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COMPANY REGISTRATION NUMBER: 12684031
Umazi Ltd
Filleted Unaudited Financial Statements
31 December 2022
Umazi Ltd
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Umazi Ltd
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
385,663
Tangible assets
6
3,248
---------
----
388,911
Current assets
Debtors
7
65,056
10,858
Cash at bank and in hand
35,841
118,058
---------
---------
100,897
128,916
Creditors: amounts falling due within one year
8
199,073
2,175
---------
---------
Net current (liabilities)/assets
( 98,176)
126,741
---------
---------
Total assets less current liabilities
290,735
126,741
---------
---------
Capital and reserves
Called up share capital
230
228
Share premium account
895,399
323,660
Profit and loss account
( 604,894)
( 197,147)
---------
---------
Shareholders funds
290,735
126,741
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 October 2023 , and are signed on behalf of the board by:
Ms C Van Niekerk
Director
Company registration number: 12684031
Umazi Ltd
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kemp House, 160 City Road, London, EC1V 2NX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months. At the balance sheet date the company held £145,090 of funds advanced under an Advanced Subscription Agreement that had not yet been converted to equity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research and development expenditure is written off in the year in which it is incurred with the exception of expenditure on the development of certain major new projects where the outcome of those projects is assessed as being reasonably certain as regards viability and technical feasibility in accordance with FRS 102 section 1A. Intangible assets are reviewed for impairment at the end of each financial year if events or changes in circumstances indicate that the carrying value may not be recoverable. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 1 ).
5. Intangible assets
Development costs
£
Cost
Additions
482,079
---------
At 31 December 2022
482,079
---------
Amortisation
Charge for the year
96,416
---------
At 31 December 2022
96,416
---------
Carrying amount
At 31 December 2022
385,663
---------
At 31 December 2021
---------
6. Tangible assets
Equipment
£
Cost
At 1 January 2022
Additions
3,248
-------
At 31 December 2022
3,248
-------
Depreciation
At 1 January 2022 and 31 December 2022
-------
Carrying amount
At 31 December 2022
3,248
-------
At 31 December 2021
-------
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
7. Debtors
2022
2021
£
£
Other debtors
65,056
10,858
--------
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
40,037
848
Social security and other taxes
13,946
1,327
Other creditors
145,090
---------
-------
199,073
2,175
---------
-------
9. Director's advances, credits and guarantees
At the year end date, the directors owed the company £514