20 24 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 40,558 2,148 42,706 13,519 14,236 27,755 14,951 27,039 xbrli:pure xbrli:shares iso4217:GBP NI677319 2022-04-01 2023-03-31 NI677319 2023-03-31 NI677319 2022-03-31 NI677319 2021-03-11 2022-03-31 NI677319 2022-03-31 NI677319 bus:Director4 2022-04-01 2023-03-31 NI677319 core:WithinOneYear 2023-03-31 NI677319 core:WithinOneYear 2022-03-31 NI677319 core:ShareCapital 2023-03-31 NI677319 core:ShareCapital 2022-03-31 NI677319 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI677319 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI677319 bus:SmallEntities 2022-04-01 2023-03-31 NI677319 bus:Audited 2022-04-01 2023-03-31 NI677319 bus:FullAccounts 2022-04-01 2023-03-31 NI677319 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI677319 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI677319 core:ComputerEquipment 2022-04-01 2023-03-31 NI677319 core:ComputerEquipment 2022-03-31 NI677319 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: NI677319
OCULA TECHNOLOGIES LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2023
OCULA TECHNOLOGIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
14,951
27,039
CURRENT ASSETS
Debtors
6
83,781
107,845
Cash at bank and in hand
40,856
145,088
---------
---------
124,637
252,933
CREDITORS: amounts falling due within one year
7
119,851
2,037,995
---------
------------
NET CURRENT ASSETS/(LIABILITIES)
4,786
( 1,785,062)
--------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
19,737
( 1,758,023)
--------
------------
NET ASSETS/(LIABILITIES)
19,737
( 1,758,023)
--------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
1
1
Profit and loss account
19,736
( 1,758,024)
--------
------------
SHAREHOLDERS FUNDS/(DEFICIT)
19,737
( 1,758,023)
--------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 24 November 2023 , and are signed on behalf of the board by:
Mr T McKenna
Director
Company registration number: NI677319
OCULA TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Murray House, 4/5 Murray Street, Belfast, BT1 6DN.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from group companies. Future expenditure is planned to be met by both incoming funding and grants, as well as the generation of operating revenues. Whilst current forecasts show incoming funds and operating revenues at least sufficient to meet the expenditure requirements, this funding is not guaranteed. Also, due to the stage of the development cycle of the company, the timing and extent of any future operating revenues contains some degree of estimation uncertainty as there is no trading history as yet to provide support. This represents a material uncertainty in terms of the company's ability to continue as a going concern. Due to the continued operations of the company and the confidence of the directors in the current forecast levels of income, the financial statements have been prepared on a going concern basis, however the directors recognise that a material uncertainty exists due to the issues described above.
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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
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
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 20 (2022: 9 ).
5. TANGIBLE ASSETS
Equipment
£
Cost
At 1 April 2022
40,558
Additions
2,148
--------
At 31 March 2023
42,706
--------
Depreciation
At 1 April 2022
13,519
Charge for the year
14,236
--------
At 31 March 2023
27,755
--------
Carrying amount
At 31 March 2023
14,951
--------
At 31 March 2022
27,039
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
12,507
12,150
Other debtors
71,274
95,695
--------
---------
83,781
107,845
--------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
48,714
82,151
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,950,079
Other creditors
71,137
5,765
---------
------------
119,851
2,037,995
---------
------------
8. SUMMARY AUDIT OPINION
The auditor's report for the year dated 24 November 2023 was unqualified .
The senior statutory auditor was Gavin Snape ACA , for and on behalf of Meadows & Co Limited .
9. RELATED PARTY TRANSACTIONS
During the year sales totalling £ 300,000 were made to Castelnau Group Limited , a company which it was not wholly owned within the same group.
10. CONTROLLING PARTY
The parent company of the smallest group that prepares consolidated accounts which includes the position and results of the company is Castelnau Group Limited, a company incorporated in Guernsey whose registered office is PO Box 255, Les Banques, Trafalgar Court, St. Peter Port, Guernsey, GY1 3QL.