Company registration number 09556635 (England and Wales)
OAIRO (THAILAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
OAIRO (THAILAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OAIRO (THAILAND) LIMITED
BALANCE SHEET
AS AT 31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
49,500
Tangible assets
5
1,283
1,983
50,783
1,983
Current assets
Debtors
6
4,855
9,913
Cash at bank and in hand
1,153
1,047
6,008
10,960
Creditors: amounts falling due within one year
7
(21,945)
(28,496)
Net current liabilities
(15,937)
(17,536)
Total assets less current liabilities
34,846
(15,553)
Creditors: amounts falling due after more than one year
8
(50,000)
Net liabilities
(15,154)
(15,553)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(15,254)
(15,653)
Total equity
(15,154)
(15,553)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OAIRO (THAILAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 September 2022
Mr. B. Saxby
Director
Company Registration No. 09556635
OAIRO (THAILAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
Oairo Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit M Bourne End Business Park, Cores End Road, Bourne End, Buckinghamshire, England, SL8 5AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
A
true
t the time of approving the financial statements
,
the company liabilities exceeded the assets by £
15,553
but with the support of the directors and parent company there is
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
OAIRO (THAILAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
4
Intangible fixed assets
Other
£
Cost
At 1 August 2020
Additions
49,500
At 31 July 2021
49,500
Amortisation and impairment
At 1 August 2020 and 31 July 2021
Carrying amount
At 31 July 2021
49,500
At 31 July 2020
OAIRO (THAILAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
4
Intangible fixed assets
(Continued)
- 5 -
Capitalised development costs relate to the development of technology required for certain projects in progress
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2020 and 31 July 2021
3,500
Depreciation and impairment
At 1 August 2020
1,517
Depreciation charged in the year
700
At 31 July 2021
2,217
Carrying amount
At 31 July 2021
1,283
At 31 July 2020
1,983
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
4,855
9,913
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
12,945
23,996
Other creditors
9,000
4,500
21,945
28,496
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
50,000
Bounce back loan of £50,000 is interest free for first 12 months and 2.5% p.a thereafter - No repayment is due for the first 12 months.
OAIRO (THAILAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
9
Related party transactions
At 31 July 202
1
the company is owed an amount of £4,855 (2020: £9,355) from its
parent company Oairo Alliance Limited.
During the year, the company had the following transactions with Oairo Project Management LLC, a company connected with Mr Saxby:
Consultancy and project development services- £49,500