Company Registration No. 04394624 (England and Wales)
MOBILEWEBADZ LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
MOBILEWEBADZ LIMITED
COMPANY INFORMATION
Directors
Mr K O'Keeffe
Mr S Jacobs
(Appointed 4 September 2015)
Secretary
Mr K O'Keeffe
Company number
04394624
Registered office
Units 4 - 6, 2nd Floor, Europoint House
5-11 Lavington Street
London
SE1 0NZ
Auditors
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Business address
Units 4 - 6, 2nd Floor, Europoint House
5-11 Lavington Street
London
SE1 0NZ
MOBILEWEBADZ LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 20
MOBILEWEBADZ LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present the strategic report and financial statements for the year ended 31 March 2016.
Fair review of the business
There has been a period of change in the market and in our business and therefore it has been a tough year for both the market and Mobilewebadz Limited. Key performance indicators have been watched closely in the year as the directors report a fall in revenue of 18.3% whilst gross margin contribution fell by £4.97m compared to 2015. The directors forecast that this downturn will stabilize over the next year, and the company will see an improvement in revenue and margin contribution. Proactive action has been taken on cost while protecting key investment projects and a clear strategic vision has been communicated to the business. The company sees continued growth opportunities in the global market it operates in. The directors are confident that the company will be able to make the most of these opportunities and will develop a stronger business over the next 12 months.
The business continues to adapt to technical and market industry changes and make significant investments in research, development and the underlying products and services it offers. The company has built a new self-service interface with the aim to provide full system access to our clients. This new system complements our existing account managed model.
The principal risks and uncertainties in the business continue to focus on regulation and compliance. Changes in regulation and compliance can have a major impact on revenues at short notice and can also dictate cost of sales pricing. The business manages this risk by continuing to invest in global expansion to ensure a wide coverage of revenue and mobile traffic sources giving us flexibility in the market place.
On 30 August 2016 the group purchased the trade and assets of Buzzcity Pte Ltd, a competing business and some of its subsidiaries for the consideration of $1. This investment will give the company access to new advertisers and mobile traffic in areas of the world we have not previously been able to utilise. The directors expect synergies from this investment to support the growth of the business and diversity of our portfolio further in to mainstream and desktop markets.
Mr S Jacobs
Director
14 October 2016
MOBILEWEBADZ LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2016.
Principal activities
The principal activity of the company continued to be that of software development and supply.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr K O'Keeffe
Mr N J G Bigaignon
(Resigned 9 July 2015)
Mr M Williams
(Resigned 9 July 2015)
Mr R J M Watney
(Appointed 9 July 2015 and resigned 4 September 2015)
Mr D C Beck
(Appointed 22 May 2015 and resigned 4 September 2015)
Mr S Jacobs
(Appointed 4 September 2015)
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The business has a £1m facility in place (not fully drawn down) and no other debt. As cash reserves continue to increase, the business sees little short and medium term risk in the area as a result and can continue to self-finance any medium term investments.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies.
Mobilewebadz has income globally but continues to undertake much of its trading in United States Dollars (at gross profit level). As such, movements in the USD to GBP rate impacts the net contribution.
Research and development
The company undertakes research and development into the production of prototypes and design of algorithms for use in the trade of the company.
Future developments
T
he
directors believe that there are currently no major
future developments
requiring disclosure.
Auditors
The auditors, Carpenter Box, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditors
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.
MOBILEWEBADZ LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
On behalf of the board
Mr S Jacobs
Director
14 October 2016
MOBILEWEBADZ LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MOBILEWEBADZ LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOBILEWEBADZ LIMITED
- 5 -
We have audited the financial statements of MobileWebAdz Limited for the year ended 31 March 2016 which comprise the Income Statement, the Statement Of Financial Position, the Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion the financial statements: • give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its loss for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006.
-
give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
true
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Robin Evans BA FCA CTA (Senior Statutory Auditor)
for and on behalf of Carpenter Box
26 October 2016
Chartered Accountants
Statutory Auditor
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
MOBILEWEBADZ LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
2016
2015
Notes
£
£
Revenue
3
29,130,589
35,670,352
Cost of sales
(24,402,942)
(25,969,305)
Gross profit
4,727,647
9,701,047
Administrative expenses
(5,606,974)
(6,705,387)
Operating (loss)/profit
4
(879,327)
2,995,660
Investment income
7
27
21
Finance costs
8
(36,832)
(21,707)
(Loss)/profit before taxation
(916,132)
2,973,974
Taxation
9
-
(557,798)
(Loss)/profit for the financial year
19
(916,132)
2,416,176
Total comprehensive income for the year
(916,132)
2,416,176
The income statement has been prepared on the basis that all operations are continuing operations.
MOBILEWEBADZ LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2016
31 March 2016
- 7 -
2016
2015
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
10
119,480
193,971
Investments
11
6,453
6,453
125,933
200,424
Current assets
Trade and other receivables
13
7,378,957
6,479,080
Cash at bank and in hand
2,008,417
2,984,704
9,387,374
9,463,784
Current liabilities
14
(5,027,465)
(4,262,234)
Net current assets
4,359,909
5,201,550
Total assets less current liabilities
4,485,842
5,401,974
Equity
Called up share capital
17
7,830
7,830
Share premium account
18
2,705,274
2,705,274
Retained earnings
19
1,772,738
2,688,870
Total equity
4,485,842
5,401,974
The financial statements were approved by the board of directors and authorised for issue on 14 October 2016 and are signed on its behalf by:
Mr S Jacobs
Director
Company Registration No. 04394624
MOBILEWEBADZ LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2016
- 8 -
Share capital
Share premium account
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 April 2014
7,830
2,705,274
34,186
272,694
3,019,984
Period ended 31 March 2015:
Profit and total comprehensive income for the year
-
-
-
2,416,176
2,416,176
Share based payment reserve movement
-
-
(34,186)
-
(34,186)
Balance at 31 March 2015
7,830
2,705,274
-
2,688,870
5,401,974
Period ended 31 March 2016:
Profit and total comprehensive income for the year
-
-
-
(916,132)
(916,132)
Balance at 31 March 2016
7,830
2,705,274
-
1,772,738
4,485,842
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 9 -
1
Accounting policies
Company information
MobileWebAdz Limited is a
company
limited by shares
incorporated in England and Wales.
The registered office is
Units 4 - 6, 2nd Floor, Europoint House, 5-11 Lavington Street, London, SE1 0NZ.
1.1
Accounting convention
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”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2016
are the
first
financial statements of MobileWebAdz Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the
parent of that group prepares publicly available consolidated financial statements, including this company,
which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss
of the group. The company has therefore taken advantage of exemptions from the following disclosure
requirements for
subsidiary and ultimate
parent company information presented within the consolidated financial statements:
• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing
number of
shares;
• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related
notes
and disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ –
C
arrying amounts, interest income/expense and net gains/losses for each category of
financial
instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details
of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive
income;
• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
MobileWebAdz Limited is a wholly owned subsidiary of Mobilewebadz Global Limited and the results of MobileWebAdz Limited are included in the consolidated financial statements of Mobilewebadz Global Limited which are available from Companies House.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 10 -
1.3
Revenue
Revenue represents amounts receivable for services net of VAT and trade discounts.
represents amounts receivable for services net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised based upon volume of online traffic the company has facilitated through software development and supply.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% Reducing balance per annum
Fixtures, fittings and equipment
25% Reducing balance per annum
Computer equipment
25% Straight line per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is recognised in the income statement.
1.5
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of non-current assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 11 -
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial assets and liabilities
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties. Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 12 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense . The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Share-based payments
The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company’s estimate of shares or options that will eventually vest.
company’s
estimate of shares or options that will eventually vest.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Revenue
An analysis of the company's revenue is as follows:
2016
2015
£
£
Turnover
Fees receivable
29,130,589
35,670,352
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
3
Revenue
(Continued)
- 13 -
Revenue analysed by geographical market
2016
2015
£
£
Africa
771,924
659,269
Asia
6,976,972
7,230,380
Australasia
1,086,980
1,268,691
Europe
7,419,802
11,341,514
North America
9,632,924
10,390,590
South America
1,046,123
2,277,694
United Kingdom
2,195,864
2,502,214
29,130,589
35,670,352
The
company
operates in
one
principal area of activity, that of
the supply of services. Turnover is therefore made up 100% by the fees receivable in relation to the supply of these services.
4
Operating (loss)/profit
2016
2015
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
239,983
(184,548)
Fees payable to the company's auditors for the audit of the company's financial statements
21,000
20,000
Depreciation of owned property, plant and equipment
94,686
106,481
(Profit)/loss on disposal of property, plant and equipment
(1,645)
1,506
Share-based payments
-
(34,186)
Operating lease charges
98,720
107,269
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 14 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2016
2015
Number
Number
Director
2
2
Finance
4
3
Human resources
1
1
Management
1
1
Marketing/Adminstration
1
1
Operations
4
8
Publishing
3
4
Sales
10
14
Technology
10
15
36
49
Their aggregate remuneration comprised:
2016
2015
£
£
Wages and salaries
2,017,958
2,834,483
Social security costs
261,249
361,112
Pension costs
4,860
960
2,284,067
3,196,555
6
Directors' remuneration
2016
2015
£
£
Remuneration for qualifying services
304,033
164,302
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
212,925
-
As directors' remuneration was below £200,000 in 2015 there was no requirement to disclose the amounts paid to the highest paid director.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 15 -
7
Investment income
2016
2015
£
£
Interest income
Interest on bank deposits
27
21
8
Finance costs
2016
2015
£
£
Interest on bank overdrafts and loans
36,832
21,707
9
Taxation
2016
2015
£
£
Deferred tax
Origination and reversal of timing differences
-
557,798
The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:
2016
2015
£
£
(Loss)/profit before taxation
(916,132)
2,973,974
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2015: 20.00%)
(183,226)
594,795
Tax effect of expenses that are not deductible in determining taxable profit
29,209
62,626
Tax effect of utilisation of tax losses not previously recognised
-
(233,574)
Unutilised tax losses carried forward
139,184
-
Permanent capital allowances in excess of depreciation
(3,775)
(18,893)
Depreciation on assets not qualifying for tax allowances
18,937
21,296
Research and development tax credit
-
(426,551)
(Profit)/Loss on sale of fixed assets
(329)
301
Origination and reversal of timing differences
-
557,798
Tax expense for the year
-
557,798
At the balance sheet date the company had taxable losses of £1,835,347 (2015 - £1,139,456) available to utilise in future periods.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 16 -
10
Property, plant and equipment
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2015
20,210
24,565
471,897
516,672
Additions
-
-
25,151
25,151
Disposals
-
-
(12,820)
(12,820)
At 31 March 2016
20,210
24,565
484,228
529,003
Depreciation and impairment
At 1 April 2015
18,427
13,319
290,955
322,701
Depreciation charged in the year
446
2,811
91,429
94,686
Eliminated in respect of disposals
-
-
(7,864)
(7,864)
At 31 March 2016
18,873
16,130
374,520
409,523
Carrying amount
At 31 March 2016
1,337
8,435
109,708
119,480
At 31 March 2015
1,783
11,246
180,942
193,971
11
Fixed asset investments
2016
2015
Notes
£
£
Investments in subsidiaries
12
6,453
6,453
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2015 & 31 March 2016
6,453
Carrying amount
At 31 March 2016
6,453
At 31 March 2015
6,453
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 17 -
12
Subsidiaries
These financial statements are separate company financial statements for Mobilewebadz Limited.
Details of the company's subsidiaries at 31 March 2016 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Mobadz Inc. (PHP)
Philippines
Operations support
Ordinary PHP
99.93
Mobadz Inc (US)
USA
Operations support
Ordinary $1
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Mobadz Inc. (PHP)
42,619
178,755
Mobadz Inc (US)
23,156
128,706
13
Trade and other receivables
2016
2015
Amounts falling due within one year:
£
£
Trade receivables
3,828,812
6,205,287
Amount due from parent undertaking
3,317,096
-
Amounts due from subsidiary undertakings
57,553
57,553
Other receivables
87,770
117,007
Prepayments and accrued income
87,726
99,233
7,378,957
6,479,080
14
Current liabilities
2016
2015
Notes
£
£
Borrowings
15
703,929
595,117
Trade payables
3,636,271
2,747,430
Other taxation and social security
81,032
246,408
Other payables
163,541
226,782
Accruals and deferred income
442,692
446,497
5,027,465
4,262,234
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 18 -
15
Borrowings
2016
2015
£
£
Bank overdrafts
703,929
595,117
Payable within one year
703,929
595,117
The bank overdrafts are secured against a debenture and personal guarantee of £250,000 provided by Mr K O'Keefe, a director of the company.
16
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
The charge to profit and loss in respect of defined contribution schemes was £4,860 (2015 - £960).
17
Share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
3,131,854 ordinary shares of 0.25p each
7,830
7,830
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
18
Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
19
Retained earnings
Includes all current and prior year retained profits and losses.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 19 -
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2016
2015
£
£
Within one year
64,625
75,350
Between two and five years
26,927
91,552
91,552
166,902
21
Related party transactions
During the year the company issued an interest free loan of £21,056 (2015 - £nil) to Mr B Keirle who is a member of the management team and director in the parent company.
K O'Keeffe provided a personal limited guarantee of £250,000 (2015 - £250,000) against the overdraft facility provided to the company.
Included in other debtors is an amount of £nil (2015 - £2,258) due from R Watney, a former director.
During the year the company was invoiced £305,376 (2015 - £290,898) by Mobadz Inc., a subsidiary undertaking incorporated in the Philippines, for services provided. At the balance sheet date the amount owed to the subsidiary undertaking amounted to £136,626 (2015 - owed by the subsidiary £27,553).
During the year the company invoiced £2,794,162 (2015 - £466,184) to MobStuff (UK) Limited, a company under the control of the directors of Mobilewebadz Limited, for services provided. The company was charged £58,598 (2015 - £37,693) during the year by MobStuff UK Limited for services provided. At the balance sheet date the amount owed by the connected company amounted to £529,120 (2015 - £453,146), of which £583,937 (2015 - £514,466) is included in trade debtors and £54,817 (2015 - £61,320) in trade creditors.
During the year the company invoiced £141,259 (2015 - £20,470) to MobBill (UK) Limited, a company under the control of the directors of Mobilewebadz Limited, for services provided. At the balance sheet date the amount owed by the connected company amounted to £128,496 (2015 - £22,159) of which £141,259 (2015 - £22,159) is included in trade debtors and £12,763 (2015 - £nil) is included in other debtors.
During the year the company also invoiced £nil (2015 - £2,831,594) to Mobafill Limited, a company which K O'Keeffe owns and controls. At the balance sheet date the company owed £9,185 (2015
- the company
was owed £1,993,834 by Mobafill Limited) to the connected company Mobafill Limited.
MOBILEWEBADZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 20 -
22
Directors' transactions
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr K O'Keeffe - directors loan
-
60,446
-
-
60,446
-
Mr S Jacobs - directors loan
-
-
2,800
-
-
2,800
60,446
2,800
-
60,446
2,800
23
Controlling party
On 5 September 2015 an organisational restructure took place resulting in the immediate and ultimate parent company becoming Mobilewebadz Global
Limited
, a company incorporated in England and Wales.
The results of this company are included within the consolidated financial statements of Mobilewebadz Global Limited, copies of which are available from Companies House.
2016-03-31
2015-04-01
false
CCH Software
CCH Accounts Production 2016.201
04394624
2015-04-01
2016-03-31
04394624
bus:CompanySecretaryDirector1
2015-04-01
2016-03-31
04394624
bus:Director5
2015-04-01
2016-03-31
04394624
bus:CompanySecretary1
2015-04-01
2016-03-31
04394624
bus:Director1
2015-04-01
2016-03-31
04394624
bus:Director2
2015-04-01
2016-03-31
04394624
bus:Director3
2015-04-01
2016-03-31
04394624
bus:Director4
2015-04-01
2016-03-31
04394624
bus:RegisteredOffice
2015-04-01
2016-03-31
04394624
2016-03-31
04394624
2014-04-01
2015-03-31
04394624
2015-03-31
04394624
core:PlantMachinery
2016-03-31
04394624
core:FurnitureFittings
2016-03-31
04394624
core:ComputerEquipment
2016-03-31
04394624
core:PlantMachinery
2015-03-31
04394624
core:FurnitureFittings
2015-03-31
04394624
core:ComputerEquipment
2015-03-31
04394624
core:ShareCapital
2016-03-31
04394624
core:ShareCapital
2015-03-31
04394624
core:SharePremium
2016-03-31
04394624
core:SharePremium
2015-03-31
04394624
core:RetainedEarningsAccumulatedLosses
2016-03-31
04394624
core:RetainedEarningsAccumulatedLosses
2015-03-31
04394624
bus:PrivateLimitedCompanyLtd
2015-04-01
2016-03-31
04394624
bus:FRS102
2015-04-01
2016-03-31
04394624
core:PlantMachinery
2015-04-01
2016-03-31
04394624
core:FurnitureFittings
2015-04-01
2016-03-31
04394624
core:ComputerEquipment
2015-04-01
2016-03-31
04394624
1
2015-04-01
2016-03-31
04394624
1
2014-04-01
2015-03-31
04394624
2
2014-04-01
2015-03-31
04394624
core:PlantMachinery
2015-03-31
04394624
core:FurnitureFittings
2015-03-31
04394624
core:ComputerEquipment
2015-03-31
04394624
2015-03-31
04394624
core:Subsidiary1
2015-04-01
2016-03-31
04394624
core:Subsidiary2
2015-04-01
2016-03-31
04394624
core:Subsidiary1
1
2015-04-01
2016-03-31
04394624
core:Subsidiary2
3
2015-04-01
2016-03-31
04394624
core:Subsidiary1
2
2015-04-01
2016-03-31
04394624
core:Subsidiary2
4
2015-04-01
2016-03-31
04394624
core:CurrentFinancialInstruments
2016-03-31
04394624
core:CurrentFinancialInstruments
2015-03-31
04394624
bus:Audited
2015-04-01
2016-03-31
04394624
bus:FullAccounts
2015-04-01
2016-03-31
xbrli:pure
xbrli:shares
iso4217:GBP