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Registration number: 14495846

Mapstack Ltd

Unaudited Filleted Financial Statements

for the Period from 21 November 2022 to 30 November 2023

Pages for filing with Registrar

 

Mapstack Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 8

 

Mapstack Ltd

Company Information

Director

C Brown

Registered office

1 Victoria Street
Bristol
BS1 6AA

Registered number

14495846

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Mapstack Ltd

(Registration number: 14495846)
Balance Sheet as at 30 November 2023

Note

2023
£

Current assets

 

Debtors

4

11,455

Cash at bank and in hand

 

44,028

 

55,483

Creditors: Amounts falling due within one year

5

(17,115)

Total assets less current liabilities

 

38,368

Creditors: Amounts falling due after more than one year

5

(37,351)

Net assets

 

1,017

Capital and reserves

 

Called up share capital

6

10

Other reserves

12,649

Profit and loss account

(11,642)

Total equity

 

1,017

 

Mapstack Ltd

(Registration number: 14495846)
Balance Sheet as at 30 November 2023

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 21 August 2024
 

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

C Brown
Director

 

Mapstack Ltd

Statement of Changes in Equity for the Period from 21 November 2022 to 30 November 2023

Share capital
£

Equity component of convertible debt
£

Profit and loss account
£

Total
£

Loss for the period

-

-

(11,642)

(11,642)

New share capital subscribed

10

-

-

10

Equity component of convertible debt

-

12,649

-

12,649

At 30 November 2023

10

12,649

(11,642)

1,017

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Period from 21 November 2022 to 30 November 2023

1

Statutory information

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

The address of its registered office is:
1 Victoria Street
Bristol
BS1 6AA
England

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The director has indicated his willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Period from 21 November 2022 to 30 November 2023

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Convertible debt

The net proceeds received from the issue of convertible debt instruments are split between a liability element and an equity component at the date of issue. The fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt. The difference between the proceeds of issue of the convertible bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the company, is included in equity and is not remeasured. The liability component is carried at amortised cost.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 3.

4

Debtors: amounts falling due within one year

2023
£

Prepayments

11,454

Other debtors

1

11,455

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Period from 21 November 2022 to 30 November 2023

5

Creditors

2023
£

Amounts falling due within one year

Trade creditors

756

Taxation and social security

5,405

Other creditors

8,579

Accruals

2,375

17,115

2023
£

Due after one year

Convertible debt

37,351

The convertible debt is unsecured and interest free. The convertible debt matures on 1 June 2028.

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Period from 21 November 2022 to 30 November 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £0.01 each

800

8.00

A Ordinary shares of £0.01 each

140

1.40

B Ordinary shares of £0.01 each

60

0.60

 

1,000

10


On incorporation, 100 Ordinary shares were issued at par with a nominal value of £1.

Subsequently on 1 June 2023, a further 700 Ordinary shares were issued at par with a nominal value of £7. On 1 June 2023, 140 A Ordinary shares were issued at par with a nominal value of £1.40, and 60 B Ordinary shares were issued at par with a nominal value of £0.60.

7

Related party transactions

Summary of transactions with entities with joint control or significant interest

On 1 June 2023 the company entered into a convertible loan agreement with Mangomaps Limited, a company under the control of Mr C Brown, the sole director of Mapstack Limited. The loan value is £50,000 and the maturity date is 1 June 2028. The loan is unsecured and interest free.