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Registration number: 09124345

Mobius Technology Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Mobius Technology Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Mobius Technology Ltd

Company Information

Directors

Mr M L Logut

Mr G P Langley-Johnson

Company secretary

Mr G P Langley-Johnson

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Mobius Technology Ltd

(Registration number: 09124345)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

210,114

247,667

Tangible assets

5

31,176

44,256

 

241,290

291,923

Current assets

 

Debtors

6

259,630

378,828

Cash at bank and in hand

 

75,380

67,765

 

335,010

446,593

Creditors: Amounts falling due within one year

7

(492,540)

(587,563)

Net current liabilities

 

(157,530)

(140,970)

Total assets less current liabilities

 

83,760

150,953

Provisions for liabilities

20,361

(11,064)

Net assets

 

104,121

139,889

Capital and reserves

 

Called up share capital

8

111

111

Share premium reserve

11,517

11,517

Retained earnings

92,493

128,261

Shareholders' funds

 

104,121

139,889

For the financial year ending 31 January 2023 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Mobius Technology Ltd

(Registration number: 09124345)
Balance Sheet as at 31 January 2023

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
Mr M L Logut
Director

.........................................
Mr G P Langley-Johnson
Company secretary and director

 

Mobius Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the Board on 13 October 2023.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

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 are recognised based on the accrual model and are measured at the fair value of the asset
received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Mobius Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant & machinery

25% straight line

Motor vehicles

25% straight line

Development costs

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project. Research expenditure is written off in the period in which it is incurred.

Amortisation

Software development costs have been capitalised and are being amortised to the profit and loss account over their useful life as follows:-

Asset class

Amortisation method and rate

Development costs

20% straight line

Custom software

10% straight line

 

Mobius Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 12).

 

Mobius Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Custom Software
£

Development costs
 £

Total
£

Cost or valuation

At 1 February 2022

53,200

375,140

428,340

Additions acquired separately

-

53,494

53,494

At 31 January 2023

53,200

428,634

481,834

Amortisation

At 1 February 2022

31,920

148,753

180,673

Amortisation charge

5,320

85,727

91,047

At 31 January 2023

37,240

234,480

271,720

Carrying amount

At 31 January 2023

15,960

194,154

210,114

At 31 January 2022

21,280

226,387

247,667

5

Tangible assets

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 February 2022

49,390

30,058

79,448

Additions

35,000

642

35,642

Disposals

(49,390)

-

(49,390)

At 31 January 2023

35,000

30,700

65,700

Depreciation

At 1 February 2022

12,347

22,845

35,192

Charge for the year

8,750

2,929

11,679

Eliminated on disposal

(12,347)

-

(12,347)

At 31 January 2023

8,750

25,774

34,524

Carrying amount

At 31 January 2023

26,250

4,926

31,176

At 31 January 2022

37,043

7,213

44,256

 

Mobius Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

257,335

341,861

Prepayments

 

2,295

3,136

Other debtors

9

-

33,831

 

259,630

378,828

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

268,009

258,661

Taxation and social security

 

30,429

32,012

Other creditors

9

194,102

296,890

 

492,540

587,563

8

Share capital

Share options

Options were granted on 24 November 2015 under an approved option scheme, an Enterprise Management Incentives (EMI) scheme, over the company’s ordinary shares of £1 each. All options were exercisable at £1,048 each. The value of the options exercised have been charged as an expense to the profit and loss.

The movements of the shares are as follows:
 

2023
 £

2022
 £

Outstanding at the start of the period

14

14

Issued during the period

-

-

Exercised during the period

-

-

Lapsed during the period

-

-

14

14

 

Mobius Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Related party transactions

Summary of transactions with other related parties

Included in other debtors is an amount of £Nil (2022 : £10) owed by a director. There are no repayment terms or interest charged on the outstanding amount. During the year repayments were made of £10.

Included in other creditors is an amount of £181,902 (2022: £280,500) owed to a company in which the directors are also directors, and a mutual shareholder. There are no repayment terms or interest charged on the outstanding amount.