|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
2DAYUK LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS AND |
|
AUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
2DAYUK LIMITED |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Directors | 2 |
|
Report of the Independent Auditors | 3 |
|
Statement of Comprehensive Income | 5 |
|
Statement of Financial Position | 6 |
|
Statement of Changes in Equity | 7 |
|
Notes to the Financial Statements | 8 |
|
2DAYUK LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
The directors present their report with the financial statements of the company for the year ended 31 March 2019. |
|
PRINCIPAL ACTIVITY |
The principal activity of the Company during the year continued to be the development, management and distribution of |
digital media services for the mobile phone industry. |
|
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report. |
|
|
|
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
2DAYUK LIMITED |
|
|
Opinion |
We have audited the financial statements of 2dayuk Limited (the 'company') for the year ended 31 March 2019 which |
comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and |
Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting |
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, |
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (United Kingdom Generally Accepted Accounting Practice). |
|
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- |
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
- |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
|
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
|
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
|
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- |
the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
2DAYUK LIMITED |
|
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- |
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
|
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the directors determine necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
|
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
|
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
|
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
for and on behalf of
|
Chartered Accountants |
& Statutory Auditors |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
|
|
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
31/3/19 | 31/3/18 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Cost of sales |
|
|
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
91,214 | (143,794 | ) |
|
Other operating income |
|
|
OPERATING PROFIT/(LOSS) | 4 |
|
( |
) |
|
Interest receivable and similar income |
|
|
102,201 | (137,602 | ) |
Amounts written off investments | 6 | - |
PROFIT/(LOSS) BEFORE TAXATION |
|
( |
) |
|
Tax on profit/(loss) | 6 |
|
( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
|
( |
) |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
|
31/3/19 | 31/3/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
|
|
Tangible assets | 8 |
|
|
Investments | 9 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 10 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 11 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium | 14 |
|
|
Retained earnings | 14 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
|
Balance at 1 April 2017 |
|
|
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2018 |
|
|
|
|
|
Changes in equity |
Total comprehensive income | - |
|
- |
|
Balance at 31 March 2019 |
|
|
|
|
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
1. | STATUTORY INFORMATION |
|
2dayuk Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover has been recognised at the end of the month in which the content was downloaded by, or distributed to, |
end users and is stated excluding any Value Added Tax or other sales taxes. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
|
|
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Investments |
Investments held as fixed assets are shown at cost less provision for impairment. |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
Classification of financial instruments issued by the Company |
In accordance with FRS 102, financial instruments issued by the Company are treated as equity only to the |
extent that they meet the following two conditions: |
- they include no contractual obligations upon the company to deliver cash or other financial assets or to |
exchange financial assets or financial liabilities with another party under conditions that are potentially |
unfavourable to the company; and |
- where the instrument will or may be settled in the company's own equity instruments, it is either a |
non-derivative that includes no obligation to deliver a variable number of the company's own equity |
instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or |
other financial assets for a fixed number of its own equity instruments. |
|
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade |
and other creditors are recognised initially at transaction price plus attributable transaction costs. |
Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less |
any impairment losses in the case of trade debtors. If the arrangement constitutes a financing |
transaction, for example if payment is deferred beyond normal business terms, then it is measured at the |
present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
|
Interest-bearing borrowings classified as basic financial instruments |
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a |
market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised |
cost using the effective interest method, less any impairment losses. |
|
Foreign currency |
Foreign currency transactions are recorded at the monthly average rate. Foreign exchange gains and losses |
resulting from the settlement of such transactions, and from the retranslation at year end exchange rates of |
monetary assets and liabilities denominated in foreign currencies, are recognised in the profit and loss account. |
|
Trade Debtors provision |
|
Trade debtors more than 4 months old are provided 100%. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | OPERATING PROFIT/(LOSS) |
|
The operating profit (2018 - operating loss) is stated after charging/(crediting): |
|
31/3/19 | 31/3/18 |
£ | £ |
Depreciation - owned assets |
|
|
Foreign exchange differences | ( |
) | ( |
) |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
5. | AUDITORS' REMUNERATION |
|
31/3/19 | 31/3/18 |
£ | £ |
Auditor's remuneration | 16,200 | 15,020 |
|
|
|
Auditor's remuneration pertaining to parent company has been borne by 2DAYUK Limited. |
|
6. | TAXATION |
|
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31/3/19 | 31/3/18 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
( |
) |
Tax on profit/(loss) |
|
( |
) |
|
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
|
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2018 |
|
Disposals | ( |
) |
At 31 March 2019 |
|
DEPRECIATION |
At 1 April 2018 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
|
Disposals | ( |
) |
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
Fonestarz Limited, Fonestarz Media Limited and Livewire Mobile (Australia) PTY Limited filed for voluntary |
liquidation during the year. |
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT |
|
|
Deferred tax asset |
|
|
Prepayments |
|
|
|
|
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/19 | 31/3/18 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Wages control | 1,513 | - |
Accrued expenses |
|
|
|
|
|
12. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/3/19 | 31/3/18 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
13. | DEFERRED TAX |
£ |
Balance at 1 April 2018 | ( |
) |
Movement in the year | 6,797 |
Balance at 31 March 2019 | ( |
) |
|
14. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 April 2018 |
|
|
459,201 |
Profit for the year |
|
|
At 31 March 2019 |
|
|
554,583 |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
15. | RELATED PARTY DISCLOSURES |
|
Key management personnel are considered to be the directors, No remunerations were paid to directors during |
the year. |
|
The following balances were owed (to)/from the related parties: |
|
2019 | 2018 |
£ | £ |
Onmobile Global Limited | 5 | (293 | ) |
Onmobile Global Spain Limited | 183,956 | - |
Fonestarz Media group Limited | (71,512 | ) | (71,512 | ) |
112,449 | (71,805 | ) |
|
|
16. | ULTIMATE CONTROLLING PARTY |
|
FoneStarz Media Group Limited, a company incorporated in England & Wales is the parent company. |
Shareholders of OnMobile Global Ltd, a company incorporate in India is the ultimate controlling party. |