Company Registration No. 09707444 (England and Wales)
OBLIX CAPITAL TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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 2020
31 March 2020
- 1 -
2020
2019
Note
£
£
£
£
Fixed assets
Intangible assets
4
-
289,310
Current assets
Debtors
5
31,782
25,082
Creditors: amounts falling due within one year
6
(3,300)
(243,844)
Net current assets/(liabilities)
28,482
(218,762)
Total assets less current liabilities
28,482
70,548
Capital and reserves
Called up share capital
7
120,100
120,100
Profit and loss reserves
(91,618)
(49,552)
Total equity
28,482
70,548
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 4 June 2021 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 2020
- 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
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
1.1
Basis of preparation of financial statements
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 £.
1.2
Going concern
The company is no longer trading following the cancellation of its software development project in January 2020.
true
Accordingly the directors have decided to liquidate the business and the accounts have therefore been prepared on a breakup basis.
Management consider that the fair value of assets approximates to the value receivable on cessation of business. Management do not anticipate that the company will incur any cost other than expenses incurred in normal course of business whilst remaining assets are being realised.
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.
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
.
OBLIX CAPITAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
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
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
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 current or the previous year other than the 2 directors of the company.
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 2020
- 4 -
4
Intangible fixed assets
Software development costs
£
Cost
At 1 April 2019
289,310
Additions
158,310
Disposals
(447,620)
At 31 March 2020
-
Amortisation and impairment
At 1 April 2019 and 31 March 2020
-
Carrying amount
At 31 March 2020
-
At 31 March 2019
289,310
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
6,700
-
Amounts owed by group undertakings
25,082
25,082
31,782
25,082
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,300
-
Amounts owed to group undertakings
-
242,044
Accruals and deferred income
-
1,800
3,300
243,844
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
120,100 Ordinary shares of £1 each
120,100
120,100
120,100
120,100
OBLIX CAPITAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 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.
The impact of macro-economic uncertainties on our audit
Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the directors and the related disclosures and the appropriateness of the basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company’s future prospects and performance.
Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the company’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company associated with these particular events.
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
Acre House, 11-15 William Road, London, NW1 3ER. The smallest group into which the company is consolidated into is that of Oblix Group Limited
.
.
The ultimate controlling party is Y London International Limited incorporated in the British Virgin Islands.