MIME Technologies Ltd Small abridged accounts

MIME TECHNOLOGIES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of MIME Technologies Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC509452

MIME Technologies Ltd

Filleted Unaudited Abridged Financial Statements

30 June 2018

MIME Technologies Ltd

Abridged Financial Statements

Year ended 30 June 2018

Contents	Page

Abridged statement of financial position	1

Statement of changes in equity	3

Notes to the abridged financial statements	4

The following pages do not form part of the abridged financial statements

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	9

MIME Technologies Ltd

Abridged Statement of Financial Position

30 June 2018

	2018		2017
			(restated)
Note	£	£	£

Fixed assets

Intangible assets	5	2,358	–
Tangible assets	6	1,642	87
		-------	----
		4,000	87

Current assets

Debtors	25,225	10,198
Cash at bank and in hand	29,537	17,208
	--------	--------
	54,762	27,406

Creditors: amounts falling due within one year	10,525		2,466
	--------		--------
Net current assets		44,237	24,940
		--------	--------
Total assets less current liabilities		48,237	25,027

Creditors: amounts falling due after more than one year	81,433	30,000
	--------	--------
Net liabilities	( 33,196)	( 4,973)
	--------	--------

Capital and reserves

Called up share capital	88	88
Profit and loss account	( 33,284)	( 5,061)
	--------	-------
Shareholders deficit	( 33,196)	( 4,973)
	--------	-------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 June 2018 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 abridged 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 abridged financial statements .

MIME Technologies Ltd

Abridged Statement of Financial Position (continued)

30 June 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 26 November 2018 , and are signed on behalf of the board by:

Dr A Mort

Director

Company registration number: SC509452

MIME Technologies Ltd

Statement of Changes in Equity

Year ended 30 June 2018

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 July 2016	–	–	–

Loss for the year		( 5,061)	( 5,061)
	----	-------	-------
Total comprehensive income for the year	–	( 5,061)	( 5,061)

Issue of shares	88	–	88
	----	-------	-------
Total investments by and distributions to owners	88	–	88

At 30 June 2017	88	( 5,061)	( 4,973)

Loss for the year		( 28,223)	( 28,223)
	----	--------	--------
Total comprehensive income for the year	–	( 28,223)	( 28,223)

	----	--------	--------
At 30 June 2018	88	( 33,284)	( 33,196)
	----	--------	--------

MIME Technologies Ltd

Notes to the Abridged Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Centre for Health Science Room S121, Centre for Health Science, Inverness, IV2 3JH.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangible Asset	-	50% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Office Equipment	-	33% reducing balance

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 year amounted to 4 (2017: 2 ).

5. Intangible assets

	£
Cost
At 1 July 2017 (as restated)	–
Additions	3,400
	-------
At 30 June 2018	3,400
	-------
Amortisation
At 1 July 2017	–
Charge for the year	1,042
	-------
At 30 June 2018	1,042
	-------
Carrying amount
At 30 June 2018	2,358
	-------
At 30 June 2017	–
	-------

6. Tangible assets

	£
Cost
At 1 July 2017 as restated	130
Additions	1,925
	-------
At 30 June 2018	2,055
	-------
Depreciation
At 1 July 2017	43
Charge for the year	370
	-------
At 30 June 2018	413
	-------
Carrying amount
At 30 June 2018	1,642
	-------
At 30 June 2017	87
	-------

7. Prior period errors

A prior period adjustment has been made to take account of a research & development tax credit of £10,199.

MIME Technologies Ltd

Management Information

Year ended 30 June 2018

The following pages do not form part of the abridged financial statements.

MIME Technologies Ltd

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of MIME Technologies Ltd

Year ended 30 June 2018

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 30 June 2018, which comprise the abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

MACDOWALL & CO Chartered Certified Accountants

Tulloch Street Dingwall IV15 9JY

26 November 2018