22 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 6,586,309 940,000 7,526,309 4,990,059 603,750 5,593,809 1,932,500 1,596,250 85,907 5,583 91,490 65,210 9,756 74,966 16,524 20,697 xbrli:pure xbrli:shares iso4217:GBP 5117731 2023-06-01 2024-05-31 5117731 2024-05-31 5117731 2023-05-31 5117731 2022-06-01 2023-05-31 5117731 2023-05-31 5117731 2022-05-31 5117731 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 5117731 core:PlantMachinery 2023-06-01 2024-05-31 5117731 bus:Director1 2023-06-01 2024-05-31 5117731 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 5117731 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 5117731 core:PlantMachinery 2023-05-31 5117731 core:PlantMachinery 2024-05-31 5117731 core:WithinOneYear 2024-05-31 5117731 core:WithinOneYear 2023-05-31 5117731 core:ShareCapital 2024-05-31 5117731 core:ShareCapital 2023-05-31 5117731 core:RetainedEarningsAccumulatedLosses 2024-05-31 5117731 core:RetainedEarningsAccumulatedLosses 2023-05-31 5117731 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 5117731 core:PlantMachinery 2023-05-31 5117731 bus:Director1 2023-05-31 5117731 bus:Director1 2024-05-31 5117731 bus:Director1 2022-05-31 5117731 bus:Director1 2023-05-31 5117731 bus:Director1 2022-06-01 2023-05-31 5117731 bus:SmallEntities 2023-06-01 2024-05-31 5117731 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 5117731 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 5117731 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 5117731 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 5117731
MAPWAY LIMITED
Filleted Unaudited Financial Statements
31 May 2024
MAPWAY LIMITED
Financial Statements
Year ended 31st May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MAPWAY LIMITED
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1,932,500
1,596,250
Tangible assets
6
16,524
20,697
------------
------------
1,949,024
1,616,947
Current assets
Debtors
7
929,314
1,127,426
Investments
8
299,814
299,814
Cash at bank and in hand
190
47,014
------------
------------
1,229,318
1,474,254
Creditors: amounts falling due within one year
9
11,105,650
11,297,237
-------------
-------------
Net current liabilities
9,876,332
9,822,983
------------
------------
Total assets less current liabilities
( 7,927,308)
( 8,206,036)
------------
------------
Net liabilities
( 7,927,308)
( 8,206,036)
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 7,928,308)
( 8,207,036)
------------
------------
Shareholders deficit
( 7,927,308)
( 8,206,036)
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31st May 2024 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 .
MAPWAY LIMITED
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2024 , and are signed on behalf of the board by:
Mr D James
Director
Company registration number: 5117731
MAPWAY LIMITED
Notes to the Financial Statements
Year ended 31st May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dalton Place, 29 John Dalton Street, Manchester, M2 6DS.
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 Directors have considered the current position of the Company and, after making the appropriate enquiries, have a reasonable expectation that the Company has adequate resources, including ongoing support from the other members of the Group, to continue in operational existence for the foreseeable future. Thus the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Revenue recognition, which is stated net of vat, depends on the type of revenue concerned. Interest income and expense is recognised on an accruals basis. Turnover represents amounts recognised over the period of contracts for the provision of services which fall within the company's ordinary activities after deduction of value added tax.
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.
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. 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 only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .
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
-
25% 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
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or four years.
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:
Plant and machinery
-
25% 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. 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.
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 22 (2023: 22 ).
5. Intangible assets
Development costs
£
Cost
At 1st June 2023
6,586,309
Additions
940,000
------------
At 31st May 2024
7,526,309
------------
Amortisation
At 1st June 2023
4,990,059
Charge for the year
603,750
------------
At 31st May 2024
5,593,809
------------
Carrying amount
At 31st May 2024
1,932,500
------------
At 31st May 2023
1,596,250
------------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1st June 2023
85,907
85,907
Additions
5,583
5,583
--------
--------
At 31st May 2024
91,490
91,490
--------
--------
Depreciation
At 1st June 2023
65,210
65,210
Charge for the year
9,756
9,756
--------
--------
At 31st May 2024
74,966
74,966
--------
--------
Carrying amount
At 31st May 2024
16,524
16,524
--------
--------
At 31st May 2023
20,697
20,697
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
14,976
Amounts owed by group undertakings and undertakings in which the company has a participating interest
310,659
310,659
Other debtors
618,655
801,791
---------
------------
929,314
1,127,426
---------
------------
8. Investments
2024
2023
£
£
Other investments
299,814
299,814
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,536
Trade creditors
20,697
16,231
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,823,301
11,054,779
Social security and other taxes
39,614
36,499
Other creditors
200,502
189,728
-------------
-------------
11,105,650
11,297,237
-------------
-------------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D James
466,000
293,000
( 466,000)
293,000
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D James
293,000
510,000
( 337,000)
466,000
---------
---------
---------
---------
11. Related party transactions
The company was under the control of Mapway Holdings Limited throughout the current and previous year. Included in Debtors is amounts owed by group undertakings of £310,659. This relates to amounts owed from Mapway Holdings Limited, the parent company. Included in creditors is amounts owed to group undertakings of £10,823,301. This relates to amounts owed to Mapway Technologies Limited, a fellow subsidiary of Mapway Holdings Limited. The loan to Mr D James was made on the 30 November 2023 and is for a term of 12 months. The loan is interest free for 12 months and is repayable in full on demand or within 12 months.
12. Controlling party
The ultimate parent undertaking is Mapway Holdings Limited, a company registered in England and Wales.