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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SPOTAHOME 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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SPOTAHOME LTD |
SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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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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SPOTAHOME LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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 |
Block A, 2nd Floor |
110 Clifton Street |
London |
EC2A 4HT |
SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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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 |
Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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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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Foreign exchange reserve |
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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. |
SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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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 Board of Directors on
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SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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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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Spotahome Ltd 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 Euro (€). |
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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 Spotahome 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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Significant judgements and estimates |
Share based payments as set out in note 13 to the accounts have been made to employees of the subsidiary |
company. As disclosed in the Share Based Payments accounting policy note, the fair value of any vested share |
options is recognised in the income statement of the subsidiary and for the accounting period ending 31 |
December 2017, the fair value has been 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. |
SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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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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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 Euros at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into Euros 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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Going concern |
The financial statements have been prepared on the going concern basis. Although the company made losses |
during the year, the directors were successful in raising additional investments which has provided the company |
with adequate resources so that it may meet its future obligations, if and when, they become due. It is on this |
basis that the directors are therefore of the opinion that they should continue to adopt the going concern basis of |
accounting in preparing the annual financial statements. |
SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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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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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, cash-based compensation plan. The fair value of the subsidiary services |
received in exchange for the grant of the options is recognised as an expense in the subsidiary. 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 each balance sheet date, 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 NIL (2016 - NIL). |
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5. | FIXED ASSET INVESTMENTS |
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6. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.17 | 31.12.16 |
as restated |
€ | € |
Amounts owed by participating interests | 12,076,464 | 5,526,464 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
as restated |
€ | € |
Trade creditors |
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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 | 31.12.17 | 31.12.16 |
value: | as restated |
€ | € |
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Ordinary and preference shares | €0.01 | 7,997 | 5,966 |
SPOTAHOME LTD (REGISTERED NUMBER: 09366964) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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8. | CALLED UP SHARE CAPITAL - continued |
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The company's share capital consist of the following: |
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325,300 ordinary shares of €0.01 each |
143,259 'A' ordinary shares of €0.01 each |
128,350 'A1' preference shares of €0.01 each |
202,808 'A2' preference shares of €0.01 each |
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All classes of shares are entitled to one vote, pari passu to dividends or any other distribution, including those |
arising from a winding up of the company. |
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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. |
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10. | POST BALANCE SHEET EVENTS |
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Subsequent to the end of the financial period, the company has issued additional shares. |
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11. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates a share option scheme for its subsidiary employees. As at the date of the Statement of |
Financial Position, the company had granted 68,100 share options to 217 employees with an exercise price of |
€0.01 per share. Share options vest over a period of 4 years from the date of grant with a 12 month cliff. |