Company Registration No. 10248595 (England and Wales)
PEANUT APP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
PEANUT APP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PEANUT APP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
$
$
$
$
Fixed assets
Tangible assets
3
12,028
1,089
Current assets
Debtors
4
279,066
262,683
Cash at bank and in hand
2,934,657
1,632,718
3,213,723
1,895,401
Creditors: amounts falling due within one year
5
(160,775)
(956,219)
Net current assets
3,052,948
939,182
Total assets less current liabilities
3,064,976
940,271
Capital and reserves
Called up share capital
6
8,808
6,421
Share premium account
9,843,946
3,991,139
Profit and loss reserves
(6,787,778)
(3,057,289)
Total equity
3,064,976
940,271
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 12 April 2021 and are signed on its behalf by:
M Kennedy
Director
Company Registration No. 10248595
PEANUT APP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 January 2018
6,421
3,991,139
(1,305,611)
2,691,949
Year ended 31 December 2018:
Loss for the year
-
-
(1,730,641)
(1,730,641)
Other comprehensive income:
Currency translation differences
-
-
(21,037)
(21,037)
Total comprehensive income for the year
-
-
(1,751,678)
(1,751,678)
Balance at 31 December 2018
6,421
3,991,139
(3,057,289)
940,271
Year ended 31 December 2019:
Loss for the year
-
-
(3,760,005)
(3,760,005)
Other comprehensive income:
Currency translation differences
-
-
29,516
29,516
Total comprehensive income for the year
-
-
(3,730,489)
(3,730,489)
Issue of share capital
6
2,387
5,852,807
-
5,855,194
Balance at 31 December 2019
8,808
9,843,946
(6,787,778)
3,064,976
PEANUT APP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Peanut App Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
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
US dollars
, 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
These financial statements are prepared on the going concern basis. As discussed in note
8
the company received a significant amount of funding following the year end. It is therefore in such a position that it will continue to be able to meet its obligations as and when they fall due.
The directors have considered the effect of the Covid-19 outbreak ,the outbreak has caused little disruption to the company’s business to date. The directors consider it unlikely that a prolonged outbreak will cause significant disruption.
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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
1 year straight line
Computers
3 years straight line
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
.
PEANUT APP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PEANUT APP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.8
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than
US dollars
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.
Exchange differences on non-monetary assets including share capital and share premium are recognised through other comprehensive income.
1.11
Treatment of preferred shares
Preferred shares are treated as equity on the basis that dividends are paid only when sufficient distributable profits are available. In the event that a dividend is paid, preferred shareholders are entitled to a non-cumulative amount of 6% of issue price per annum prior to the payment of dividends to ordinary shareholders. The company's preferred shares carry full voting rights and are not redeemable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2018 - 6).
PEANUT APP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
$
$
$
Cost
At 1 January 2019
-
2,886
2,886
Additions
9,744
8,369
18,113
At 31 December 2019
9,744
11,255
20,999
Depreciation and impairment
At 1 January 2019
-
1,797
1,797
Depreciation charged in the year
5,495
1,679
7,174
At 31 December 2019
5,495
3,476
8,971
Carrying amount
At 31 December 2019
4,249
7,779
12,028
At 31 December 2018
-
1,089
1,089
4
Debtors
2019
2018
Amounts falling due within one year:
$
$
Corporation tax recoverable
-
239,244
Other debtors
279,066
23,439
279,066
262,683
5
Creditors: amounts falling due within one year
2019
2018
$
$
Trade creditors
71,977
13,240
Taxation and social security
34,555
15,746
Other creditors
54,243
927,233
160,775
956,219
6
Called up share capital
2019
2018
$
$
Ordinary share capital
Issued and fully paid
3,119,756 Ordinary A shares of $0.001 each
3,120
3,120
79,994 Ordinary B shares of $0.001 each
80
80
3,200
3,200
PEANUT APP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
6
Called up share capital
(Continued)
- 7 -
Preferred share capital
Issued and fully paid
3,221,071 Preferred shares of $0.001 each
3,221
3,221
2,387,018 Preferred shares of $0.001 each
2,387
-
5,608
3,221
During the year the company issued 1,966,568 and 420,450 preferred shares of 0.001$ each at a price of $2.5425 and $2.034 respectively.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Russell Nathan.
The auditor was HW Fisher LLP.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
$
$
55,000
-
9
Events after the reporting date
Following the year-end the company allotted 2,949,776 preferred shares for a consideration of $12,000,000.
The directors have considered the effect of the Covid-19 outbreak, that spread throughout the world
during 2020, on the company’s activities.
This outbreak has caused little disruption to the company’s business prior to the date of approval of
these financial statements. The directors do not expect any disruption in the
foreseeable future to be significant.
10
Directors' transactions
During the period a director provided funding to the company in order for it to meet its expenses. At the year-end the company owed $37,750 (2018 - $37,750) to the director in respect of these funds. The director does not charge interest on this loan.