2022-03-012023-02-282023-02-28false10018497Obbyco Ltd.2023-11-27iso4217:GBPxbrli:pure100184972022-03-01100184972023-02-28100184972022-03-012023-02-28100184972021-03-01100184972022-02-28100184972021-03-012022-02-2810018497bus:SmallEntities2022-03-012023-02-2810018497bus:AuditExempt-NoAccountantsReport2022-03-012023-02-2810018497bus:FullAccounts2022-03-012023-02-2810018497bus:PrivateLimitedCompanyLtd2022-03-012023-02-2810018497core:WithinOneYear2023-02-2810018497core:AfterOneYear2023-02-2810018497core:WithinOneYear2022-02-2810018497core:AfterOneYear2022-02-2810018497core:ShareCapital2023-02-2810018497core:SharePremium2023-02-2810018497core:RevaluationReserve2023-02-2810018497core:OtherReservesSubtotal2023-02-2810018497core:RetainedEarningsAccumulatedLosses2023-02-2810018497core:ShareCapital2022-02-2810018497core:SharePremium2022-02-2810018497core:RevaluationReserve2022-02-2810018497core:OtherReservesSubtotal2022-02-2810018497core:RetainedEarningsAccumulatedLosses2022-02-2810018497core:LandBuildings2023-02-2810018497core:PlantMachinery2023-02-2810018497core:Vehicles2023-02-2810018497core:FurnitureFittings2023-02-2810018497core:OfficeEquipment2023-02-2810018497core:NetGoodwill2023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2023-02-2810018497core:ListedExchangeTraded2023-02-2810018497core:UnlistedNon-exchangeTraded2023-02-2810018497core:LandBuildings2022-02-2810018497core:PlantMachinery2022-02-2810018497core:Vehicles2022-02-2810018497core:FurnitureFittings2022-02-2810018497core:OfficeEquipment2022-02-2810018497core:NetGoodwill2022-02-2810018497core:IntangibleAssetsOtherThanGoodwill2022-02-2810018497core:ListedExchangeTraded2022-02-2810018497core:UnlistedNon-exchangeTraded2022-02-2810018497core:LandBuildings2022-03-012023-02-2810018497core:PlantMachinery2022-03-012023-02-2810018497core:Vehicles2022-03-012023-02-2810018497core:FurnitureFittings2022-03-012023-02-2810018497core:OfficeEquipment2022-03-012023-02-2810018497core:NetGoodwill2022-03-012023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2810018497core:ListedExchangeTraded2022-03-012023-02-2810018497core:UnlistedNon-exchangeTraded2022-03-012023-02-2810018497core:MoreThanFiveYears2022-03-012023-02-2810018497core:Non-currentFinancialInstruments2023-02-2810018497core:Non-currentFinancialInstruments2022-02-2810018497dpl:CostSales2022-03-012023-02-2810018497dpl:DistributionCosts2022-03-012023-02-2810018497core:LandBuildings2022-03-012023-02-2810018497core:PlantMachinery2022-03-012023-02-2810018497core:Vehicles2022-03-012023-02-2810018497core:FurnitureFittings2022-03-012023-02-2810018497core:OfficeEquipment2022-03-012023-02-2810018497dpl:AdministrativeExpenses2022-03-012023-02-2810018497core:NetGoodwill2022-03-012023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2810018497dpl:GroupUndertakings2022-03-012023-02-2810018497dpl:ParticipatingInterests2022-03-012023-02-2810018497dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2810018497core:ListedExchangeTraded2022-03-012023-02-2810018497dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2810018497core:UnlistedNon-exchangeTraded2022-03-012023-02-2810018497dpl:CostSales2021-03-012022-02-2810018497dpl:DistributionCosts2021-03-012022-02-2810018497core:LandBuildings2021-03-012022-02-2810018497core:PlantMachinery2021-03-012022-02-2810018497core:Vehicles2021-03-012022-02-2810018497core:FurnitureFittings2021-03-012022-02-2810018497core:OfficeEquipment2021-03-012022-02-2810018497dpl:AdministrativeExpenses2021-03-012022-02-2810018497core:NetGoodwill2021-03-012022-02-2810018497core:IntangibleAssetsOtherThanGoodwill2021-03-012022-02-2810018497dpl:GroupUndertakings2021-03-012022-02-2810018497dpl:ParticipatingInterests2021-03-012022-02-2810018497dpl:GroupUndertakingscore:ListedExchangeTraded2021-03-012022-02-2810018497core:ListedExchangeTraded2021-03-012022-02-2810018497dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-03-012022-02-2810018497core:UnlistedNon-exchangeTraded2021-03-012022-02-2810018497core:NetGoodwill2023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2023-02-2810018497core:LandBuildings2023-02-2810018497core:PlantMachinery2023-02-2810018497core:Vehicles2023-02-2810018497core:FurnitureFittings2023-02-2810018497core:OfficeEquipment2023-02-2810018497core:AfterOneYear2023-02-2810018497core:WithinOneYear2023-02-2810018497core:ListedExchangeTraded2023-02-2810018497core:UnlistedNon-exchangeTraded2023-02-2810018497core:ShareCapital2023-02-2810018497core:SharePremium2023-02-2810018497core:RevaluationReserve2023-02-2810018497core:OtherReservesSubtotal2023-02-2810018497core:RetainedEarningsAccumulatedLosses2023-02-2810018497core:NetGoodwill2022-02-2810018497core:IntangibleAssetsOtherThanGoodwill2022-02-2810018497core:LandBuildings2022-02-2810018497core:PlantMachinery2022-02-2810018497core:Vehicles2022-02-2810018497core:FurnitureFittings2022-02-2810018497core:OfficeEquipment2022-02-2810018497core:AfterOneYear2022-02-2810018497core:WithinOneYear2022-02-2810018497core:ListedExchang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Obbyco Ltd.

Registered Number
10018497
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

Obbyco Ltd.
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

T C Batting

Registered Address

Building 423 - Sky View (Ro) Argosy Road
East Midlands Airport
Derby
DE74 2SA

Registered Number

10018497 (England and Wales)
Obbyco Ltd.
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets8107,073120,794
Tangible assets96,2249,696
113,297130,490
Current assets
Stocks1119,92838,210
Debtors1236,44566,129
Cash at bank and on hand829,741818,295
886,114922,634
Creditors amounts falling due within one year13(493,746)(448,511)
Net current assets (liabilities)392,368474,123
Total assets less current liabilities505,665604,613
Creditors amounts falling due after one year14(30,745)(35,189)
Net assets474,920569,424
Capital and reserves
Called up share capital1,9031,720
Share premium3,223,2562,631,706
Other reserves39,98053,288
Profit and loss account(2,790,219)(2,117,290)
Shareholders' funds474,920569,424
The financial statements were approved and authorised for issue by the Director on 27 November 2023, and are signed on its behalf by:
T C Batting
Director
Registered Company No. 10018497
Obbyco Ltd.
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
Obbyco Ltd. is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3.Principal activities
The principal activity of the company in the year under review was that of a marketplace for online courses.
4.Basis of measurement used in financial statements
These financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Intangible assets policy
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. Intangible assets are amortised on straight line basis over a period of 10 years.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
Taxation for the year comprises current 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. Current taxation assets and liabilities are not discounted. 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 statement of financial position date. Tax credits shown on the Income Statement represent tax credits received from HMRC as a result of claims made under HMRC's R&D tax relief schemes.
Deferred tax policy
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.
Research and development policy
Revenue expenditure on research and development is written off in the year in which it is incurred. The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Government grants and other government assistance policy
Government grants are recognised in the income statement on an accrual basis. Government grants are comprised of amounts received under the Coronavirus Job Retention Scheme and the Bounce Back Loan scheme. Loan interest paid by the government on behalf of the company under the Bounce Back Loan scheme has been treated as being received and subsequently paid by the company.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Employee benefits policy
Share-based Payment The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled. Pensions The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred trading losses during the year however the director believes the company has sufficient cash resources to meet its future obligations, if and when, they fall due. For this reason, the director is of the opinion that the company should continue to adopt the going concern basis in preparing the financial statements.
6.Critical estimates and judgements
Share based payments as set out in note 7 below have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
7.Employee information
Share-based Payment Transactions The company operates an EMI qualifying share option scheme for its employees. As at the Statement of Financial Position date, the company had granted 7,792 (2022: 1,371) EMI qualifying share options to employees with an average weighted exercise price of £4.68 per share (2021: £4.40). During the year 2,789 share options vested (2022: 128) and at the year end date; - 4,160 share options had vested (2022: 1,371), - 3,632 share options had yet to vest (2022: 0). Of the vested share options; - 1,119 share options had lapsed (2022: 867) - 0 share options had been exercised (2022: 0) Share options typically vest over 4 years from the date of employment, with a 1 year cliff. An amount of £16,140 has been charged to the income statement in respect of the share option scheme.

20232022
Average number of employees during the year97
8.Intangible assets
Other intangible assets consist of Intellectual Property acquired.

Goodwill

Other

Total

£££
Cost or valuation
At 01 March 2216,900120,310137,210
At 28 February 2316,900120,310137,210
Amortisation and impairment
At 01 March 2242315,99316,416
Charge for year1,69012,03113,721
At 28 February 232,11328,02430,137
Net book value
At 28 February 2314,78792,286107,073
At 28 February 2216,477104,317120,794
9.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 March 2215,58315,583
Additions742742
At 28 February 2316,32516,325
Depreciation and impairment
At 01 March 225,8875,887
Charge for year4,2144,214
At 28 February 2310,10110,101
Net book value
At 28 February 236,2246,224
At 28 February 229,6969,696
10.Description of financial commitments other than capital commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £13,958 (2022: £16,042) Between one and five years: £Nil (2022: £76,458) The operating lease was terminated on 28 September 2023.
11.Stocks

2023

2022

££
Other stocks19,92838,210
Total19,92838,210
12.Debtors

2023

2022

££
Trade debtors / trade receivables2,2766,963
Other debtors7,57654,389
Prepayments and accrued income26,5934,777
Total36,44566,129
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables25,05313,116
Bank borrowings and overdrafts4,4444,444
Taxation and social security19,69621,413
Other creditors378,891398,135
Accrued liabilities and deferred income65,66211,403
Total493,746448,511
14.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts30,74535,189
Total30,74535,189
The company's total bank borrowings and overdrafts, split across creditors due within one year and creditors due after one year, are guaranteed by the UK government under the Bounce Back Loan scheme.