Registered number:
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
COMPANY INFORMATION
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ODDBOX DELIVERY LTD
CONTENTS
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ODDBOX DELIVERY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The directors are pleased to present their Strategic Report and audited financial statements of the company for the financial year ended 30 June 2022.
In the past year we have seen our revenues grow to £32.2m (2021: £29.7m) Net losses before tax were £4.6m (2021: £539k profit), this has reflected the enhanced investment to grow our customer base and enhancement to our systems as we grow.
Average employee numbers grew to 89 (2021:55) with 99 staff as at year end (2021: 80). We are proud to pay all our employees the London Living Wage. In July 2021 to enhance and progress our growth plans, Oddbox secured an investment from Burda Principal investments.
The Directors are aware of a number of risks faced by the market in which Oddbox operates. The Directors with the support of management have implemented policies and procedures to eliminate or mitigate these risks.
The most significant risks and uncertainties affecting the Company are considered below. Liquidity and cash flow risk The company is exposed to liquidity risk to fund its ongoing operations. This is managed by undertaking detailed cash flow forecasting to monitor the Company’s working capital requirements to ensure that sufficient cash resources are available to meet the Company’s obligations as they fall due. Credit risk Credit risk reflects the risk that the underlying borrowers or other transaction parties will not meet their obligations as they fall due. Due to the short term nature of the trade debtors the Company is not exposed to a significant level of credit risk. Supplier risk The company mitigates supplier risk by performing due diligence on all suppliers and monitoring any situations that could affect our suppliers abilities to fulfil their obligations and ensuring that the company is not reliant on individual suppliers. Competitive risk The company faces competition in the market, this is mitigated through investment in marketing, technology and people to maintain our position and continue to improve our offering.
The company’s key performance indicators are revenue, EBITDA, Average order values, lifetime value of customers, return on investment, ESG/Impact score and Customer satisfaction score. The Directors monitor the Company's key performance indicators on a regular basis in order to assess the ongoing performance of the business.
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ODDBOX DELIVERY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
This report was approved by the board
and signed on its behalf.
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ODDBOX DELIVERY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The directors present their report and the financial statements for the year ended 30 June 2022.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;
∙
make judgments 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.
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 to 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.
The loss for the year, after taxation, amounted to £
4,820,258
(2021 -
profit
£
539,194
)
.
No dividends have been proposed in 2022 (2021: nil).
We expect the year to be another exciting year in the history of Oddbox with development of the existing market in the UK and the continued fight against food waste.
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ODDBOX DELIVERY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
There have been no significant events affecting the Company since the year end.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ODDBOX DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODDBOX DELIVERY LTD
We have audited the financial statements of Oddbox Delivery Ltd (the 'Company') for the year ended 30 June 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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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ODDBOX DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODDBOX DELIVERY LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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ODDBOX DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODDBOX DELIVERY LTD (CONTINUED)
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 an Auditors' report 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.
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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙
Enquiry of management and those charged with governance around actual and potential
litigation and claims;
∙
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 audit reportour Auditors' report.
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ODDBOX DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODDBOX DELIVERY LTD (CONTINUED)
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 an Auditors' report 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
2 Chawley Park
Cumnor Hill
OX2 9GG
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ODDBOX DELIVERY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
REGISTERED NUMBER:
09638976
BALANCE SHEET
AS AT
30 JUNE 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 14 to 26 form part of these financial statements.
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ODDBOX DELIVERY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2022
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2021
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ODDBOX DELIVERY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Oddbox Delivery Ltd is a private company limited by share capital and incorporated in England and Wales (registered number 0963897) under the Companies Act. The Company's registered office is Studio 3.09/3.10 New Covent Garden Market, The Food Exchange, London, SW8 5EL.
2.
Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have considered the ability of the company to continue trading for the foreseeable future. This review has included updating financial projections for a period of at least 12 months from the date the financial statements were signed. Based on this review and taken together with existing financing facilities the directors believe that the financial statements have been prepared appropriately on the going concern basis.
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Intangible fixed assets Development costs relating to the development of a technological system are capitalised as intangible fixed assets and amortised over their useful economic life. Impairment reviews are carried out annually. Taxation The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Accruals The bonus accrual relating to employees are paid In March if the companies targets have been met. An accrual is made based upon an estimate of how likely it is the target is going to be met by preparing cashflows and budgets.
Analysis of turnover by country of destination:
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Page 20
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Page 23
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Page 24
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
During the year, 150 Ordinary shares, with a nominal value of £0.001 were issued for a total consideration of £68,889.
During the year, 8,709 Preference Series B shares, with a nominal value of £0.001 were issued for a total consideration of £3,999,633. During the year, 4,355 Ordinary shares were transferred to 3,919 A1 Ordinary shares and 436 A2 Ordinary shares. All shares were issued at par value of £0.001 per share and £4,068,513 has been credited to the share premium account. Costs incurred on issuing shares in the year totalled £109,000 and were deducted from the share premium reserve.
Share premium account
Profit and loss account
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ODDBOX DELIVERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £164,011 (2021: £71,856). Contributions totalling £24,085 (2021: £15,819) were payable to the fund at the balance sheet date and are included in other creditors.
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