OEGEN LTD |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
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). |
|
|
Going concern |
|
As noted in the directors' report, the company has ceased trading and accordingly, the financial statements have been prepared on the basis other than going concern. On 31 March 2023, the company sold its assets and liabilities to a related entity. |
|
|
Turnover |
|
Turnover represents amounts receivable from the provision of software development services, net of discounts and value added taxes. 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. |
|
|
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: |
|
|
Office equipment |
Straight line over 4 years |
|
Fixtures and fittings |
Straight line over 4 years |
|
|
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. |
|
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
|
|
|
2 |
Audit information |
|
|
The audit report is unqualified. |
|
|
Senior statutory auditor: |
Indra Giri |
|
Firm: |
Makesworth Audit Services Ltd |
|
Date of audit report: |
20 November 2023 |
|
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
31 |
|
35 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 April 2022 |
66,043 |
|
Additions |
12,541 |
|
Disposals |
(78,584) |
|
At 31 March 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
30,054 |
|
Charge for the year |
15,948 |
|
On disposals |
(46,002) |
|
At 31 March 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
- |
|
At 31 March 2022 |
35,989 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
- |
|
579,978 |
|
Amounts owed by group undertakings |
102 |
|
- |
|
Prepayments and accrued income |
|
- |
|
39,606 |
|
Other debtors |
- |
|
26,125 |
|
|
|
|
|
|
102 |
|
645,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
- |
|
50,000 |
|
Other creditors |
- |
|
72,873 |
|
Trade creditors |
- |
|
74,928 |
|
Taxation and social security costs |
- |
|
231,119 |
|
Accrued expenses and deferred income |
- |
|
153,316 |
|
|
|
|
|
|
- |
|
582,236 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
- |
|
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Other financial commitments |
2023 |
|
2022 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
- |
|
701 |
|
|
|
|
|
|
|
|
|
|
9 |
Related party transactions |
|
|
During the year, the company made sales of £1,453,120 to its group companies. During the year, the company made purchases of £369,374 from its group companies. The transactions were conducted under normal commercial terms. |
|
10 |
Controlling party |
|
|
The immediate parent undertaking and the controlling party of the company is OSF Global Services Inc. incorporated in Canada, whose registered office is at 5600 Boulevard des Galeries, Bur 530, Quebec, Canada, G2K 2H. The smallest and largest group for which accounts are prepared and of which the company is a member of OSF Global Services Inc. incorporated in Canada. Copies of the consolidated group accounts can be obtained from its registered office. |
|
11 |
Other information |
|
|
OEGEN LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
Chowley Oak Business Park |
|
Chowley Oak Lane |
|
Tattenhall |
|
Chester |
|
CH3 9GA |