Funkypanda Digital Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09215679 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

FUNKYPANDA DIGITAL LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

B Han

W Tang

REGISTERED OFFICE:

Canterbury Court

1-3 Brixton Road

London

SW9 6DE

REGISTERED NUMBER:

09215679 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Ltd

Stapleton House Second Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Tangible assets

5

2,075

5,792

CURRENT ASSETS

Debtors

6

16,543

64,268

Cash at bank

101,315

5,956

117,858

70,224

CREDITORS

Amounts falling due within one year

7

228,002

209,846

NET CURRENT LIABILITIES

(110,144

)

(139,622

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(108,069

)

(133,830

)

CAPITAL AND RESERVES

Called up share capital

9

152

Share premium

526,499

Retained earnings

(634,720

)

(660,481

)

SHAREHOLDERS' FUNDS

(108,069

)

(133,830

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

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

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 4 January 2019 and were signed on its behalf by:

W Tang - Director

1.	STATUTORY INFORMATION

Funkypanda Digital 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 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.

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:

Office equipment - 25% on straight line

Computer equipment - 33% on straight line

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 a decrease in the impairment loss arising from an event occurring after the impairment was 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow Group companies 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 payments discounted at a

market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not,

they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and

subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial positionstatement of financial position 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.

Going concern

The financial statements have been prepared on the going concern basis. The company has incurred losses during

the period, however the directors have a reasonable expectation that the company's performance will be reversed

when the research and development stage has been completed. The directors believe that the company has

sufficient resources available to meet its future liabilities as and when they fall due. On this basis, the directors

are therefore of the opinion that they should continue to adopt the going concern basis 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.

Share based payments

The company operates an equity-settled, cash-based compensation plan. The fair value of the employee services

received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed

over the vesting period is determined by reference to the fair value of the options granted, excluding the impact

of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting

conditions are included in assumptions about the number of options that are expected to vest. At each balance

sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognises the

impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves

because the share options are equity-settled.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 10 ) .

5.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

Totals

£

COST

At 1 September 2017

4,413

12,195

16,608

Additions

-

1,056

Disposals

-

(10,035

)

(10,035

)

At 31 August 2018

4,413

3,216

7,629

DEPRECIATION

At 1 September 2017

2,955

7,861

10,816

Charge for year

1,103

1,970

3,073

Eliminated on disposal

-

(8,335

)

(8,335

)

At 31 August 2018

4,058

1,496

5,554

NET BOOK VALUE

At 31 August 2018

355

1,720

2,075

At 31 August 2017

1,458

4,334

5,792

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

Other debtors

16,543

64,268

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

Trade creditors

8,786

11,906

Taxation and social security

28,203

7,958

Other creditors

191,013

189,982

228,002

209,846

8.	LEASING AGREEMENTS

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

31.8.18

31.8.17

£

Within one year

11,970

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

15,239

Ordinary shares

£0.01

152

10.	RELATED PARTY DISCLOSURES

During the year, the directors settled expenses totalling £1,000 on behalf of the company.

At the date of the financial statements, the company owed the director £80,000 (2017 - £81,000). The loans are

interest free and repayable on demand.

Included in Other creditors is a loan of £100,000 secured by personal guarantee from one of the directors.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is the director by virtue of its shareholding in the company.

12.	SHARE-BASED PAYMENT TRANSACTIONS

The company operates an EMI qualifying share option scheme. As at the date of the Statement of Financial

Position, the company had granted 4,500 EMI qualifying share options with an exercise price of £0.01 per share.

During the year, no share options had been exercised or vested and no options had lapsed at the year-end. Share

options vest based on performance targets being met.

Funkypanda Digital Ltd - Accounts to registrar (filleted) - small 18.2

Funkypanda Digital Ltd - Accounts to registrar (filleted) - small 18.2