Caseware UK (AP4) 2023.0.135 2023.0.135 false2022-01-01No description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12057103 2022-01-01 2022-12-31 12057103 2021-01-01 2021-12-31 12057103 2022-12-31 12057103 2021-12-31 12057103 1 2022-01-01 2022-12-31 12057103 d:Director2 2022-01-01 2022-12-31 12057103 e:FurnitureFittings 2022-01-01 2022-12-31 12057103 e:FurnitureFittings 2022-12-31 12057103 e:FurnitureFittings 2021-12-31 12057103 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12057103 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12057103 e:FurnitureFittings 1 2022-01-01 2022-12-31 12057103 e:ComputerEquipment 2022-01-01 2022-12-31 12057103 e:ComputerEquipment 2022-12-31 12057103 e:ComputerEquipment 2021-12-31 12057103 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12057103 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12057103 e:ComputerEquipment 1 2022-01-01 2022-12-31 12057103 e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12057103 e:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 12057103 e:Goodwill 2022-01-01 2022-12-31 12057103 e:Goodwill 2022-12-31 12057103 e:Goodwill 2021-12-31 12057103 e:CurrentFinancialInstruments 2022-12-31 12057103 e:CurrentFinancialInstruments 2021-12-31 12057103 e:Non-currentFinancialInstruments 2022-12-31 12057103 e:Non-currentFinancialInstruments 2021-12-31 12057103 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 12057103 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 12057103 e:ShareCapital 2022-12-31 12057103 e:ShareCapital 2021-12-31 12057103 e:RetainedEarningsAccumulatedLosses 2022-12-31 12057103 e:RetainedEarningsAccumulatedLosses 2021-12-31 12057103 d:FRS102 2022-01-01 2022-12-31 12057103 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12057103 d:FullAccounts 2022-01-01 2022-12-31 12057103 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12057103 e:WithinOneYear 2022-12-31 12057103 e:WithinOneYear 2021-12-31 12057103 e:BetweenOneFiveYears 2022-12-31 12057103 e:BetweenOneFiveYears 2021-12-31 12057103 2 2022-01-01 2022-12-31 12057103 4 2022-01-01 2022-12-31 12057103 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure


















ORE Operations Limited























Unaudited

Financial statements



For the year ended 31 December 2022



Registered number: 12057103

 
ORE Operations Limited - Registered number: 12057103

Statement of financial position
As at 31 December 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Intangible assets
 5 
-
330,482

Tangible assets
 6 
-
6,855

Investments
 7 
-
200

  
-
337,537

Current assets
  

Fixed assets held for sale
  
191,751
-

Debtors: amounts falling due after more than one year
 8 
300
1,078,226

Debtors: amounts falling due within one year
 8 
331,385
227,035

Cash at bank and in hand
  
33,815
194,075

  
557,251
1,499,336

Creditors: amounts falling due within one year
 9 
(911,767)
(2,253,685)

Net current liabilities
  
 
 
(354,516)
 
 
(754,349)

Total assets less current liabilities
  
(354,516)
(416,812)

  

Net liabilities
  
(354,516)
(416,812)


Capital and reserves
  

Share capital
  
100
100

Profit and loss account
  
(354,616)
(416,912)

  
(354,516)
(416,812)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Page 1

 
ORE Operations Limited - Registered number: 12057103

Statement of financial position (continued)
As at 31 December 2022


The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the director: 




J F Saunders
Director

Date: 12 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ORE Operations Limited

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL. The company registration number is 12057103.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The director intends to wind up the company as a result of a corporate restructure and therefore does not consider it to be appropriate to adopt the going concern basis in preparing the financial statements. Accordingly, the financial statements have been prepared on a break up basis. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
The company has concluded its joint venture with its current financing partner and is in advanced discussions with a number of new financing partners to form a new joint venture to deliver future projects.  Depending on the outcome of these discussions, the Oculus business will be restructured but management is confident that the underlying business will continue.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The company and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
ORE Operations Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.2
Foreign currency translation (continued)

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 4

 
ORE Operations Limited

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
7 years
Computer equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 4).

Page 5

 
ORE Operations Limited

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Exceptional items

2022
2021
£
£


Intercompany write off
(1,331,027)
-

(1,331,027)
-


5.


Intangible assets




Crypto currrencies

£





At 1 January 2022
330,482


Reclassified to held for sale
(330,482)



At 31 December 2022

-






Net book value



At 31 December 2022
-



At 31 December 2021
330,482



Page 6

 
ORE Operations Limited

 
Notes to the financial statements
For the year ended 31 December 2022

6.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£





At 1 January 2022
1,467
5,834
7,301


Reclassified to held for sale
(1,467)
(5,834)
(7,301)



At 31 December 2022

-
-
-





At 1 January 2022
122
324
446


Charge for year
210
1,166
1,376


Reclassified to held for sale
(332)
(1,490)
(1,822)



At 31 December 2022

-
-
-



Net book value



At 31 December 2022
-
-
-



At 31 December 2021
1,345
5,510
6,855


7.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2022
200


Additions
100


Reclassified to current assets
(300)



At 31 December 2022
-




Page 7

 
ORE Operations Limited

 
Notes to the financial statements
For the year ended 31 December 2022

8.


Debtors

2022
2021
£
£

Due after more than one year

Amounts owed by group undertakings
300
-

Other debtors
-
34,000

Accrued income
-
1,044,226

300
1,078,226


2022
2021
£
£

Due within one year

Amounts owed by group undertakings
300,100
186,547

Other debtors
15,720
23,621

Prepayments and accrued income
15,565
16,867

331,385
227,035



9.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
64,902
43,835

Amounts owed to group undertakings
715,577
1,948,253

Other taxation and social security
98,449
62,840

Other creditors
13,259
770

Accruals and deferred income
19,580
197,987

911,767
2,253,685



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,691 (2021: £3,147). Contributions totaling £1259 (2021: £770) were payable to the fund at the reporting date and are included in creditors.

Page 8

 
ORE Operations Limited

 
Notes to the financial statements
For the year ended 31 December 2022

11.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
131,560
121,872

Later than 1 year and not later than 5 years
103,446
235,290

235,006
357,162


Page 9