Registered number
03867231
OKO Digital Limited
Filleted Accounts
31 December 2021
OKO Digital Limited
Registered number: 03867231
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 50,826 40,407
Current assets
Debtors 4 1,202,544 52,329
Cash at bank and in hand 622,612 781,982
1,825,156 834,311
Creditors: amounts falling due within one year 5 (1,933,798) (613,894)
Net current (liabilities)/assets (108,642) 220,417
Total assets less current liabilities (57,816) 260,824
Creditors: amounts falling due after more than one year 6 (44,167) (50,000)
Net (liabilities)/assets (101,983) 210,824
Capital and reserves
Called up share capital 1,176 1,176
Profit and loss account (103,159) 209,648
Shareholders' funds (101,983) 210,824
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Zachary Dugow
Director
Approved by the board on 17 August 2022
OKO Digital Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 20% Straight line
Development Costs 25% Straight line
Fixtures, fittings, tools and equipment 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Software deveiopments Leasehold Improvements Fixtures, Fittings & Equipment Total
£ £ £ £
Cost
At 1 January 2021 115,908 1,500 13,356 130,764
Additions 46,407 - 708 47,115
At 31 December 2021 162,315 1,500 14,064 177,879
Depreciation
At 1 January 2021 80,411 1,200 8,746 90,357
Charge for the year 35,047 300 1,349 36,696
At 31 December 2021 115,458 1,500 10,095 127,053
Net book value
At 31 December 2021 46,857 - 3,969 50,826
At 31 December 2020 35,497 300 4,610 40,407
4 Debtors 2021 2020
£ £
Trade debtors 1,142,942 3,056
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,157 -
Other debtors 58,445 49,273
1,202,544 52,329
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 960,469 582,598
Amounts owed to group undertakings and undertakings in which the company has a participating interest 424,163 -
Taxation and social security costs 6,428 15,002
Other creditors 542,738 16,294
1,933,798 613,894
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 44,167 50,000
7 Related party transactions
At the year end, the company owed the directors £0 (2020: £1,264). This amount was unsecured, interest free, and repayable on demand.
8 Other information
OKO Digital Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Cake Shed
Manor Farm
Hayling Island, Hampshire
United Kingdom
PO11 0QW
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