Company Registration No. 09707444 (England and Wales)
OBLIX CAPITAL TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
OBLIX CAPITAL TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OBLIX CAPITAL TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2019
2018
2018
(Unaudited)
(Unaudited)
Notes
£
£
£
£
Fixed assets
Intangible assets
4
289,310
-
Current assets
Debtors
5
25,082
-
Creditors: amounts falling due within one year
6
(243,844)
(120,650)
Net current liabilities
(218,762)
(120,650)
Total assets less current liabilities
70,548
(120,650)
Capital and reserves
Called up share capital
7
120,100
100
Profit and loss reserves
(49,552)
(120,750)
Total equity
70,548
(120,650)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
within part 15 of the Companies Act 2006
.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2019 and are signed on its behalf by:
Anuj Nehra
Director
Company Registration No. 09707444
OBLIX CAPITAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Oblix Capital Technologies Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Place, Third Floor, 175 High Holborn, London, WC1V 7AA.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to small companies regime within part 15 of the Companies Act 2006. 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 £.
The financial statements have been prepared on a going concern basis under the historical cost convention. Management has applied judgements and estimates to
the
capitalisation of development cost
s
as intangible assets as disclosed in note 1.3. The principal accounting policies adopted are set out below. These policies have been consistently applied from year to year, unless stated otherwise.
1.2
Going concern
After reviewing the company's forecasts and projections, a
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
Th
e
company therefore
continue
s
to adopt the going concern basis
in
preparing
its
financial statements
.
1.3
Intangible fixed assets other than goodwill
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:
- it is technically feasible to complete the software product so that it will be available for use;
- management intends to complete the software product and use or sell it;
- there is an ability to use or sell the software product;
- it can be demonstrated how the software product will generate probable future economic benefits;
- adequate technical, financial and other resources to complete the development and to use or sell the software product available; and
- the expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include the software development consultancy cost.
Capitalised development cost are recorded as intangible assets and amortised from the point at which the asset is ready for use over their estimated useful economic life. As the software is still in the development and testing phase, with the full specification not yet finalised, it is not possible at this point in time to determine the useful life over which the cost will be amortised.
OBLIX CAPITAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs
.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include 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 the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
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.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
Related Party Transactions
Under FRS 102 sections 33.1A and 33.14, the company is not required to disclose any related party transactions including transactions with directors and inter-company balances.
2
Employees
There were no employees during the year
.
3
Directors' remuneration and dividends
During the year no remuneration has been paid to the directors of the company.
OBLIX CAPITAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
4
Intangible fixed assets
Software development costs
£
Cost
At 1 April 2018
-
Additions
289,310
At 31 March 2019
289,310
Amortisation and impairment
At 1 April 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
289,310
At 31 March 2018
-
5
Debtors
2019
2018
(Unaudited)
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
25,082
-
6
Creditors: amounts falling due within one year
2019
2018
(Unaudited)
£
£
Amounts due to group undertakings
242,044
118,850
Accruals
1,800
1,800
243,844
120,650
7
Called up share capital
2019
2018
(Unaudited)
£
£
Ordinary share capital
120,100 Ordinary shares of £1 each
120,100
100
120,100
100
During the year 120
,000 Ordinary shares of £1 each were issued at par.
OBLIX CAPITAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Other matter – prior year financial statements unaudited
The company was not required to have a statutory audit for the year ended 31 March 2018 as it was entitled to exemption from the provision of the Companies Act 2006 relating to the audit of the financial statements for the period by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly the corresponding figures for the year ended 31 March 2018 are unaudited
.
The senior statutory auditor was David Pearson.
The auditor was Grant Thornton UK LLP.
9
Controlling party
The company is
a wholly owned subsidiary of Oblix Group Limited, a company incorporated in England and Wales and wholly owned by Oblix Group Limited with the registered address of
The Place, Third Floor
,
1
75 High Holborn, London, WC1V 7AA. The smallest group into which the company is
in is
that of Oblix Group Limited.
The ultimate controlling party is Y London International Limited incorporated in the British Virgin Islands.