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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2019 |
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AMBIE MEDIA LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2019 |
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FOR |
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AMBIE MEDIA LIMITED |
AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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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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AMBIE MEDIA LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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DIRECTORS: |
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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 |
AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2019 |
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31.1.19 | 31.1.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Share option |
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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. |
AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 JANUARY 2019 |
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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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AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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1. | STATUTORY INFORMATION |
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Ambie Media Limited is a
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registered 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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Significant judgements and estimates |
Share based payments as set out in note 13 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 year ended 31 January 2019 the fair value has been |
estimated as £0.0011 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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Other income |
Other income represents consultancy fees. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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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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Office equipment | - | 33.33% on straight line |
Computer equipment | - | 33.33% on straight line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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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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AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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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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The tax credit disclosed in the income statement represents the surrender of corporation tax losses for research |
and development tax credits. |
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Research and development |
Revenue expenditure on research and development is written off in the year in which it is incurred. |
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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 the going concern basis. The company has incurred losses during |
the year and the directors are aware that the statement of financial position shows net liabilities. However, the |
directors will continue to support the company and have reasonable expectations that the performance of the |
company will improve once the research and development stage has been completed. The directors therefore, |
believe the company will have sufficient resources available to allow it to meet its obligations, if and when, they |
become due. It is on this basis that they are of the opinion that they 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 company operates an equity-settled compensation plan. The fair value of the employee services received in |
exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the |
vesting period is determined by reference to the fair value of the options granted, excluding the impact of any |
non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting |
conditions are included in assumptions about the number of options that are expected to vest. At the date of each |
statement of financial position, the entity revises its estimates of the number of options that are expected to vest. |
It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is |
taken to reserves because the share options are equity-settled. |
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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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AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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5. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2018 |
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Additions |
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At 31 January 2019 |
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DEPRECIATION |
At 1 February 2018 |
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Charge for year |
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At 31 January 2019 |
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NET BOOK VALUE |
At 31 January 2019 |
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At 31 January 2018 |
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6. | STOCKS |
31.1.19 | 31.1.18 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.19 | 31.1.18 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.19 | 31.1.18 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.1.19 | 31.1.18 |
£ | £ |
Other creditors |
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AMBIE MEDIA LIMITED (REGISTERED NUMBER: 08853705) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2019 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.19 | 31.1.18 |
value: | £ | £ |
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Ordinary Shares | £0.00001 | 2,687 | 2,001 |
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11. | RELATED PARTY DISCLOSURES |
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At the date of the financial statements, the company owed the director £20,919 (2018 - £20,919). The loans are |
interest free and repayable on demand. |
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12. | ULTIMATE CONTROLLING PARTY |
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During the year there is no ultimate controlling party. |
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13. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates an EMI employee share option scheme. As at the end of the year the company granted |
16,601,373 share options to 8 employees at an exercise price of £0.0022 and £0.0011 per share. At the date of |
the financial statements 5,087,188 share options vested but not exercised. No share options lapsed in the year. |
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The company also operates an unapproved share option scheme. As at the date fo the financial statements, the |
company granted 10,684,784 share options at an exercise price of £0.0022 per share. At the date of the financial |
statements 3,561,595 unapproved share options vested. |
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Share options vest over a period of 3 years. |