangible fixed assets

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 reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

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

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

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans, directors loans and preference shares.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand), trade debtors, trade creditors and preference shares that are

classified as debt. are initially recognised at 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 rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest

rate method.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Statement of Income and Retained Earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st May 2017

2,575,441

Additions

128,793

At 30th April 2018

2,704,234

NET BOOK VALUE

At 30th April 2018

2,704,234

At 30th April 2017

2,575,441

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

COST

At 1st May 2017

and 30th April 2018

39,063

DEPRECIATION

At 1st May 2017

35,841

Charge for year

836

At 30th April 2018

36,677

NET BOOK VALUE

At 30th April 2018

2,386

At 30th April 2017

3,222

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/4/18

30/4/17

value:

as restated

£

£

878

Ordinary GBP1

£1

878

878

Short Summary of Ordinary Share rights:

The Ordinary Shares have a right to dividends (but only after payment of a preferential dividend to the holders of

A Preferred Shares).

The Ordinary Shares have a right to a return of capital on a liquidation, dissolution or winding-up (but only after

the making good of any arrears in payment of the preferential dividend to the holders of A Preferred Shares, and

after a return of capital to A Preferred Share holders).

The Ordinary shares are not liable to be redeemed.

Full details of the rights attaching to the Ordinary Shares are set out in the Company's articles of association

7.	RELATED PARTY DISCLOSURES

During the year Galloping Technologies Limited who are the parent company of Lomox Limited were recharged

expenses from Lomox Limited totalling £40,532 (2017: £33,069), there was no balance outstanding at the year

end.

2018

2017

Remuneration paid to directors

£50,559

£49,212

There was a balance outstanding at the year end of £3,818 (2017: £3,800), payable to directors.

No directors were accruing retirement benefits during the year.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Galloping Technologies Limited who's address is Ocean Centre, Montagu

Foreshore, East Bay Street, PO Box SS-19084, Nassau, Bahamas by virtue of its 75% ownership. (2017: 70%

ownership)

9.	PREFERENCE SHARES

Class:

Nominal Value:

30/04/2018

30/04/2017

Brought forward

A PREFERRED

£1

2,049

2,049

Share issue 05/03/2018

A PREFERRED

£1

585

0

Total

2,634

2,049

Short Summary of A Preferred share rights:

A Preferred shares have a priority right to dividends (at the rate of 8% per annum of the original subscription

price paid on issue of an A Preferred Share).

A Preferred shares have a priority right to a return of capital on a liquidation, dissolution or winding-up.

The A Preferred Shares are liable to be redeemed (on notice in writing by the holders thereof to the Company),

upon the happening of any of the redemption trigger events set out in the Company's articles of association, or at

any time after the fifth anniversary of the adoption of the Company's articles of association.

Full details of the rights attaching to the A Preferred Shares are set out in the Company's articles of association.