23 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 956,015 521,372 1,477,387 329,017 295,478 624,495 852,892 626,998 49,212 4,902 54,114 29,417 13,285 42,702 11,412 19,795 xbrli:pure xbrli:shares iso4217:GBP SC547768 2021-01-01 2021-12-31 SC547768 2021-12-31 SC547768 2020-12-31 SC547768 2020-01-01 2020-12-31 SC547768 2020-12-31 SC547768 2019-12-31 SC547768 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 SC547768 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC547768 bus:Director6 2021-01-01 2021-12-31 SC547768 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 SC547768 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 SC547768 core:WithinOneYear 2021-12-31 SC547768 core:WithinOneYear 2020-12-31 SC547768 core:AfterOneYear 2021-12-31 SC547768 core:AfterOneYear 2020-12-31 SC547768 core:ShareCapital 2021-12-31 SC547768 core:ShareCapital 2020-12-31 SC547768 core:SharePremium 2021-12-31 SC547768 core:SharePremium 2020-12-31 SC547768 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC547768 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC547768 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 SC547768 bus:SmallEntities 2021-01-01 2021-12-31 SC547768 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 SC547768 bus:FullAccounts 2021-01-01 2021-12-31 SC547768 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 SC547768 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC547768 bus:OrdinaryShareClass1 2021-12-31 SC547768 bus:OrdinaryShareClass1 2020-12-31 SC547768 core:ComputerEquipment 2021-01-01 2021-12-31 SC547768 core:ComputerEquipment 2020-12-31 SC547768 core:ComputerEquipment 2021-12-31
COMPANY REGISTRATION NUMBER: SC547768
Marktomarket Valuations Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Marktomarket Valuations Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
852,892
626,998
Tangible assets
6
11,412
19,795
---------
---------
864,304
646,793
Current assets
Debtors
7
260,171
202,007
Cash at bank and in hand
1,792,966
674,931
------------
---------
2,053,137
876,938
Creditors: amounts falling due within one year
8
217,475
150,284
------------
---------
Net current assets
1,835,662
726,654
------------
------------
Total assets less current liabilities
2,699,966
1,373,447
Creditors: amounts falling due after more than one year
9
36,456
50,530
------------
------------
Net assets
2,663,510
1,322,917
------------
------------
Capital and reserves
Called up share capital
11
3
2
Share premium account
4,208,528
2,525,305
Profit and loss account
( 1,545,021)
( 1,202,390)
------------
------------
Shareholders funds
2,663,510
1,322,917
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 .
Marktomarket Valuations Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 14 September 2022 , and are signed on behalf of the board by:
D W Lawson
Director
Company registration number: SC547768
Marktomarket Valuations Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 38 Castle Terrace, Edinburgh, EH3 9SJ, Scotland.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed budgets and forecasts for the forthcoming year and are satisfied that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for licences supplied, net of discounts and Value Added Tax. Revenue from the sale of licences is recognised when the significant risks and rewards of ownership have transferred to the buyer 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. Taxation 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. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
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:
Development costs
-
20% 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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2020: 30 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2021
956,015
Additions
Additions from internal developments
521,372
------------
At 31 December 2021
1,477,387
------------
Amortisation
At 1 January 2021
329,017
Charge for the year
295,478
------------
At 31 December 2021
624,495
------------
Carrying amount
At 31 December 2021
852,892
------------
At 31 December 2020
626,998
------------
6. Tangible assets
Equipment
£
Cost
At 1 January 2021
49,212
Additions
4,902
--------
At 31 December 2021
54,114
--------
Depreciation
At 1 January 2021
29,417
Charge for the year
13,285
--------
At 31 December 2021
42,702
--------
Carrying amount
At 31 December 2021
11,412
--------
At 31 December 2020
19,795
--------
7. Debtors
2021
2020
£
£
Trade debtors
64,208
27,662
Other debtors
195,963
174,345
---------
---------
260,171
202,007
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,606
2,500
Trade creditors
31,164
18,458
Social security and other taxes
43,902
54,986
Other creditors
132,803
74,340
---------
---------
217,475
150,284
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
36,456
47,500
Other creditors
3,030
--------
--------
36,456
50,530
--------
--------
10. Share-based payments
Certain employees have been granted options to subscribe for shares in the company under share option schemes as follows: The estimated fair value of each share option granted is as follows: Option Number Exercise Price Fair Value Approved 7,768 £1.05 £0.76 Approved 3,120 £5.00 £4.88 Approved 3,571 £5.00 £1.37
Details of the number and weighted average exercise prices (WAEP) of share options during the year are as follows:
2021
2020
No.
WAEP
No.
WAEP
Outstanding at 1 January 2021
8,018
2.50
10,888
1.05
Granted during the year
3,571
5.00
Expired during the year
( 190)
5.00
( 2,870)
1.28
--------
-----
--------
-----
Outstanding at 31 December 2021
11,399
3.24
8,018
2.50
--------
-----
--------
-----
The total expense recognised in profit or loss for the year is as follows:
2021
2020
£
£
Equity-settled share-based payments
2,015
1,602
-------
-------
The estimated fair values were calculated by applying the Black-Scholes option pricing model. The model inputs were: 2021 Share price at grant date £2.20 Exercise price £5.00 Expected volatility 70% Expected life 10 years Risk free interest rate 0.74% - 0.79% Dividend yield 0%
11. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.00001 each
313,803
3
245,046
2
---------
----
---------
----