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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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SANNPA LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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SANNPA LIMITED |
SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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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SANNPA LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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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 |
SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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31.12.18 | 31.12.17 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium |
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Share option reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2018 |
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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 Board of Directors on
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SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Sannpa Limited 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 Sannpa Limited 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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Significant judgements and estimates |
Share based payments as set out in note 12 to the accounts have been made to employees of the group. 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 2018 the fair value has been estimated as |
£0.96 per share. This is based on the value of Ordinary shares issued. |
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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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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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, 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. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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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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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | ACCOUNTING POLICIES - continued |
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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Share based payments |
The Group provides share-based payment arrangements to certain employees. |
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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. |
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Going concern |
The financial statements have been prepared on the going concern basis. The company has been successful in raising |
additional share capital post year end. The additional share capital together with the cash balances on hand have |
given the directors a reasonable expectation that the company will have adequate resources to meet its future |
obligations, if and when, they become due. It is on this basis that the directors are of the opinion that they should |
continue to adopt the going concern basis in preparing the annual 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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
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COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
as restated |
£ | £ |
Amounts owed by group undertakings |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
as restated |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | as restated |
£ | £ |
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Ordinary | £0.00001 | 155 | 107 |
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9. | RELATED PARTY DISCLOSURES |
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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 subsidiaries within the group. |
SANNPA LIMITED (REGISTERED NUMBER: 08758857) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | RELATED PARTY DISCLOSURES - continued |
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Companies under common directorship |
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At the date of the financial statements, the companies under common directorship owed to the company £675,290 |
(2017 - £675,290). The loans are interest free and repayable on demand. |
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10. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end, the company issued a total of 17,629,332 Ordinary and Series A preference shares of |
£0.00001 each for a total consideration of £7,619,889. |
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11. | ULTIMATE CONTROLLING PARTY |
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The is no ultimate controlling party. |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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The group operates an EMI and Non-EMI option scheme for eligible parties. At the date of the statement of financial |
position, the group had granted 2,446,000 options at an exercise price of ranging between £0.0073 and £0.179 to 11 |
parties. A total of 247,960 options vested and 336,308 exercised, no share option lapsed. Share options have a |
vesting period of 4 years. |