Company No: 07464978 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	B Beu
	R Curtis
	J Dennard
	C Hazlehurst
REGISTERED OFFICE	8/9 Princes Street
	Bath
	BA1 1HL
	United Kingdom
COMPANY NUMBER	07464978(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming Bath Limited
	Minerva House
	Lower Bristol Road
	Bath
	BA2 9ER

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Living Map Limited for the financial year ended 31 December 2020 which comprises the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Living Map Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Living Map Limited. You consider that Living Map Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Living Map Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Living Map Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Living Map Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Living Map Limited and its Board of Directors as a body for our work or for this report.

Bishop Fleming Bath Limited
Chartered Accountants

Minerva House
Lower Bristol Road
Bath
BA2 9ER

16 March 2021

		2020		2019
	Note	£		£
Fixed assets
Intangible assets	3	1,329,934		947,009
Tangible assets	4	7,664		9,286
		1,337,598		956,295
Current assets
Debtors	5	798,917		803,311
Cash at bank and in hand		401,660		620,466
		1,200,577		1,423,777
Creditors
Amounts falling due within one year	6	( 694,822)		( 274,237)
Net current assets		505,755		1,149,540
Total assets less current liabilities		1,843,353		2,105,835
Creditors
Amounts falling due after more than one year	7	( 46,074)		0
Net assets		1,797,279		2,105,835
Capital and reserves
Called-up share capital	8	6,612		5,409
Share premium account		6,304,490		5,463,931
Other reserves		153,220		0
Profit and loss account		( 4,667,043 )		( 3,363,505 )
Total shareholder's funds		1,797,279		2,105,835

For the financial year ending 31 December 2020 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 financial year 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Living Map Limited (registered number: 07464978) were approved and authorised for issue by the Board of Directors on 16 March 2021. They were signed on its behalf by:

C Hazlehurst Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Living Map Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 89 Princes Street, Bath, BA1 1HL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Living Map Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Share-based payment

The Company issues equity-settled share options and cash-settled share appreciation rights to certain employees of the Company. Equity-settled share-based payment transactions are measured at fair value Company at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the appropriate pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

A liability equal to the portion of the services received is recognised at and remeasured based on the current fair value determined at each Balance Sheet date for cash-settled share appreciation rights, with any changes in fair value recognised in the Statement of Comprehensive Income.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office Equipment- 1-3 Years Straight Line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Comprehensive Income. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Borrowing Costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	28	30

3. Intangible assets

	Development costs	Trademarks, patents and licences	Total
	£	£	£
Cost
At 01 January 2020	1,440,633	52,375	1,493,008
Additions	884,048	0	884,048
At 31 December 2020	2,324,681	52,375	2,377,056
Accumulated amortisation
At 01 January 2020	498,862	47,137	545,999
Charge for the financial year	495,885	5,238	501,123
At 31 December 2020	994,747	52,375	1,047,122
Net book value
At 31 December 2020	1,329,934	0	1,329,934
At 31 December 2019	941,771	5,238	947,009

4. Tangible assets

	Office equipment	Total
	£	£
Cost/Valuation
At 01 January 2020	30,654	30,654
Additions	4,280	4,280
At 31 December 2020	34,934	34,934
Accumulated depreciation
At 01 January 2020	21,368	21,368
Charge for the financial year	5,902	5,902
At 31 December 2020	27,270	27,270
Net book value
At 31 December 2020	7,664	7,664
At 31 December 2019	9,286	9,286

5. Debtors

	2020	2019
	£	£
Trade debtors	131,234	267,068
Amounts owed by Parent undertakings	282,040	177,162
Prepayments	11,876	34,670
Other debtors	373,767	324,411
	798,917	803,311

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	3,924	0
Trade creditors	237,809	165,442
Other creditors	10,108	9,245
Accruals and deferred income	143,264	51,042
Other taxation and social security	299,717	48,508
	694,822	274,237

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans	46,074	0
	46,074	0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
6,611,555 Ordinary shares of £ 0.001 each (2019: 5,409,039 shares of £ 0.00 each)	6,612	5,409
	6,612	5,409

During the year 1,202,516 ordinary shares were allotted at £0.70 per share.

Other reserves relate to share based payments that will be settled via share issues in the parent entity. These contributions are non-refundable, have no entitlement to dividends, interest or assets of the company on winding up and the reserve is considered distributable.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
- within one year	63,542	0
- between one and five years	51,459	0
	115,001	0

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2020	2019
	£	£
Unpaid contributions due to the fund (inc. in other creditors)	4,574	4,474
	4,574	4,474

10. Related party transactions

The Company has taken advantage of the exemption available under FRS 102 S1A.C.35 to not disclose transactions with other entities within a wholly owned group.

During the year the Company has paid consultancy fees of £16,480 (2019: £2,746) to key management personnel of the parent company.

11. EXCEPTIONAL ITEMS

	2020	2019
	£	£
Share based payments to consultants	147,289	0
Share based payments to employees	5,931	0
	153,220	0