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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FNATIC LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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FNATIC LTD |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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FNATIC LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Stapleton House Second Floor |
110 Clifton Street |
London |
EC2A 4HT |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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31.12.17 | 31.12.16 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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PROVISIONS FOR LIABILITIES |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Fnatic Ltd is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Fnatic Ltd as an individual company and do not contain |
consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of |
the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned group entities. |
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Significant judgements and estimates |
Share based payments as set out in note 12 to the accounts have been made to employees of the company. As |
disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options |
is recognised in the income statement and for the accounting period ending 31 December 2017 the fair value has |
been estimated as £0.96 per share. |
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There have been no other significant judgements or estimates applied to the numbers contained within these |
financial statements. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
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Sponsorship income |
Sponsorships received in the year are recognised in the profit and loss account so as to match them with the |
expenditure towards which they are intended to contribute. |
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Intangible assets |
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. |
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Trademarks are being amortised evenly over their estimated useful life of 5 and 10 years. |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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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: |
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Fixtures and fittings - 33.33% on straight line |
Computer equipment - 33.33% on straight line |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Group companies |
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 payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it |
is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the |
draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be |
drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the |
facility to which it relates. |
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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. |
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FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. Tax is recognised in respect of all timing differences that have originated but |
not reversed at the statement of financial position date. |
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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. |
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Current taxation assets and liabilities are not discounted. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement 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. |
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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. |
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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. |
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Going concern |
The financial statements have been prepared on a going concern basis. The company incurred losses during the |
year and the director is aware that the statement of financial position shows negative net assets. However the |
director has been successful in attracting further investment since the end of the accounting period and will |
continue to support the company to meet its obligations, if and when, they become due. The director is therefore |
of the opinion that he should continue to adopt the going concern basis of accounting in preparing the financial |
statements. |
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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. |
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Share based payments |
The Parent Company provides share-based payment arrangements to certain employee of its subsidiary |
companies. |
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Equity-settled arrangements are measured at fair value (excluding the effect on non-market based vesting |
conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. |
The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. |
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Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is |
recognised over the period from the date of modification to date of vesting. Where a modification is not |
beneficial to the employee there is no change to the charge for share-based payment. Settlements and |
cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the |
income statement of the entity receiving the employees' services. |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Trademark |
£ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Amortisation for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | FIXED ASSET INVESTMENTS |
Investments |
in |
subsidiary |
undertaking |
£ |
COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by related party |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
as restated |
£ | £ |
Trade creditors |
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Amounts owed to related party |
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Taxation and social security |
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Other creditors |
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10. | ULTIMATE CONTROLLING PARTY |
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The immediate and ultimate controlling parent is Sannpa Limited, a company incorporated in England and |
Wales, by virtue of its shareholdings in the company. |
FNATIC LTD (REGISTERED NUMBER: 07805670) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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11. | SHARE-BASED PAYMENT TRANSACTIONS |
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The parent company operates an EMI option scheme for eligible employees of its subsidiaries. At the date of the |
statement of financial position, the parent company granted 2,107,000 options (2,023,000 at an exercise price of |
£0.0073 and 84,000 at an exercise price of £0.179) to 4 employees of this company. A total of 1,881,750 |
options vested and 1,553,670 exercised, no share option lapsed. At the end of the financial period 328,080 of the |
vested options had not been exercised. Share options have a vesting period of 4 years. |
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The expense of the scheme is recognised in this company with the corresponding credit reflected in equity other |
reserves. |