Registration number:
Outlier Ventures Operations Ltd
for the Year Ended 31 March 2019
Outlier Ventures Operations Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Outlier Ventures Operations Ltd
(Registration number: 10722638)
Balance Sheet as at 31 March 2019
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2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Page 1 |
Outlier Ventures Operations Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
40 Islington High Street
London
N1 8EQ
England
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, unless otherwise stated.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for consultancy services in connection with intial coin offerings, provision of services in the ordinary course of the company’s activities and the sale of cryptocurrency tokens held for trading purposes. Turnover is shown net of value added tax, returns, rebates and discounts.
The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.
Finance costs
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Page 2 |
Outlier Ventures Operations Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Intangible assets
Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated impairment losses.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 3 |
Outlier Ventures Operations Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Intangible assets |
Total |
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Cost |
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At 1 April 2018 |
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Disposals |
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At 31 March 2019 |
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Impairment |
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At 1 April 2018 |
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Impairment charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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25,667 |
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Page 4 |
Outlier Ventures Operations Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
31,510 |
7,796 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Key management personnel
During the year the company extended the director a loan. This loan was interest free and repayable on demand.
Transactions with directors |
2019 |
Advances to directors |
Repayments by director |
At 31 March 2019 |
Mr J S Burke |
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