Ostrich X Ltd
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 13774574 (England and Wales)
Ostrich X Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Ostrich X Ltd
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
961
-
0
Current assets
Debtors
4
29,256
12,108
Cash at bank and in hand
375,429
253,616
404,685
265,724
Creditors: amounts falling due within one year
5
(10,483)
(8,165)
Net current assets
394,202
257,559
Net assets
395,163
257,559
Capital and reserves
Called up share capital
6
550,000
500,000
Share premium account
450,000
-
0
Profit and loss reserves
(604,837)
(242,441)
Total equity
395,163
257,559

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
R Foister
Director
Company Registration No. 13774574
Ostrich X Ltd
Notes to the Financial Statements
For the year ended 30 November 2023
Page 2
1
Accounting policies
Company information

Ostrich X Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4.04 60 Gray's Inn Road, London, England, WC1X 8LT.

1.1
Reporting period

The comparative figures are for the period 30 November 2021 to 30 November 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

After the year-end, the company successfully raised additional equity by issuing 20,041,700 Series Seed Shares with a nominal value of £0.01 per share at an issue price of £0.158245 per share. The total proceeds from the issuance amounted to £3,171,499, which has significantly improved the company’s cash position. The additional funds raised provide the company with sufficient working capital to meet its obligations as they fall due. Therefore, the Directors have a reasonable expectation that the company has sufficient resources to continue as a going concern and have accordingly prepared the financial statements on a going concern basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.33% Straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Ostrich X Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Ostrich X Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 4
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4

The directors did not receive any remuneration from the company in respect of their services.

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
-
0
Additions
1,040
At 30 November 2023
1,040
Depreciation and impairment
At 1 December 2022
-
0
Depreciation charged in the year
79
At 30 November 2023
79
Carrying amount
At 30 November 2023
961
At 30 November 2022
-
0
Ostrich X Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
27,256
12,108
Accrued income
2,000
-
0
29,256
12,108
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
4,444
3,326
Other creditors
1,839
839
Accruals and deferred income
4,200
4,000
10,483
8,165
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
550,000
500,000
550,000
500,000

During the year, the company issued 50,000 Ordinary Shares of £1 each at an issue price of £10 per share. The nominal value of the shares issued is £1 per share, resulting in an increase in share capital of £50,000.

 

The total premium on the issued shares amounted to £450,000, which has been credited to the Share Premium account.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
21,197
-
0
Ostrich X Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 6
8
Events after the reporting date

After the year-end, the company issued 20,041,700 Series Seed Shares with a nominal value of £0.01 per share at an issue price of £0.158245 per share. The total proceeds from the issuance amounted to £3,171,499.

9
Related party transactions

Included within other operating income is an amount of £2,500 (2022: £nil), of which £500 (2022: £nil) is included within accrued income, which is receivable from Console Limited, a company connected by way of common directors.

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