Whocanfixmycar.com Ltd 07455738 false 2017-01-01 2017-12-31 2017-12-31 The principal activity of the company is information technology service activities. Digita Accounts Production Advanced 6.21.8540.0 Software true 07455738 2017-01-01 2017-12-31 07455738 2017-12-31 07455738 bus:Director6 2017-12-31 07455738 bus:Director8 2017-12-31 07455738 bus:OrdinaryShareClass1 bus:OtherShareType 2017-12-31 07455738 bus:OrdinaryShareClass2 bus:OtherShareType 2017-12-31 07455738 bus:OrdinaryShareClass3 bus:OtherShareType 2017-12-31 07455738 bus:OrdinaryShareClass4 bus:OtherShareType 2017-12-31 07455738 bus:OrdinaryShareClass5 bus:OtherShareType 2017-12-31 07455738 core:FurtherSpecificReserve1ComponentTotalEquity 2017-12-31 07455738 core:OtherReservesSubtotal 2017-12-31 07455738 core:RetainedEarningsAccumulatedLosses 2017-12-31 07455738 core:ShareCapital 2017-12-31 07455738 core:SharePremium 2017-12-31 07455738 core:CurrentFinancialInstruments 2017-12-31 07455738 core:CurrentFinancialInstruments core:WithinOneYear 2017-12-31 07455738 core:Non-currentFinancialInstruments 2017-12-31 07455738 core:Non-currentFinancialInstruments core:AfterOneYear 2017-12-31 07455738 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-12-31 07455738 core:FurnitureFittingsToolsEquipment 2017-12-31 07455738 bus:SmallEntities 2017-01-01 2017-12-31 07455738 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 07455738 bus:FullAccounts 2017-01-01 2017-12-31 07455738 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 07455738 bus:RegisteredOffice 2017-01-01 2017-12-31 07455738 bus:Director1 2017-01-01 2017-12-31 07455738 bus:Director3 2017-01-01 2017-12-31 07455738 bus:Director4 2017-01-01 2017-12-31 07455738 bus:Director5 2017-01-01 2017-12-31 07455738 bus:Director6 2017-01-01 2017-12-31 07455738 bus:Director7 2017-01-01 2017-12-31 07455738 bus:Director8 2017-01-01 2017-12-31 07455738 bus:OrdinaryShareClass1 bus:OtherShareType 2017-01-01 2017-12-31 07455738 bus:OrdinaryShareClass2 bus:OtherShareType 2017-01-01 2017-12-31 07455738 bus:OrdinaryShareClass3 bus:OtherShareType 2017-01-01 2017-12-31 07455738 bus:OrdinaryShareClass4 bus:OtherShareType 2017-01-01 2017-12-31 07455738 bus:OrdinaryShareClass5 bus:OtherShareType 2017-01-01 2017-12-31 07455738 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 07455738 core:FurtherSpecificReserve1ComponentTotalEquity 2017-01-01 2017-12-31 07455738 core:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 07455738 core:ShareCapital 2017-01-01 2017-12-31 07455738 core:SharePremium 2017-01-01 2017-12-31 07455738 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-01-01 2017-12-31 07455738 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 07455738 core:OfficeEquipment 2017-01-01 2017-12-31 07455738 1 2017-01-01 2017-12-31 07455738 countries:England 2017-01-01 2017-12-31 07455738 2016-12-31 07455738 core:FurtherSpecificReserve1ComponentTotalEquity 2016-12-31 07455738 core:RetainedEarningsAccumulatedLosses 2016-12-31 07455738 core:ShareCapital 2016-12-31 07455738 core:SharePremium 2016-12-31 07455738 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 07455738 core:FurnitureFittingsToolsEquipment 2016-12-31 07455738 2016-01-01 2016-12-31 07455738 2016-12-31 07455738 bus:OrdinaryShareClass1 bus:OtherShareType 2016-12-31 07455738 bus:OrdinaryShareClass2 bus:OtherShareType 2016-12-31 07455738 bus:OrdinaryShareClass3 bus:OtherShareType 2016-12-31 07455738 bus:OrdinaryShareClass4 bus:OtherShareType 2016-12-31 07455738 bus:OrdinaryShareClass5 bus:OtherShareType 2016-12-31 07455738 core:OtherReservesSubtotal 2016-12-31 07455738 core:RetainedEarningsAccumulatedLosses 2016-12-31 07455738 core:ShareCapital 2016-12-31 07455738 core:SharePremium 2016-12-31 07455738 core:CurrentFinancialInstruments 2016-12-31 07455738 core:CurrentFinancialInstruments core:WithinOneYear 2016-12-31 07455738 core:Non-currentFinancialInstruments 2016-12-31 07455738 core:Non-currentFinancialInstruments core:AfterOneYear 2016-12-31 07455738 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 07455738 core:FurnitureFittingsToolsEquipment 2016-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07455738

Whocanfixmycar.com Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Blu Sky Chartered Accountants
Ye Olde Hundred
Church Way
North Shields
NE29 0AE

 

Whocanfixmycar.com Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Statement of Changes in Equity

5

Notes to the Financial Statements

6

 

Whocanfixmycar.com Ltd

Company Information

Directors

T E Chinn

W L Sheane

S J B Skinner

I Griffiths

F J A Parkes

A J C Preston

Registered office

Ye Olde Hundred
Church Way
North Shields
NE29 0AE

Accountants

Blu Sky Chartered Accountants
Ye Olde Hundred
Church Way
North Shields
NE29 0AE

 

Whocanfixmycar.com Ltd

Directors' Report for the Year Ended 31 December 2017

The directors present their report and the financial statements for the year ended 31 December 2017.

Directors of the company

The directors who held office during the year were as follows:

T E Chinn

W L Sheane

S J B Skinner

I Griffiths

F J A Parkes (appointed 10 April 2017)

A J C Preston

J V Gregersen (appointed 10 April 2017 and resigned 22 June 2017)

Principal activity

The principal activity of the company is information technology service activities.

Going concern

After reviewing the company’s forecasts and projections including its fundraise of circa £3.8m after the balance sheet date, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 27 September 2018 and signed on its behalf by:

.........................................
I Griffiths
Director

 

Whocanfixmycar.com Ltd

(Registration number: 07455738)
Balance Sheet as at 31 December 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

3

548,234

338,863

Tangible assets

4

7,449

5,866

 

555,683

344,729

Current assets

 

Debtors

5

116,672

108,156

Cash at bank and in hand

 

301,042

255,077

 

417,714

363,233

Creditors: Amounts falling due within one year

6

(1,220,947)

(188,467)

Net current (liabilities)/assets

 

(803,233)

174,766

Total assets less current liabilities

 

(247,550)

519,495

Creditors: Amounts falling due after more than one year

6

(7,551)

(7,551)

Provisions for liabilities

(2,783)

-

Net (liabilities)/assets

 

(257,884)

511,944

Capital and reserves

 

Called up share capital

8

3,192

3,143

Share premium reserve

1,531,590

1,531,590

Other reserves

102,998

859

Profit and loss account

(1,895,664)

(1,023,648)

Total equity

 

(257,884)

511,944

For the financial year ending 31 December 2017 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject o the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2018 and signed on its behalf by:

 

Whocanfixmycar.com Ltd

(Registration number: 07455738)
Balance Sheet as at 31 December 2017

.........................................

I Griffiths

Director

 

Whocanfixmycar.com Ltd

Statement of Changes in Equity for the Year Ended 31 December 2017

Share capital
£

Share premium
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 January 2017

3,143

1,531,590

859

(1,023,648)

511,944

Loss for the year

-

-

-

(872,016)

(872,016)

Other comprehensive income

-

-

102,139

-

102,139

Total comprehensive income

-

-

102,139

(872,016)

(769,877)

New share capital subscribed

49

-

-

-

49

At 31 December 2017

3,192

1,531,590

102,998

(1,895,664)

(257,884)

 

Whocanfixmycar.com Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The company registered number is: 07455738

The address of its registered office is:
Ye Olde Hundred
Church Way
North Shields
NE29 0AE
Great Britain

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Whocanfixmycar.com Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% On Cost

Research and development costs

Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% On Cost

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

 

 

Whocanfixmycar.com Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

3

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2017

488,782

488,782

Additions acquired separately

322,492

322,492

At 31 December 2017

811,274

811,274

Amortisation

At 1 January 2017

149,919

149,919

Amortisation charge

113,121

113,121

At 31 December 2017

263,040

263,040

Carrying amount

At 31 December 2017

548,234

548,234

At 31 December 2016

338,863

338,863

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2017

14,694

14,694

Additions

6,324

6,324

At 31 December 2017

21,018

21,018

Depreciation

At 1 January 2017

8,828

8,828

Charge for the year

4,741

4,741

At 31 December 2017

13,569

13,569

Carrying amount

At 31 December 2017

7,449

7,449

At 31 December 2016

5,866

5,866

 

Whocanfixmycar.com Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

5

Debtors

2017
£

2016
£

Trade debtors

103,264

66,206

Prepayments

8,491

-

Other debtors

4,917

41,950

116,672

108,156

 

Whocanfixmycar.com Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

6

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

7

939,891

-

Trade creditors

 

43,413

22,097

Taxation and social security

 

62,821

32,019

Accruals and deferred income

 

146,271

100,713

Other creditors

 

28,551

33,638

 

1,220,947

188,467

Creditors: amounts falling due after more than one year

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

7

7,551

7,551

7

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Other borrowings

7,551

7,551

2017
£

2016
£

Current loans and borrowings

Convertible debt

939,891

-

8

Share capital

Allotted, called up and fully paid shares

 

Whocanfixmycar.com Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

 

2017

2016

 

No.

£

No.

£

Ordinary of £ 0.01 each

119,488

1,194.88

119,488

1,194.88

A Ordinary of £ 0.01 each

81,852

818.52

81,852

818.52

C Ordinary of £ 0.01 each

4,867

48.67

-

-

Preferred A of £ 0.01 each

98,328

983.28

98,328

983.28

Preferred B of £ 0.01 each

14,657

146.57

14,657

146.57

 

319,192

3,192

314,325

3,143

9

Post balance sheet events

Following the company year end of 31st December 2017, the company issued shares (Ordinary – 27,002, Preferred C Ordinary – 199,791, D Ordinary – 2) for £3.86m including the conversion of £0.94m convertible debt held within loans and borrowings less than one year at the balance sheet date.

10

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2016 - 17).