false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-07-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
06851327
2017-07-01
2018-06-30
06851327
2018-06-30
06851327
2017-06-30
06851327
2016-04-01
2017-06-30
06851327
2017-06-30
06851327
2016-03-31
06851327
core:NetGoodwill
2017-07-01
2018-06-30
06851327
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2017-07-01
2018-06-30
06851327
core:PlantMachinery
2017-07-01
2018-06-30
06851327
core:FurnitureFittings
2017-07-01
2018-06-30
06851327
core:MotorVehicles
2017-07-01
2018-06-30
06851327
bus:OrdinaryShareClass1
2017-07-01
2018-06-30
06851327
bus:Director1
2017-07-01
2018-06-30
06851327
bus:Director2
2017-07-01
2018-06-30
06851327
bus:Director3
2017-07-01
2018-06-30
06851327
core:NetGoodwill
2018-06-30
06851327
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-06-30
06851327
core:PlantMachinery
2017-06-30
06851327
core:FurnitureFittings
2017-06-30
06851327
core:MotorVehicles
2017-06-30
06851327
core:PlantMachinery
2018-06-30
06851327
core:FurnitureFittings
2018-06-30
06851327
core:MotorVehicles
2018-06-30
06851327
core:WithinOneYear
2018-06-30
06851327
core:WithinOneYear
2017-06-30
06851327
core:AfterOneYear
2018-06-30
06851327
core:AfterOneYear
2017-06-30
06851327
core:ShareCapital
2018-06-30
06851327
core:ShareCapital
2017-06-30
06851327
core:RetainedEarningsAccumulatedLosses
2018-06-30
06851327
core:RetainedEarningsAccumulatedLosses
2017-06-30
06851327
core:AcceleratedTaxDepreciationDeferredTax
2018-06-30
06851327
core:AcceleratedTaxDepreciationDeferredTax
2017-06-30
06851327
core:PlantMachinery
2017-06-30
06851327
core:FurnitureFittings
2017-06-30
06851327
core:MotorVehicles
2017-06-30
06851327
bus:Director2
2016-03-31
06851327
bus:Director3
2016-03-31
06851327
bus:Director2
2016-04-01
2017-06-30
06851327
bus:Director3
2016-04-01
2017-06-30
06851327
bus:FRS102
2017-07-01
2018-06-30
06851327
bus:AuditExempt-NoAccountantsReport
2017-07-01
2018-06-30
06851327
bus:FullAccounts
2017-07-01
2018-06-30
06851327
bus:SmallCompaniesRegimeForAccounts
2017-07-01
2018-06-30
06851327
bus:PrivateLimitedCompanyLtd
2017-07-01
2018-06-30
06851327
bus:OrdinaryShareClass1
2018-06-30
06851327
bus:OrdinaryShareClass1
2017-06-30
06851327
core:ComputerEquipment
2018-06-30
06851327
core:ComputerEquipment
2017-06-30
06851327
core:ComputerEquipment
2017-07-01
2018-06-30
COMPANY REGISTRATION NUMBER:
06851327
Megablue Technologies Limited
|
|
Filleted Unaudited Financial Statements
|
|
Megablue Technologies Limited
|
|
Year ended 30 June 2018
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
Megablue Technologies Limited
|
|
Statement of Financial Position
|
|
30 June 2018
Fixed assets
Tangible assets
|
7
|
|
84,808
|
101,470
|
|
|
|
|
|
Current assets
Stocks
|
95,540
|
|
38,075
|
Debtors
|
8
|
712,932
|
|
217,387
|
Cash at bank and in hand
|
167
|
|
5,854
|
|
---------
|
|
---------
|
|
808,639
|
|
261,316
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
420,677
|
|
114,624
|
|
---------
|
|
---------
|
Net current assets
|
|
387,962
|
146,692
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
472,770
|
248,162
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
10
|
|
22,391
|
46,575
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
13,665
|
16,293
|
|
|
---------
|
---------
|
Net assets
|
|
436,714
|
185,294
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
12
|
|
100
|
100
|
Profit and loss account
|
|
436,614
|
185,194
|
|
|
---------
|
---------
|
Shareholders funds
|
|
436,714
|
185,294
|
|
|
---------
|
---------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Megablue Technologies Limited
|
|
Statement of Financial Position (continued)
|
|
30 June 2018
These financial statements were approved by the
board of directors
and authorised for issue on
31 October 2018
, and are signed on behalf of the board by:
Company registration number:
06851327
Megablue Technologies Limited
|
|
Notes to the Financial Statements
|
|
Year ended 30 June 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sycamore House, Sutton Quays Business Park, Sutton Weaver, Runcorn, Cheshire, WA7 3EH, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances
.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
5% straight line
|
|
Manufacturing licence
|
-
|
5% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
33% straight line / 15% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units
.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity
.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2017:
6
).
5.
Commercial link settlement agreement
Megablue Technologies Limited
(‘the Company’) entered into a Framework Agreement with Commercial Link Limited on 1 September 2011 for the provision of Bluetooth Technology and support services to Commercial Link Limited. This Framework Agreement was updated on 1 May 2012. Under the aforementioned Framework Agreements the Company received £3,249,021 from Commercial Link Limited for the provision of technologies and support services.
Commercial Link Limited appointed an Administrator on 11 July 2013 and on the same day the Administrator sold the business and assets of Commercial Link Limited to the Company. Commercial Link Limited subsequently went into liquidation on 26 March 2014.
The Liquidators of Commercial Link Limited brought legal proceedings for £4.4 million against a number of related parties which did not include the Company but however included allegations in respect of monies paid by Commercial Link Limited to the Company.
These proceedings were set down for trial in January 2018. Before trial, a settlement of the proceedings was reached with those related parties with no admission of liability on their part. As these legal proceedings referred to allegations in respect of monies received by the Company, it was resolved that the Company should underwrite the settlement by being party to the settlement and provide security. There was no admittance of any liability by the Company and all potential claims were resolved.
The Liquidators £4.4 million claim was settled in the sum of £450,000 over a period of 3 years or£400,000 if that sum was paid within 2 years. The security for the settlement was given by the Company by way of a debenture over all the assets of the Company signed on 20 April 2018.
6.
Intangible assets
|
Goodwill
|
Development costs
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 July 2017 and 30 June 2018
|
5,000
|
100,000
|
105,000
|
|
-------
|
---------
|
---------
|
Amortisation
|
|
|
|
At 1 July 2017 and 30 June 2018
|
5,000
|
100,000
|
105,000
|
|
-------
|
---------
|
---------
|
Carrying amount
|
|
|
|
At 30 June 2018
|
–
|
–
|
–
|
|
-------
|
---------
|
---------
|
At 30 June 2017
|
–
|
–
|
–
|
|
-------
|
---------
|
---------
|
|
|
|
|
7.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 July 2017 and 30 June 2018
|
88,329
|
1,313
|
26,240
|
28,816
|
144,698
|
|
--------
|
-------
|
--------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
|
At 1 July 2017
|
3,990
|
437
|
17,995
|
20,806
|
43,228
|
Charge for the year
|
12,650
|
131
|
2,061
|
1,820
|
16,662
|
|
--------
|
-------
|
--------
|
--------
|
---------
|
At 30 June 2018
|
16,640
|
568
|
20,056
|
22,626
|
59,890
|
|
--------
|
-------
|
--------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
|
At 30 June 2018
|
71,689
|
745
|
6,184
|
6,190
|
84,808
|
|
--------
|
-------
|
--------
|
--------
|
---------
|
At 30 June 2017
|
84,339
|
876
|
8,245
|
8,010
|
101,470
|
|
--------
|
-------
|
--------
|
--------
|
---------
|
|
|
|
|
|
|
8.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
108,812
|
104,252
|
Other debtors
|
604,120
|
113,135
|
|
---------
|
---------
|
|
712,932
|
217,387
|
|
---------
|
---------
|
|
|
|
9.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Trade creditors
|
167,625
|
45,693
|
Social security and other taxes
|
34,506
|
5,566
|
Net Wages
|
1,007
|
–
|
Pension
|
191
|
–
|
Other creditors
|
217,348
|
63,365
|
|
---------
|
---------
|
|
420,677
|
114,624
|
|
---------
|
---------
|
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Other creditors
|
22,391
|
46,575
|
|
--------
|
--------
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2018
|
2017
|
|
£
|
£
|
Included in provisions
|
13,665
|
16,293
|
|
--------
|
--------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2018
|
2017
|
|
£
|
£
|
Accelerated capital allowances
|
13,665
|
16,293
|
|
--------
|
--------
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
2018
|
2017
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
13.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2018
|
|
|
Balance brought forward
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr M J Stevens
|
–
|
–
|
–
|
|
Mr C D Stevens
|
–
|
–
|
–
|
|
|
----
|
----
|
----
|
|
|
–
|
–
|
–
|
|
|
----
|
----
|
----
|
|
|
|
|
|
|
2017
|
|
|
Balance brought forward
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr M J Stevens
|
25,457
|
(
25,457)
|
–
|
|
Mr C D Stevens
|
36,050
|
(
36,050)
|
–
|
|
|
--------
|
--------
|
----
|
|
|
61,507
|
(
61,507)
|
–
|
|
|
--------
|
--------
|
----
|
|
|
|
|
|
Mr M J Stevens
and Mr C D Stevens
resigned as Directors on 26 May 2017.