REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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OOMPH WELLNESS LIMITED |
REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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OOMPH WELLNESS LIMITED |
OOMPH WELLNESS LIMITED (REGISTERED NUMBER: 07608774) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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OOMPH WELLNESS LIMITED |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
OOMPH WELLNESS LIMITED (REGISTERED NUMBER: 07608774) |
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Balance Sheet |
31 March 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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 and authorised for issue on
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OOMPH WELLNESS LIMITED (REGISTERED NUMBER: 07608774) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Oomph Wellness Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Tangible fixed assets |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
Trade and other debtors / creditors |
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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. |
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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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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. |
OOMPH WELLNESS LIMITED (REGISTERED NUMBER: 07608774) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The directors of Oomph Wellness Limited have considered future trading performance for the group over the next 12 months. On the basis of the prepared projected cash-flow information, the group can meet its obligations as they fall due. However, if trading were to fall substantially below the current projections, additional funding may be required in order to meet its obligations as they fall due. |
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The directors note there has been improvement in the group's finances since the nationwide lockdown has been lifted and they are enthusiastic about the groups' future growth in the aftermath of the Covid-19 pandemic. |
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Based on the above and the group holding a positive cash balance the directors believe that it remains appropriate to prepare the financial statement on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Amounts owed by group undertakings |
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Directors' current accounts | 2,577 | 2,577 |
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OOMPH WELLNESS LIMITED (REGISTERED NUMBER: 07608774) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Other loans (see note 9) |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.21 | 31.3.20 |
£ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
value: | £ | £ |
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A Ordinary | 0.1p | 1 | 1 |
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Allotted and issued: |
Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
value: | £ | £ |
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Share capital 2 | 0.1p | 2 | 2 |
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11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2020 | ( |
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(186,553 | ) |
Profit for the year |
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At 31 March 2021 | ( |
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(186,553 | ) |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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OOMPH WELLNESS LIMITED (REGISTERED NUMBER: 07608774) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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13. | POST BALANCE SHEET EVENTS |
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Investment Exit Agreement |
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In May 2021, one of the group's investors, Social Finance, reached an exit agreement with Oomph Wellness Ltd involving the payment of a cash sum and issue of warrants which confer on Social Finance the right to subscribe for ordinary shares in the capital of the Company. |
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In consideration Social Finance released and discharged the Company from its obligations and liabilities in respect of the outstanding loan notes amounting to £300,000 issued to Social Finance and all accrued and unpaid annual monitoring fees. |
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The Directors confirm that there are no other significant subsequent events since 31 March 2021. |