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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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WOOSHII LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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WOOSHII LIMITED |
WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WOOSHII LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
62-66 Deansgate |
Manchester |
M3 2EN |
WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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BALANCE SHEET |
31 MARCH 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/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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Capital redemption reserve |
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Fair value reserve | 9 |
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Retained earnings | ( |
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( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Wooshii Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
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Turnover |
Turnover 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 |
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Intangible assets are initially measured at costs. After initial recognition, intangible assets are measured at costs |
less any accumulated amortisation and any accumulated impairment losses. |
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Amortisation |
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Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over th useful |
life of that asset as follows: |
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Developments costs - Development costs were fully amortised. |
Patents, trademarks and licenses - 20% straight line |
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If there is an indication that there has been a significant change in amortisations rate, useful life or residual value |
of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS102 to all of its financial statements. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at present |
value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable |
within one year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year |
or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest rate method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
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WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Consolidation |
The entity has taken advantage of the option not to prepare consolidated financial statements contained in |
Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a |
small group. |
WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Share based payments |
Equity-settled share-based payments to employees and others providing similar services are measured at the fair |
value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting |
conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set |
out in note 4. |
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The fair value determined at the grant date of the equity-settled share-based payments is expensed on a |
straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will |
eventually vest unless the exercise period commences immediately following the grant date, in which case the |
entire fair value of the equity-settled share-based payment is expensed to the income statement. At each balance |
sheet date, the Company revises its estimate of the number of equity instruments expected to vest as a result of |
the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is |
recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding |
adjustment to equity reserves. |
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Equity-settled share-based payment transactions with parties other than employees are measured at the fair value |
of the goods or services received, except where that fair value cannot be estimated reliably, in which case they |
are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods |
or the counterparty renders the service. |
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In respect of equity settled share based payments entered into or granted prior to the start of the financial period |
where the accounting policies adopted did not require recognition of the fair value thereof annual charges in |
respect to earlier periods are recognised as prior year adjustments to the opening position and reflected in the |
comparative numbers where appropriate. |
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Going concern |
At the year end the company had negative profit and loss reserves of £1,670,709 (2018: £1,321,996). |
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On the 17th May 2019, the compnay received an equity investment of £3,600,000 in the form of 1,107,765 1p |
Ordinary Shares paid at a premium of 31.4979p per share and 3,240,000 £1 Preference Shares.. |
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The directors therefore deem it appropriate to produce the year end financial statements on a going concern basis |
due to the current cash position and future trading forecasts. |
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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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WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Amortisation for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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WOOSHII LIMITED (REGISTERED NUMBER: 06862860) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2018 |
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Fair Value Options Reserves | 1,571 |
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At 31 March 2019 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included within other debtors is an amount owed to the directors of £39 (2018: £39). |