MARKADIS LIMITED
Company Registration No. 09156192 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
MARKADIS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MARKADIS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
442,219
Current assets
Debtors
4
-
1,071,484
Cash at bank and in hand
-
281,864
-
1,353,348
Creditors: amounts falling due within one year
5
-
(5,511,025)
Net current liabilities
-
(4,157,677)
Total assets less current liabilities
-
(3,715,458)
Capital and reserves
Called up share capital
6
125,100
125,100
Profit and loss reserves
(125,100)
(3,840,558)
Total equity
-
(3,715,458)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2018 and are signed on its behalf by:
Mr V Thorkelsson
Director
Company Registration No. 09156192
MARKADIS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2016
125,100
(1,828,988)
(1,703,888)
Year ended 31 December 2016:
Loss and total comprehensive income for the year
-
(2,011,570)
(2,011,570)
Balance at 31 December 2016
125,100
(3,840,558)
(3,715,458)
Year ended 31 December 2017:
Loss and total comprehensive income for the year
-
(3,147,580)
(3,147,580)
Hive-across
-
6,863,038
6,863,038
Balance at 31 December 2017
125,100
(125,100)
-
MARKADIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Markadis Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o Logos Legal Services Limited, Paternoster House, 65 St Pauls Churchyard, 2nd Floor, London, EC4M 8AB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are not prepared on a going concern basis as the company transferred its trade to another group company in September 2017.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
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:
Fixtures and fittings
15% on reducing balance
Computers equipment
33% on cost
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 credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MARKADIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
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 balance sheet 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
There is no tax payable as the company had a taxable loss for the period. The tax losses will be transferred within the group at the end of the period.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
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 profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2016 - 21).
MARKADIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
568,121
Additions
661,141
Disposals
(1,229,262)
At 31 December 2017
-
Depreciation and impairment
At 1 January 2017
125,902
Depreciation charged in the year
381,804
Eliminated in respect of disposals
(507,706)
At 31 December 2017
-
Carrying amount
At 31 December 2017
-
At 31 December 2016
442,219
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
75,540
Amounts owed by group undertakings
-
21,138
Other debtors
-
77,339
-
174,017
Amounts falling due after more than one year:
Deferred tax asset
-
897,467
Total debtors
-
1,071,484
MARKADIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
98,478
Amounts due to group undertakings
-
79,002
Other taxation and social security
-
33,799
Other creditors
-
5,299,746
-
5,511,025
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
Preference share capital
Issued and fully paid
125,000 Preference of £1 each
125,000
125,000
125,000
125,000
7
Financial commitments, guarantees and contingent liabilities
The total amount of commitments, guarantees and contingencies is £nil (2016: £27,741).
8
Parent company
The company is a wholly owned subsidiary of Iteron Holding Ltd, incorporated in England & Wales, whose registered office is Paternoster House, 65 St Pauls Churchyard, 2nd Floor, London, EC4M 8AB.
The company's ultimate parent company is Valitor Holding hf, incorporated in Iceland, whose registered office is Dalshraun 3, 220 Hafnarfjordur, Iceland.