Wambiz Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08123681 (England and Wales)

WAMBIZ LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H S Jawanda

A E Murdoch

WhosAroundMe SEZC

REGISTERED OFFICE:

12 Warwick Street

Earlsdon

Coventry

West Midlands

CV5 6ET

REGISTERED NUMBER:

08123681 (England and Wales)

ACCOUNTANTS:

Burrows Scarborough

Sovereign House

12 Warwick Street

Coventry

West Midlands

CV5 6ET

FIXED ASSETS

Intangible assets

4

312,913

362,881

Tangible assets

5

453

1,616

313,366

364,497

CURRENT ASSETS

Debtors

6

275,510

23,303

Cash at bank

547,748

1,413,497

823,258

1,436,800

CREDITORS

Amounts falling due within one year

7

141,436

332,526

NET CURRENT ASSETS

681,822

1,104,274

TOTAL ASSETS LESS CURRENT LIABILITIES

995,188

1,468,771

ACCRUALS AND DEFERRED INCOME

16,544

89,554

NET ASSETS

978,644

1,379,217

CAPITAL AND RESERVES

Called up share capital

8

1

14

Share premium

803,003

1,303,416

Retained earnings

175,640

75,787

SHAREHOLDERS' FUNDS

978,644

1,379,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 8 October 2018 and were signed on its behalf by:

H S Jawanda - Director

1.	STATUTORY INFORMATION

Wambiz Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The company's place of business is Faraday Wharf, Holt Street, Birmingham Science Park, Aston, Birmingham,

B7 4BB.

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. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling which is the functional currency of the company and rounded

to the nearest £.

The financial statements have been prepared on a going concern basis as the directors believe that current and

future sources of funding or support will be more than adequate for the company's needs.The directors also

believe that the company's sales will continue to grow and performance will improve as a direct result.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Sales of new apps

65% of the income is recognised once the app has been developed and it has gone live in the app store.

The remaining 35% is recognised throughout the course of the 12 month contract.

Renewals

The income for renewals is spread evenly over the 12 month contract.

Licence sales

One off sales of licences are recognised when the company sells the licence and the customer accepts that this

licence has been sold.

Income under service agreements

Income received under a service agreement is spread evenly over the period covered by the agreement.

Intangible assets

Intangible assets of computer software development costs are initially measured at cost. Such costs are

capitalised due to the fact that they represent a lasting asset for the company through which it will obtain future

economic benefits.

After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any

accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Current taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or

past reporting periods. It is measured at the amount expected to be paid or recovered 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. 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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees

are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued

amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 July 2017

and 30 June 2018

499,793

AMORTISATION

At 1 July 2017

136,912

Amortisation for year

49,968

At 30 June 2018

186,880

NET BOOK VALUE

At 30 June 2018

312,913

At 30 June 2017

362,881

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 July 2017

and 30 June 2018

5,256

DEPRECIATION

At 1 July 2017

3,640

Charge for year

1,163

At 30 June 2018

4,803

NET BOOK VALUE

At 30 June 2018

453

At 30 June 2017

1,616

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Trade debtors

-

16,995

Prepayments and accrued income

270,000

-

Prepayments

5,510

6,308

275,510

23,303

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Trade creditors

10,957

3,682

Taxation and social security

74,857

273,967

Other creditors

55,622

54,877

141,436

332,526

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.18

30.6.17

value:

£

£

2,756

Ordinary

£0.0005

1

14

During the year ended 30th June 2018, the company sub-divided their 2,756 Ordinary £0.005 shares into 27,560

Ordinary £0.0005 shares. Subsequent to this, the company undertook a capital reduction to reduce the share

capital from £13.78 to £1.378, reducing the number of Ordinary £0.0005 shares from 27,560 to 2,756.

This reduction was effected by repaying to the shareholders 24,804 Ordinary shares for £0.0005 each to the

extent of £20.158039 per share.

9.	RELATED PARTY DISCLOSURES

All transactions with related parties were undertaken under normal market conditions apart from the below rate

of interest paid to a director on the loan outstanding to the company. Interest was charged at 1% and amounted

to £559 for the year under review (2017 £3,501).

At 30th June 2018, the amount outstanding on this loan was £54,877 (2017 £54,877), included within Other

Creditors due within 1 year. Interest on this loan amounting to £7,794 (2017 £7,235) was included in accrued

expenses.

10.	ULTIMATE CONTROLLING PARTY

The company is not under the control of any one individual.