Apperio Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2018
Company Registration No. 07797028 (England and Wales)
Apperio Limited
Company Information
Directors
Nicholas d'Adhemar
Jan Reichelt
Ian Milbourn
Kerry Baldwin
Richard Marsh
(Appointed 10 August 2018)
Company number
07797028
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Apperio Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Apperio Limited
Balance Sheet
As at 31 December 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
46,844
20,648
Investments
5
7
7
46,851
20,655
Current assets
Debtors
6
238,190
57,210
Cash at bank and in hand
6,222,703
690,026
6,460,893
747,236
Creditors: amounts falling due within one year
7
(422,566)
(58,628)
Net current assets
6,038,327
688,608
Total assets less current liabilities
6,085,178
709,263
Capital and reserves
Called up share capital
8
5,109
2,608
Share premium account
9
10,730,844
3,427,230
Profit and loss reserves
(4,650,775)
(2,720,575)
Total equity
6,085,178
709,263
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 2018 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 Act with respect to accounting records and the preparation of financial statements.
The 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.
Apperio Limited
Balance Sheet (Continued)
As at 31 December 2018
Page 2
The financial statements were approved by the board of directors and authorised for issue on 9 May 2019 and are signed on its behalf by:
Nicholas d'Adhemar
Director
Company Registration No. 07797028
Apperio Limited
Notes to the Financial Statements
For the year ended 31 December 2018
Page 3
1
Accounting policies
Company information
Apperio Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
1.3
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, fittings & equipment
3 years straight line
Computer equipment
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
Apperio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
Cash and cash equivalents
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 only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows form the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some signifigant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, including creditors, bank loans, loans from fellow group companies and preference shares 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. 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. Amounts 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.
Apperio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 5
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 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 20 (2017 - 13).
Apperio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 6
3
Taxation
2018
2017
£
£
Current tax
Adjustments in respect of prior periods
(241,299)
(170,542)
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
44,732
Additions
60,567
At 31 December 2018
105,299
Depreciation and impairment
At 1 January 2018
24,084
Depreciation charged in the year
34,371
At 31 December 2018
58,455
Carrying amount
At 31 December 2018
46,844
At 31 December 2017
20,648
5
Fixed asset investments
2018
2017
£
£
Investments
7
7
Investments comprise ordinary shares held in Apperio Inc, a wholly owned subsidiary which incorporated in Delaware, United States of America, on 24 May 2016. At the time of filing the financial statements for Apperio Limited, no results were available for Apperio Inc.
Apperio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
5
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
7
Carrying amount
At 31 December 2018
7
At 31 December 2017
7
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
46,960
9,000
Corporation tax recoverable
4,828
4,828
Amounts due from group undertakings
45,697
-
Other debtors
140,705
43,382
238,190
57,210
7
Creditors
2018
2017
Amounts falling due within one year:
£
£
Trade creditors
37,208
7,800
Corporation tax
-
4,828
Other taxation and social security
71,558
41,846
Other creditors
313,800
4,154
422,566
58,628
Apperio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 8
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
17,096,504 Ordinary shares of 0.01p each
1,710
1,506
1,710
1,506
Preference share capital
Issued and fully paid
7,203,852 Preferred A shares of 0.01p each
720
720
3,817,553 Preferred B shares of 0.01p each
382
382
12,794,025 Preferred C1 shares of 0.01p each
1,279
-
10,181,281 Preferred C2 shares of 0.01p each
1,018
-
3,399
1,102
Reconciliation of movements during the year:
At 1 January 2018
Issue of fully paid shares
At 31 December 2018
Number
Number
Number
Ordinary
1,506
204
1,710
Preference A
720
-
720
Preference B
382
-
382
Preference C1
-
1,279
1,279
Preference C2
-
1,018
1,018
2,608
2,501
5,109
On 10th August 2018 2,039,625 Ordinary shares with nominal value 0.01p each were issued for a consideration of £0.2966 per share.
On 5th November 2018 12,794,025 Preferred C1 shares with nominal value of 0.01p each were issued for a consideration of £0.2966 per share.
On 5th November 2018 10,181,281 Preferred C2 shares with nominal value of 0.01p each were issued for a consideration of £0.2966 per share.
Apperio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 9
9
Share premium account
2018
2017
£
£
At beginning of year
3,427,230
2,175,730
Issue of new shares
7,303,614
1,251,500
At end of year
10,730,844
3,427,230
10
Related party transactions
Included within other debtors is £14,854 (2017: £14,854) owed from N. d'Adhemar, a director.
Included within other debtors is £45,697 (2017: £nil) due from Apperio Inc.
11
Controlling party
The directors are of the opinion that there is no one ultimate controlling party.