Year Ended
Registration number:
Mouseion Professors Limited
Contents
Strategic Report |
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Director's Report |
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Income Statement |
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Statement of Comprehensive Income |
|
Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Mouseion Professors Limited
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Fair review of the business
The company works solely for Macat International Limited and as such is dependent on Macat International Limited for its funding.
There is no reason to believe that this will change until its product is ready for market.
Research and development
The company capitalises development expenditure and holds it on its balance sheet as an intangible asset. All intellectual property rights in the asset belong to Mouseion Professors Limited.
Exploratory work has been written off and development expenditure has been capitalised in accordance with the provisions of International Financial Reporting Standard IAS38 Intangible Assets. The assets were reviewed for impairment and at the year-end the directors held that no impairment has occurred.
Political donations and expenditure
The company made no political donation during the year (2022 - £Nil)
Going concern
The financial statements have been prepared on a going concern basis, as further disclosed, notwithstanding the fact that the company has a deficiency in the shareholder's fund at the year end.
The company's operations are dependent upon continued funding and support from its parent company, Macat International Limited. The latter has given assurance that it will not seek repayment of balance receivable from the company if such demand would leave the company unable to meet liabilities as they fall due or carry on normal business operations.
The directors are satisfied that Macat International Limited intends, as needed, to provide funding and working capital to enable the company to continue its operations and meet its liabilities as they fall due. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
Approved by the
......................................... |
Mouseion Professors Limited
Director's Report for the Year Ended 31 December 2023
The director presents his report and the unaudited financial statements for the year ended 31 December 2023.
Director of the company
The director, who held office during the year, was as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
......................................... |
Mouseion Professors Limited
Income Statement
Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Revenue |
- |
- |
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Loss before tax |
( |
( |
|
Loss for the year |
( |
( |
The above results were derived from continuing operations.
Mouseion Professors Limited
Statement of Comprehensive Income
Year Ended 31 December 2023
2023 |
2022 |
|
Loss for the year |
( |
( |
Total comprehensive loss for the year |
( |
( |
Mouseion Professors Limited
Statement of Financial Position
31 December 2023
Note |
31 December |
31 December |
|
Assets |
|||
Non-current assets |
|||
Intangible assets |
- |
|
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Current assets |
|||
Cash and cash equivalents |
|
|
|
Total assets |
|
|
|
Equity and liabilities |
|||
Equity |
|||
Share capital |
(1) |
(1) |
|
Retained earnings |
3,329,339 |
3,283,931 |
|
Total equity |
3,329,338 |
3,283,930 |
|
Non-current liabilities |
|||
Loans and borrowings |
( |
( |
|
Total equity and liabilities |
( |
( |
Mouseion Professors Limited
Statement of Financial Position
31 December 2023
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
.........................................
Mr S A Y Khalil
Director
Company registration number: 07551342
Mouseion Professors Limited
Statement of Changes in Equity
Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2022 |
1 |
(3,283,931) |
(3,283,930) |
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2023 |
|
( |
( |
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
United Kingdom
The company is principally engaged in development of a digital library of text, videos and podcasts, for the tertiary education sector. The product caters for the needs of teachers, students and life long learners. Information on the company's ultimate controlling party is presented in note 14.
Accounting policies |
Statement of compliance
The company financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("adopted IFRS's").
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
The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. Where necessary, the comparatives have been reclassified or extended from the previously reported results to take into account presentational changes.
Going concern
The financial statement have been prepared on the going concern basis as the company is receiving support from its parent company. It is the directors' opinion that all liabilities will continue to be met as they fall due, for at least the next twelve months.
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Tax
Income taxes include all taxes based upon the taxable profits of the company. Other taxes not based on income, such as property and capital taxes, are included within operating expenses or financial expenses according to their nature.
Deferred income tax is provided, using the liability method, on temporary differences between tax bases of assets and liabilities and their carrying amounts, in the financial statements. Deferred income tax assets relating to the carry-forward of unused tax losses are recognised to the extent that it is probable that future tax profit will be available against which the unused tax losses can be utilised.
Current and deferred income tax assets and liabilities are offset when the income taxes are levied by the same taxation authority and when there is a legally enforceable right to offset them.
Repairs and maintenance costs are recognised as expenses incurred.
The company has no leases.
Financial instruments
Financial instruments are recognised when the company becomes party to the contracts that gives rise to them and they are derecognised on settlement. They are measured initially at fair value, normally being the transaction price.
The subsequent accounting treatment depends on the classification of an instrument as set out below.
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Intangible assets
Expenditure on internally developed products is capitalised if it can be demonstrated that:
- it is technically feasible to develop the product for it to be sold
- adequate resources are available to complete the development
- there is an intention to complete and sell the product
- the company is able to sell the product
- sale of the product will generate future economic benefits, and
- expenditure on the project can be measured reliably
Capitalised development costs will be amortised over the periods the company expects to benefit from selling the products developed.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Software |
10% straight line |
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 changes in value.
Trade payables
Trade payables 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Borrowings
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. 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 income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Foreign currency transactions and balances
Property, plant and equipment
Property, plant and equipment are initially recorded at the cost of purchase or construction and are depreciation on a straight line basis, except for land, which is not depreciated.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
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.
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 |
Computer equipment |
33% straight line |
Operating loss |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Amortisation expense |
|
|
Staff costs |
The average number of employees during the year was
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Income tax |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).
The differences are reconciled below:
2023 |
2022 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Increase from effect of unrelieved tax losses carried forward |
|
|
Total tax charge/(credit) |
- |
- |
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Deferred tax
There are £
It is anticipated that the deferred tax asset will be recovered when the company makes sufficient taxable profits.
Property, plant and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2022 |
|
|
At 31 December 2022 |
|
|
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
At 1 January 2022 |
|
|
At 31 December 2022 |
|
|
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
- |
- |
At 31 December 2022 |
- |
- |
At 1 January 2022 |
- |
- |
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Intangible assets |
Software |
|
Cost or valuation |
|
At 1 January 2022 |
|
At 31 December 2022 and 1 January 2023 |
1,318,035 |
Additions |
- |
At 31 December 2023 |
|
Amortisation |
|
At 1 January 2022 |
|
Amortisation charge |
|
At 31 December 2022 and 1 January 2023 |
1,272,627 |
Amortisation charge |
|
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
- |
At 31 December 2022 |
|
Trade and other receivables |
Current |
31 December |
31 December |
Cash and cash equivalents |
31 December |
31 December |
|
Cash at bank |
|
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Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Loans and borrowings |
31 December |
31 December |
|
Non-current loans and borrowings |
||
Other borrowings |
|
|
The loans and borrowings classified as financial instruments are disclosed in note 15 "Financial instruments".
The company's exposure to market and liquidity risk; including maturity analysis, in respect of loans and borrowings is disclosed in the financial risk management and impairment note.
Trade and other payables |
31 December |
31 December |
Related party transactions |
Summary of transactions with parent entities
Expenditure with and payables to related parties
2023 |
|
2022 |
Parent |
Amounts payable to related party |
|
|
Parent and ultimate parent undertaking |
The company's immediate, and ultimate, parent is
Mouseion Professors Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2023
Interest rate risk
As the company has no credit lines in place and as the interest earned is not material management is of the view that there is no significant interest rate risk.
Financial instruments |
Financial instrument give rise to liquidity, credit, interest rate and foreign currency risks. The directors review and agree policies for managing these risks. Financial instruments are not used for speculative activity and complex financial instrument are avoided. Information about how these risks are managed is set out below:
Credit risk
The company is in start-up mode and as such has no revenues. It is anticipated that its primary customer will be Macat International Limited.
As Mouseion owns the Intellectual Property in the content which is an essential component of the Macat library Macat will continue to support it, and management is of the view that there is no specific exposure.
Foreign currency risk
Costs are mainly incurred in pounds sterling although there are some US Dollar and Euro costs. These are unhedged.
Liquidity risk
Liquidity risk arises from ongoing financial obligation. Currently the company has no revenues and depends on its funding from its parent, Macat International Limited. Future funding is dependent on Macat obtaining funding from its shareholders.