REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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2DAYUK LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTOR AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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FOR |
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2DAYUK LIMITED |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Company information | 1 |
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Report of the director | 2 |
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Report of the independent auditors | 4 |
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Statement of comprehensive income | 8 |
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Statement of financial position | 9 |
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Statement of changes in equity | 10 |
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Notes to the financial statements | 11 |
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2DAYUK LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
1-2 Craven Road |
Ealing |
London |
W5 2UA |
2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2022 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the development, management and distribution of digital media services for the mobile phone industry. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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Following the year end, on 11th October 2022, C Y Cecilia resigned as a director. |
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DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Report of the director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
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GOING CONCERN |
The directors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the entity to continue as a going concern. The directors have made this assessment for a period of at least one year from the date of approval of the financial statements. After making enquiries the directors have concluded that there is a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future and have concluded that the entity is a going concern. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he 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. |
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AUDITORS |
The auditors, Johnsons, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2022 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
2DAYUK LIMITED |
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Opinion |
We have audited the financial statements of 2DayUK Limited (the 'company') for the year ended 31 March 2022 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 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. |
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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. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the director, but does not include the financial statements and our Report of the auditors thereon. |
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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. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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. |
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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 director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the director has been prepared in accordance with applicable legal requirements. |
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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 director. |
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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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was 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 director. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
2DAYUK LIMITED |
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Responsibilities of director |
As explained more fully in the Director's responsibilities statement set out on page two, the director is 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 director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
2DAYUK LIMITED |
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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. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: |
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Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
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Identification and assessment of potential risks |
In identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we conducted: |
- Meetings throughout the year with those charged with governance and who review the company's internal ethics and compliance reporting summaries, including those concerning investigations; |
- Enquiries of management, including obtaining and reviewing supporting documentation, concerning the company's material policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance relating to the detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- Our reviews of the company's remuneration policies, and key drivers for remuneration and bonus levels; |
- Our assessment of the influence of public officials over the operations of the company including any material transactions with related parties and key individuals; and |
- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the Audit Director and staff who have extensive experience of working with companies in the same sectors as the company, and this experience was relevant to the discussion about where fraud risks may arise. |
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Risks arising from legal and regulatory frameworks |
We are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in which the company operates, focusing on provisions of those areas that had a direct effect on the determination of material amounts and disclosures in the financial statements. |
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We did not identify any material audit matters related to the potential risk of fraud or non-compliance with laws and regulations from our work: |
- Reviewing management override of controls; |
- Testing the appropriateness of journal entries and other accounting adjustments; |
- Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |
- Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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We also communicated our assessment of the relevant laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
2DAYUK LIMITED |
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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. |
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for and on behalf of
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Statutory Auditor |
1-2 Craven Road |
Ealing |
London |
W5 2UA |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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163,976 | 345,933 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Property, plant and equipment | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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The financial statements were approved by the director and authorised for issue on
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 April 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2021 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2022 |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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2DayUK Limited is a
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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TANGIBLE FIXED ASSETS |
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Fixtures and fittings | - |
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Computer equipment | - |
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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 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. |
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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. |
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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. |
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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. |
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Trade debtors provision |
Trade debtors more than 4 months old are provided 100%. |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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GOING CONCERN |
The directors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the entity to continue as a going concern. The directors have made this assessment for a period of at least one year from the date of approval of the financial statements. After making enquiries the directors have concluded that there is a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future and have concluded that the entity is a going concern. |
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FUNCTIONAL CURRENCY |
The financial statements are presented in sterling which is the functional currency of the entity and rounded to the nearest £. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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Computer software amortisation |
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Foreign exchange differences |
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5. | AUDITORS' REMUNERATION |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Amortisation for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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8. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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2DAYUK LIMITED (REGISTERED NUMBER: 04022937) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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11. | RELATED PARTY DISCLOSURES |
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Key management personnel are considered to be the directors. |
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The following balances were owed (to)/from the related parties: |
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2022 | 2021 |
£ | £ |
Onmobile Global Limited (Ultimate parent company) | (5,668 | ) | (5,403 | ) |
Onmobile Global Spain Limited (Associate company) | 56,629 | 183,206 |
50,961 | 177,803 |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is a subsidary undertaking of Onmobile Live Inc, a company incorporated in United States of America, Shareholders of OnMobile Global Ltd, a company incorporated in India, are the ultimate controlling parties. |
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13. | PROVISIONS |
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A provision has been made for dividends payable of the amount of £70,205 which was settled in the subsequent accounting period. |