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Registration number: 14495846

Mapstack Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

Pages for filing with Registrar

 

Mapstack Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mapstack Ltd

Company Information

Director

C E Brown

Registered office

1 Victoria Street
Bristol
BS1 6AA

Registered number

14495846

Accountant

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

 

Mapstack Ltd

(Registration number: 14495846)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

40,975

11,455

Cash at bank and in hand

 

61,425

44,028

 

102,400

55,483

Creditors: Amounts falling due within one year

5

(7,559)

(17,115)

Total assets less current liabilities

 

94,841

38,368

Creditors: Amounts falling due after more than one year

5

(40,766)

(37,351)

Net assets

 

54,075

1,017

Capital and reserves

 

Called up share capital

6

11

10

Share premium reserve

99,999

-

Other reserves

12,649

12,649

Profit and loss account

(58,584)

(11,642)

Total equity

 

54,075

1,017

 

Mapstack Ltd

(Registration number: 14495846)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 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 year 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the director on 25 June 2025
 

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

C E Brown
Director

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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 performance 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.

Trade creditors

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

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

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 the director) during the year, was 2 (2023 - 3).

 

Mapstack Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Debtors: amounts falling due within one year

2024
£

2023
£

Prepayments and accrued income

40,975

11,454

Other debtors

-

1

40,975

11,455

5

Creditors

2024
£

2023
£

Amounts falling due within one year

Trade creditors

726

756

Taxation and social security

4,183

5,405

Other creditors

-

8,579

Accruals

2,650

2,375

7,559

17,115

2024
£

2023
£

Due after one year

Convertible debt

40,766

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 Year Ended 30 November 2024

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

800

8.00

800

8.00

A Ordinary shares of £0.01 each

216

2.16

140

1.40

B Ordinary shares of £0.01 each

60

0.60

60

0.60

 

1,076

11

1,000

10

During the year, 76 A Ordinary shares a nominal value of £0.76 were issued for an aggregate consideration of £100,000.

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.

During the year under review, Mangomaps Limited advanced an interest free loan to the company of £15,000 which was also repaid during the year.