Boundary Technologies Ltd Filleted accounts for Companies House (small and micro)

Boundary Technologies Ltd Filleted accounts for Companies House (small and micro)

BOUNDARY TECHNOLOGIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC594509
Boundary Technologies Ltd
Filleted Unaudited Financial Statements
For the period ended
30 April 2019
Boundary Technologies Ltd
Statement of Financial Position
30 April 2019
2019
Note
£
£
Fixed assets
Intangible assets
5
403,317
Tangible assets
6
2,649
---------
405,966
Current assets
Debtors
7
244,886
Cash at bank and in hand
5,953
---------
250,839
Creditors: amounts falling due within one year
8
945,621
---------
Net current liabilities
694,782
---------
Total assets less current liabilities
( 288,816)
---------
Net liabilities
( 288,816)
---------
Capital and reserves
Called up share capital
9
10,149
Profit and loss account
( 298,965)
---------
Shareholders deficit
( 288,816)
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 January 2020 , and are signed on behalf of the board by:
P Walton
Director
Company registration number: SC594509
Boundary Technologies Ltd
Notes to the Financial Statements
Period ended 30 April 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 80 George Street, Edinburgh, EH2 3BU, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. The company continues to receive financial support from directors in order to meet its liabilities as they fall due and is currently finalising further equity investment from current shareholders. On this basis, they continue to adopt the going concern basis of accounting in preparing these financial statements.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 .
5. Intangible assets
Development costs
£
Cost
Additions
403,317
---------
At 30 April 2019
403,317
---------
Amortisation
At 1 May 2018 and 30 April 2019
–
---------
Carrying amount
At 30 April 2019
403,317
---------
6. Tangible assets
Computer Equipments
£
Cost
At 1 May 2018
–
Additions
3,974
-------
At 30 April 2019
3,974
-------
Depreciation
At 1 May 2018
–
Charge for the period
1,325
-------
At 30 April 2019
1,325
-------
Carrying amount
At 30 April 2019
2,649
-------
7. Debtors
2019
£
Other debtors
244,886
---------
8. Creditors: amounts falling due within one year
2019
£
Trade creditors
51,924
Social security and other taxes
17,876
Other creditors
875,821
---------
945,621
---------
9. Called up share capital
Issued, called up and fully paid
2019
No.
£
Ordinary shares of £ 0.01 each
1,014,935
10,149
------------
--------
After the period end, on 21 May 2019 company issued 1,000 ordinary shares at share price of £0.01 per share. And then, on 16 August 2019 and 05 September 2019, further 203,876 and 59,816 ordinary shares having nominal value of £0.01 were issued at share price of £4.63 per share.