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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2018 | 2017 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 |
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Investments | 5 |
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Current assets | |||||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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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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Creditors: amounts falling due after more than one year | 8 | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital |
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Share premium |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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Mr Robert Brent | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Going concern | ||||||||
The accounts have been prepared on the going concern basis. The company is reliant upon the support of its directors. If this support was withdrawn, the company would be unable to continue in operational existence. Adjustments would then have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that may arise. The company is unable to quantify the effect of such adjustments on the accounts. The directors believe that it is appropriate for the accounts to be prepared one going concern basis. | ||||||||
Turnover | ||||||||
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Intangible fixed assets | ||||||||
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Tangible fixed assets | ||||||||
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Fixtures, fittings, tools and equipment | 5% straight line | |||||||
Investments | ||||||||
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Stocks | ||||||||
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Debtors | ||||||||
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Creditors | ||||||||
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Taxation | ||||||||
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Provisions | ||||||||
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Foreign currency translation | ||||||||
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2 | Employees | 2018 | 2017 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Intangible fixed assets | £ | ||||||
Intellectual Property | ||||||||
Cost | ||||||||
At 1 January 2018 |
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At 31 December 2018 |
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Amortisation | ||||||||
At 1 January 2018 |
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At 31 December 2018 |
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Net book value | ||||||||
At 31 December 2018 | - | |||||||
Intellectual property cost is being written off in in the year when expenditure is incurred. | ||||||||
4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2018 |
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At 31 December 2018 |
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Depreciation | ||||||||
At 1 January 2018 |
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Charge for the year |
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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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5 | Investments | |||||||
Investments in | ||||||||
subsidiary | ||||||||
undertakings | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2018 |
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At 31 December 2018 |
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The company has holding of 99.99% in Meem Memory Development Studio Private Limited incorporated in India on 23 August 2016. The activity of the subsidiary is to undertake development work on the Meem charger cable. The company also has holding of 100% in Meem Memory Inc incorporated in USA on 25 February 2017. The activity of the USA subsidiary is to undertake sales, as an agent, for the UK company. |
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6 | Debtors | 2018 | 2017 | |||||
£ | £ | |||||||
Trade debtors |
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7 | Creditors: amounts falling due within one year | 2018 | 2017 | |||||
£ | £ | |||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | ( |
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Corporation tax | ( |
( |
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Other taxes and social security costs |
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Trade and other creditors |
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8 | Creditors: amounts falling due after one year | 2018 | 2017 | |||||
£ | £ | |||||||
Other creditors |
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9 | Related party transactions | |||||||
Interest is payable at 8% per annum. Interest payable during the year to Mr Kelly Sumner was £240,547 (2017-£133,660) and Mr Robert Brent was £494 (2017-£nil) and the amount due for the interest at the year end to Mr Kelly Sumner was £431,983 (2017- £191,436) and Mr Robert Brent was £494 (2017-£nil) and this is reflected under creditors falling due within one year. During the year, the 99.99% subsidiary company in India recharged £238,404 (2017-£243,650) relating to development cost incurred for the product and at year end Nil balance was owed. At year end £56,218 was owed by USA 100% susbdiary company. During the year, amount payable to Morgan -Knox Limited was £60,000 (2017- £45,000) in respect consultancy services provided where Mr David Knox is a director/shareholder of that company. At the year end amount due to Morgan-Knox Limited was £70,000 (2017-£15,000). |
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10 | Controlling party | |||||||
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11 | Other information | |||||||
Meem Memory Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
7 Jardine House | ||||||||
Harrovian Business Village | ||||||||
Harrow | ||||||||
Middlesex | ||||||||
HA1 3EX |