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COMPANY REGISTRATION NUMBER: 06311548
Overlay Media Limited
Unaudited Financial Statements
31 March 2023
Overlay Media Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of comprehensive income
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
10
Overlay Media Limited
Officers and Professional Advisers
The board of directors
A Singhal
N Tewari
Registered office
The Space
235 High Holborn
London
England
WC1V 7DN
Accountants
Elliott Bunker Limited
Chartered accountants
61 Macrae Road
Ham Green
Bristol
BS20 0DD
Overlay Media Limited
Directors' Report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year. It is anticipated that the company will remain dormant for the foreseeable future.
Directors
The directors who served the company during the year were as follows:
A Singhal
N Tewari
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 February 2024 and signed on behalf of the board by:
N Tewari
Director
Registered office:
The Space
235 High Holborn
London
England
WC1V 7DN
Overlay Media Limited
Statement of Comprehensive Income
Year ended 31 March 2023
2023
2022
Note
£
£
Administrative expenses
80,823
----
--------
Operating loss
( 80,823)
----
--------
Loss before taxation
( 80,823)
Tax on loss
----
--------
Loss for the financial year and total comprehensive income
( 80,823)
----
--------
All the activities of the company are from continuing operations.
No significant accounting transactions as defined by section 1169 of the Companies Act 2006 occurred in the current year.
Overlay Media Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
6
126
126
Cash at bank and in hand
2,767
2,767
-------
-------
2,893
2,893
Creditors: amounts falling due within one year
7
1,760,999
1,760,999
------------
------------
Net current liabilities
1,758,106
1,758,106
------------
------------
Total assets less current liabilities
( 1,758,106)
( 1,758,106)
------------
------------
Net liabilities
( 1,758,106)
( 1,758,106)
------------
------------
Overlay Media Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
3
3
Share premium account
385,498
385,498
Profit and loss account
( 2,143,607)
( 2,143,607)
------------
------------
Shareholders deficit
( 1,758,106)
( 1,758,106)
------------
------------
These financial statements have been prepared 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'.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' 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 directors acknowledge their 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 February 2024 , and are signed on behalf of the board by:
N Tewari
Director
Company registration number: 06311548
Overlay Media 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 The Space, 235 High Holborn, London, WC1V 7DN, 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
Although the company has returned losses in its initial years of trading and has net current liabilities, in the directors' opinion the company remains a going concern based on future projections and support from the directors and shareholders.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Office Equipment
-
20% straight line
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
2,203
----
-------
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
10,279
10,279
--------
--------
Depreciation
At 1 April 2022 and 31 March 2023
10,279
10,279
--------
--------
Carrying amount
At 31 March 2023
--------
--------
At 31 March 2022
--------
--------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
126
126
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,758,796
1,758,796
Other creditors
2,203
2,203
------------
------------
1,760,999
1,760,999
------------
------------
8. Related party transactions
InMobi Holdings Pte Ltd (the parent company) has a current account with the company and paid sums on behalf of the company. At 31st March 2023 the company was indebted to InMobi Holdings Pte Ltd and the UK branch of InMobi Pte Ltd.(Ultimate controlling company) to the sum of £1,758,796 which amount is included in creditors in these accounts.
9. Controlling party
The immediate controlling party of the company at the balance sheet date is InMobi Holding Pte Ltd, a company incorporated in Singapore. The ultimate controlling company is InMobi Pte Ltd, a company incorporated in Singapore.
10. Going concern
The company has returned losses in recent years of trading but in the directors' opinions the company remains a going concern based on future projections and support from the directors and shareholders.
Overlay Media Limited
Management Information
Year ended 31 March 2023
The following pages do not form part of the financial statements.
Overlay Media Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Overlay Media Limited
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023, which comprise the statement of comprehensive income, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Elliott Bunker Limited Chartered accountants
61 Macrae Road Ham Green Bristol BS20 0DD
15 February 2024