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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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OZONE PROJECT LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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OZONE PROJECT LIMITED |
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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OZONE PROJECT LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
88 Crawford Street |
London |
W1H 2EJ |
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
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ABRIDGED BALANCE SHEET |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Development work in progress |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CREDITORS |
Amounts falling due after more than one year | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Ozone Project Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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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. |
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Significant judgements and estimates |
In preparing these financial statements, the directors have had to make the following judgements: |
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* 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. |
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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. |
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Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover 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 turnover 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. |
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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. |
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Intangible assets are amortised over their' economic useful life, which is between three and four years. |
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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. |
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Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, over their expected useful lives as follows: |
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Computer equipment - 33.33% straight line. |
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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. |
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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. |
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Development work in progress |
Development Work in progress is valued at the lower of cost and net realisable value. |
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OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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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 capitalised and amortised over the period during which the company is expected to benefit. |
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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. |
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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 "£". |
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Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
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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. |
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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'. |
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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. |
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The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. |
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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. |
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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. |
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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. |
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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 year was £124,313 (2020:£82,643) and as at the date of the financial statements £67,845 (2020: £2,854) (included within other creditors) was payable to the fund. |
OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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. |
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The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | AUDITORS' REMUNERATION |
2021 | 2020 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial
statements |
30,000 |
40,000 |
Auditors' remuneration for non audit work |
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5. | INTANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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NET BOOK VALUE |
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At 31 December 2021 |
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At 31 December 2020 |
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6. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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OZONE PROJECT LIMITED (REGISTERED NUMBER: 11471303) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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The company's turnover includes £0 (2020 £1,800,000) of platform fees from its shareholders. |
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Included within other creditors falling due within one year is the sum of £591,262 being a short term loan from the shareholders (2020 £0). |
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Included within other creditors falling due after more than one year is the sum of £2,702,291 being loans from the shareholders (2020 £2,634,601). |
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9. | GOING CONCERN |
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The directors, having considered the company performance and funding and having made due enquiries, continue to adopt the going concern basis in preparing the financial statements. |