REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE PERIOD 18 JULY 2018 TO 31 DECEMBER 2019 |
|
FOR |
|
OZONE PROJECT LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
FOR THE PERIOD 18 JULY 2018 TO 31 DECEMBER 2019 |
|
FOR |
|
OZONE PROJECT LIMITED |
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 18 July 2018 to 31 December 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
OZONE PROJECT LIMITED |
|
COMPANY INFORMATION |
for the period 18 July 2018 to 31 December 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Chartered Accountants |
Statutory Auditor |
88 Crawford Street |
London |
W1H 2EJ |
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
|
ABRIDGED BALANCE SHEET |
31 December 2019 |
|
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
Tangible assets | 6 |
|
|
|
CURRENT ASSETS |
Debtors |
|
Cash at bank |
|
|
CREDITORS |
Amounts falling due within one year |
|
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
CREDITORS |
Amounts falling due after more than one year | ( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
Share premium |
|
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
its behalf by: |
|
|
|
|
|
|
|
|
|
|
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the period 18 July 2018 to 31 December 2019 |
|
1. | STATUTORY INFORMATION |
|
Ozone Project Limited is a
|
number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these |
accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard |
applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
|
Significant judgements and estimates |
In preparing these financial statements, the directors have had to make the following judgements: |
|
* Determine whether there are indicators of impairment of the company’s tangible and intangible assets. Factors taken into |
consideration in reaching such a decision include the economic viability and expected future financial performance of the asset |
and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit. |
|
|
Other key sources of estimation uncertainty |
* Tangible fixed assets (see note 7). 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 the number of factors. ln re-assessing asset lives, factors such as technological innovation, product life cycles and |
maintenance programmes are taken into account. Residual value assessments consider issues such as future market |
conditions, the remaining life of the asset and projected disposal values. |
|
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue |
can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
|
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with |
the stage of completion of the contract when the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
|
|
|
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Historical |
cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be |
capable of operating in the manner intended by management. |
|
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, over their expected |
useful lives as follows: |
|
Computer equipment - 33.33% straight line. |
|
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered |
an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated |
and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its |
estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
|
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its |
recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been |
recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement. |
|
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
|
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 18 July 2018 to 31 December 2019 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Research and development |
Expenditure on research is written off in the year in which it is incurred. Development expenditure is written off in the same |
way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this |
situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. |
|
Where the company expects to make, or has made, a tax claim for allowable expenditure, these amounts are accrued to the |
extent that they are considered to be recoverable. Where there is a tax refund due, this is included in the UK Corporation Tax |
charge. |
|
Foreign currencies |
Items included in the financial statements of the company are measured using the currency of the primary economic |
environment in which the company operates ("the functional currency"). The financial statements are presented in Sterling, |
which is the company's functional and presentation currency and is denoted by the symbol "£". |
|
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the |
transactions. |
|
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at |
historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair |
value are measured using the exchange rate when fair value was determined. |
|
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents and all other foreign exchange |
gains and losses are presented in the profit and loss account within 'Foreign exchange losses or gains'. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
|
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements |
and defined contribution pension plans. |
|
Short term benefits: |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period |
in which the service is received. |
|
Annual bonus plans: |
The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as |
a result of past events and a reliable estimate can be made. |
|
Defined contribution pension plans: |
The Company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company |
pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive |
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to |
employee service in the current and prior periods. |
|
For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or |
voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are |
recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent |
that a cash refund or a reduction in the future payments is available. The Pension cost charge for the period was £63,229 and |
as at the date of the financial statements £22,879 (included within other creditors) was payable to the fund. |
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 18 July 2018 to 31 December 2019 |
|
2. | ACCOUNTING POLICIES - continued |
|
Hire purchase and leasing. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of |
ownership of the leased asset to the group. All other leases are classified as operating leases. |
|
Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of |
minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of |
financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the |
lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the |
liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible |
fixed assets and depreciated and assessed for impairment losses in the same way as owned assets. |
|
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the |
rental payments are structured to increase in line with expected general inflation, in which case the group recognises annual |
rent expense equal to amounts owed to the lessor. |
|
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a |
straight line basis. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the period was
|
|
4. | AUDITORS' REMUNERATION |
£ |
Fees payable to the company's auditors for the audit of the company's financial
statements |
25,000 |
|
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
|
At 31 December 2019 |
|
AMORTISATION |
Amortisation for period |
|
At 31 December 2019 |
|
NET BOOK VALUE |
|
At 31 December 2019 |
|
|
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
|
At 31 December 2019 |
|
DEPRECIATION |
Charge for period |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 18 July 2018 to 31 December 2019 |
|
8. | RELATED PARTY DISCLOSURES |
|
The company's turnover includes £2,559,409 of platform fees from its shareholders. |
|
Mr D Reeve (CEO) and Mr S Switzer (CTO) are directors of Hereford Technologies Limited, from whom the company acquired |
the Intellectual Property valued at £472,664. |
|
9. | GOING CONCERN |
|
The COVID-19 pandemic has significantly impacted the whole economy and despite the company not suffering any |
detrimental impact on turnover at the date of signing these accounts, there remains uncertainty as to the speed of the |
economy's recovery and long term impact on revenues. |
|
The directors have taken active steps to manage cashflow and along with the support of its shareholder publishers, the |
company is able to manage the current Covid-19 challenge with confidence, for the foreseeable future. |
|
The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing |
the financial statements. |