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

REGISTERED NUMBER: 08309095 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

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 D 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

63,062

59,974

Investments

5

74

-

63,136

59,974

CURRENT ASSETS

Debtors

6

169,812

99,354

Cash at bank

1,734,501

3,232,142

1,904,313

3,331,496

CREDITORS

Amounts falling due within one year

7

(229,992

)

(49,685

)

NET CURRENT ASSETS

2,134,305

3,381,181

TOTAL ASSETS LESS CURRENT LIABILITIES

2,197,441

3,441,155

CAPITAL AND RESERVES

Called up share capital

9

417

417

Share premium

5,131,132

5,131,132

Retained earnings

(2,934,108

)

(1,690,394

)

SHAREHOLDERS' FUNDS

2,197,441

3,441,155

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 27 September 2018 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2017

35,162

11,929

25,465

72,556

Additions

-

1,395

15,562

16,957

At 31 December 2017

35,162

13,324

41,027

89,513

DEPRECIATION

At 1 January 2017

4,220

1,440

6,922

12,582

Charge for year

5,229

1,935

6,705

13,869

At 31 December 2017

9,449

3,375

13,627

26,451

NET BOOK VALUE

At 31 December 2017

25,713

9,949

27,400

63,062

At 31 December 2016

30,942

10,489

18,543

59,974

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

74

At 31 December 2017

74

NET BOOK VALUE

At 31 December 2017

74

On 26 January 2017 Tapdaq Limited wholly acquired 100 $0.0001 shares for $100 in

Tapdaq Inc., a company incorporated in the United States of America. Tapdaq Inc. has

been dormant since it was incorporated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

53,241

1,706

Other debtors

116,571

97,648

169,812

99,354

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

50,596

52,508

Taxation and social security

(332,101

)

(163,457

)

Other creditors

51,513

61,264

(229,992

)

(49,685

)

8.	LEASING AGREEMENTS

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

31.12.17

31.12.16

£

£

Within one year

78,525

78,525

Between one and five years

180,930

259,455

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.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

2,111,513

Ordinary

£0.00

01

211

211

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

125

417

417

10.	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, the exercise price of the

options granted in 2016 was £0.6786 and the exercise price of the options granted in

2017 is £0.6786. The expense recognised for approved share-based payments during the

year to 31 December 2017 is £nil (2016 £7,489).

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, the exercise price of the

options granted in 2016 was £0.6786 and the exercise price of the options granted in

2017 is £0.6786.

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

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

2017

2017

2016

2016

Number

WAEP

Number

WAEP

Outstanding as at 1 January

275,523

£0.4739

181,318

£0.2510

Granted during the year

203,775

£0.6786

157,581

£0.6786

Forfeited during the year

(125,926

)

£0.6786

(45,863

)

£0.3808

Exercised

0

£0

(17,513

)

£0.2510

Outstanding at 31 December

353,372

£0.5190

275,523

£0.4739

Exercisable at 31 December

190,945

£0.4341

124,314

£0.4164