Company Registration No. 13210638 (England and Wales)
ZOOSH DIGITAL UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ZOOSH DIGITAL UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ZOOSH DIGITAL UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
Notes
£
£
Current assets
Debtors
3
15,272
Cash at bank and in hand
13,662
28,934
Creditors: amounts falling due within one year
4
(148,392)
Net current liabilities
(119,458)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(119,558)
Total equity
(119,458)
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 relating to small companies.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2022 and are signed on its behalf by:
S Dutta
Director
Company Registration No. 13210638
ZOOSH DIGITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Zoosh Digital UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
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 as applicable to companies subject to the small companies regime. 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has incurred a loss during the period ended 31st December 2021 and its Balance Sheet shows negative shareholders funds. As highlighted in note 4, the company owes its parent company and fellow subsidiary a total of £142,068. The loans are repayable on demand. However, the parent and subsidiary companies have undertaken not to seek repayment of amounts owed to them until such time as Zoosh Digital UK Limited has the ability to repay the sums owed. The company has no third party debt and therefore has no repayment obligations. Having considered all the above, the directors are satisfied that the company will be able to meet its obligations as they fall due for the foreseeable future and therefore have deemed it appropriate to adapt the going concern basis. The Financial Statements do not include any adjustments or disclosures that might be required should the going concern basis not be appropriate.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
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.
ZOOSH DIGITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
2
3
Debtors
2021
Amounts falling due within one year:
£
Other debtors
5,648
Prepayments and accrued income
9,624
15,272
ZOOSH DIGITAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 4 -
4
Creditors: amounts falling due within one year
2021
£
Trade creditors
1,279
Other creditors
142,068
Accruals and deferred income
5,045
148,392
5
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
On incorporation the company issued 100 Ordinary shares of £1 at par.
6
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 auditor was RBK Business Advisers.
7
Related party transactions
As at 31 December 2021, £142,068 was owed to a group company.