MAPWAY HOLDINGS LIMITED Filleted accounts for Companies House (small and micro)

MAPWAY HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06316608

MAPWAY HOLDINGS LIMITED

Filleted Unaudited Financial Statements

31 May 2021

MAPWAY HOLDINGS LIMITED

Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		383,804	383,804

Current assets

Debtors	5	484,876	486,076
Cash at bank and in hand		1,210	10
		---------	---------
		486,086	486,086

Creditors: amounts falling due within one year	6	337,463		337,463
		---------		---------
Net current assets			148,623	148,623
			---------	---------
Total assets less current liabilities			532,427	532,427
			---------	---------

Capital and reserves

Called up share capital	399,473	399,473
Share premium account	120,517	120,517
Profit and loss account	12,437	12,437
	---------	---------
Shareholders funds	532,427	532,427
	---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31st May 2021 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 year 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 .

MAPWAY HOLDINGS LIMITED

Statement of Financial Position (continued)

31 May 2021

These financial statements were approved by the board of directors and authorised for issue on 13 January 2022 , and are signed on behalf of the board by:

Mr D James

Director

Company registration number: 06316608

MAPWAY HOLDINGS LIMITED

Notes to the Financial Statements

Year ended 31st May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dalton Place, 29 John Dalton Street, Manchester, M2 6DS.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Investments

	Shares in group undertakings
	£
Cost
At 1st June 2020 and 31st May 2021	383,804
	---------
Impairment
At 1st June 2020 and 31st May 2021	–
	---------

Carrying amount
At 31st May 2021	383,804
	---------
At 31st May 2020	383,804
	---------

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Mapway Limited	Ordinary	100
Mapway Technologies Limited	Ordinary	100
mxData Limited	Ordinary	100

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2021	2020	2021	2020
	£	£	£	£
Subsidiary undertakings
Mapway Limited	(8,390,769)	(6,895,359)	( 1,453,697)	(16,959)
Mapway Technologies Limited	10,062,955	9,638,524	424,431	241,593
mxData Limited	100	100	–	–
	-------------	------------	------------	---------

5. Debtors

	2021	2020
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	464,926	466,126
Other debtors	19,950	19,950
	---------	---------
	484,876	486,076
	---------	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	337,463	337,463
	---------	---------

7. Related party transactions

The company was under the control of Mr D James throughout the current and previous year. The company had the following subsidiary undertakings at the end of the financial year; Mapway Limited Mapway Technologies Limited mxData Limited Shares held in Mapway Limited; 1,000 Ordinary shares of £1 each This represents 100% of the nominal value. Shares held in Mapway Technologies Limited; 8,165,241 Ordinary shares of £0.01 each This represents 100% of the nominal value. 928,572 A Preferred shares of £0.01 each This represents 100% of the nominal value. 1,608,677 Deferred shares of £0.01 each This represents 100% of the nominal value. Shares held in mxData Limited 100 Ordinary shares of £1 each This represents 100% of the nominal value. Included in Debtors is amounts owed by group undertakings of £464,926. This relates to an amount owed from Mapway Technologies Limited. Included in Creditors are amounts owed to group undertakings of £337,463. This relates to an amount owed to Mapway Limited of £337,363 and an amount owed to mxData Limited of £100.