| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2018 |
| for |
| TechHub Europe Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2018 |
| for |
| TechHub Europe Ltd |
| TechHub Europe Ltd (Registered number: 07054279) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2018 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| TechHub Europe Ltd (Registered number: 07054279) |
| Balance Sheet |
| 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| TechHub Europe Ltd (Registered number: 07054279) |
| Balance Sheet - continued |
| 31 March 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| TechHub Europe Ltd (Registered number: 07054279) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| TechHub Europe Ltd is a |
| registered number and registered office address are as below: |
| Registered number: | 07054279 |
| Registered office: | 20 Ropemaker Street |
| London |
| EC2Y 9AR |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
| of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland" and the Companies Act 2006. |
| Turnover |
| Turnover represents revenue from members and corporate clients, excluding VAT, recognised in the period to |
| which it pertains. |
| Trademarks |
| Trademarks capitalised are being written off at 12% on a straight line basis. |
| Tangible fixed assets |
| Short leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except |
| to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| TechHub Europe Ltd (Registered number: 07054279) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
| transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Fixed asset investments are stated at cost less provision for permanent diminution in value. |
| Share-based payments |
| The Company operates an equity-settled share-based payment scheme. Equity-settled share based payments are |
| measured at fair value at the date of the grant which is then expensed over the vesting period. |
| Going concern |
| The balance sheet at the end of the year recorded net liabilities. However, the directors believe sufficient |
| financial resources are available to the company to enable it to continue trading into the foreseeable future. |
| Therefore, the financial statements have been prepared on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 April 2017 |
| Additions |
| At 31 March 2018 |
| AMORTISATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| TechHub Europe Ltd (Registered number: 07054279) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 April 2017 |
| Additions |
| Impairments | ( |
) |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| TechHub Europe Ltd (Registered number: 07054279) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| The total financial lease commitments up until their termination for the company is £896,480 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| The bank loan was secured on a fixed and floating charge over all the assets of the business. |
| 11. | RELATED PARTY DISCLOSURES |
| During the year the company made the decision to close some of its loss making subsidiaries in order to focus on |
| better opportunities. The amounts owed by these subsidiaries amounted to £567,947, which have been included |
| as 'Irrecoverable loans written off' within the Profit and Loss account. Costs of £260,594 which have been |
| incurred post the year end will be included within the 31st March 2019 financial statements. |
| 12. | SHARE-BASED PAYMENT TRANSACTIONS |
| The company operates an equity settled Enterprise Management Incentive Share Option Scheme. |
| The options vest over a period of up to 3 years following the date of the grant. |
Name of Shares | EMI Scheme | Unapproved Scheme |
| At 1 April 2017 | 183,750 | 24,000 |
| Granted in the year | - | - |
| Exercised in the year | - | - |
| Lapsed in the year | 52,500 | - |
| As at 31 March 2018 | 131,250 | 24,000 |
| Exercisable at 31 March 2018 | 131,250 | 24,000 |
| All options have an exercise price of £0.80 per share |