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COMPANY REGISTRATION NUMBER: 13098872
Jellysmack Limited
Financial Statements
For the year ended
31 December 2022
Jellysmack Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10
Jellysmack Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
M R I Philippe
S W Maizil
R Sabban
REGISTERED OFFICE
Potton House
Wyboston Lakes
Great North Road
Wyboston
Beds
England
MK44 3BZ
AUDITOR
Mercer & Hole LLP
Chartered accountants & statutory auditor
21 Lombard Street
London
EC3V 9AH
Jellysmack Limited
Directors' Report
Year ended 31 December 2022
The directors present their report and the financial statements of the company for the year ended 31 December 2022 .
Principal activities
The principal activity of the company during the period was social video publishing.
Directors
The directors who served the company during the year were as follows:
M R I Philippe
S W Maizil
R Sabban
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. Auditor
In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company will be put to a General meeting.
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 28 August 2024 and signed on behalf of the board by:
M R I Philippe
Director
Jellysmack Limited
Independent Auditor's Report to the Members of Jellysmack Limited
Year ended 31 December 2022
Opinion
We have audited the financial statements of Jellysmack Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; and - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors reports and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches in Health & Safety and General Data Protection Regulations, and we considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure, and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
- discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
- evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities
- identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Turner
(Senior Statutory Auditor)
For and on behalf of
Mercer & Hole LLP
Chartered accountants & statutory auditor
21 Lombard Street
London
EC3V 9AH
28 August 2024
Jellysmack Limited
Statement of Comprehensive Income
Year ended 31 December 2022
Period from
Year to
24 Dec 20 to
31 Dec 22
31 Dec 21
Note
£
£
Turnover
10,016,196
4,727,303
Cost of sales
7,269,849
2,719,449
-------------
------------
Gross profit
2,746,347
2,007,854
Administrative expenses
2,923,174
1,875,039
------------
------------
Operating (loss)/profit
( 176,827)
132,815
Amounts written off investments
4,265,543
Interest payable and similar expenses
5,967
------------
------------
(Loss)/profit before taxation
6
( 4,442,370)
126,848
Tax on (loss)/profit
7
( 2,427)
54,552
------------
---------
(Loss)/profit for the financial year and total comprehensive income
( 4,439,943)
72,296
------------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Jellysmack Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
8
208,498
218,207
Investments
9
2,114,530
---------
------------
208,498
2,332,737
Current assets
Debtors
10
299,913
82,225
Cash at bank and in hand
95,297
157,037
---------
---------
395,210
239,262
Creditors: amounts falling due within one year
11
787,881
2,445,051
---------
------------
Net current liabilities
392,671
2,205,789
---------
------------
Total assets less current liabilities
( 184,173)
126,948
Creditors: amounts falling due after more than one year
12
602,644
Provisions
13
52,125
54,552
---------
---------
Net (liabilities)/assets
( 838,942)
72,396
---------
---------
Capital and reserves
Called up share capital
15
3,528,705
100
Profit and loss account
( 4,367,647)
72,296
------------
--------
Shareholders (deficit)/funds
( 838,942)
72,396
------------
--------
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'.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
M R I Philippe
Director
Company registration number: 13098872
Jellysmack Limited
Statement of Changes in Equity
Year ended 31 December 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 24 December 2020
Profit for the year
72,296
72,296
----
--------
--------
Total comprehensive income for the year
72,296
72,296
Issue of shares
100
100
----
--------
--------
Total investments by and distributions to owners
100
100
At 31 December 2021
100
72,296
72,396
Loss for the year
( 4,439,943)
( 4,439,943)
----
------------
------------
Total comprehensive income for the year
( 4,439,943)
( 4,439,943)
Issue of shares
3,528,605
3,528,605
------------
----
------------
Total investments by and distributions to owners
3,528,605
3,528,605
------------
------------
------------
At 31 December 2022
3,528,705
( 4,367,647)
( 838,942)
------------
------------
------------
Jellysmack Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Beds, MK44 3BZ, 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
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Reporting period
The prior year period covers the period from 24 December 2020 to 31 December 2021. It is therefore not directly comparable.
Going concern
The Company has current liabilities of £838,942 as at 31 December 2022 however the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:
- The directors have prepared cashflow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds, through funding from its immediate parent company, Keli Network Inc. to meet its liabilities as they fall due for that period.
- Keli Network Inc. has indicated its intention to continue to make available such financial support and to continue to honour the existing reimbursement agreement for the period covered by the forecasts. As with any Company placing reliance on other group entities for support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall for at least 12 months for the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a wholly owned subsidiary undertaking and its financial statements are included in the consolidated accounts for a larger group drawn up to the same date. The results of Jellysmack Limited are included in the consolidated financial statements of Keli Network Inc, which are available from 450 Park Avenue South, New York, NY 10016,USA.
Revenue recognition
The Company provides services to Keli Network Inc, it's parent company, to assist with the creation and publication of social media videos. The total actual UK costs are then recharged to the immediate parent company with a mark-up.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Fixtures and fittings
-
20% per annum
Computer equipment
-
33% per annum
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Defined pension 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Judgements and key sources of estimation uncertainty
n the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed in an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of Investments
Investments in subsidiaries are initially measured at cost and subsequently at cost less impairment. In assessing whether an impairment should be recognised the directors consider the economic benefit realised by the subsidiary as well as its expected economic benefit and its position at the reporting date.
4. Auditor's remuneration
Period from
Year to
24 Dec 20 to
31 Dec 22
31 Dec 21
£
£
Fees payable for the audit of the financial statements
25,000
20,000
--------
--------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 167 (2021: 87 ).
6. Profit before taxation
Profit before taxation is stated after charging:
Period from
Year to
24 Dec 20 to
31 Dec 22
31 Dec 21
£
£
Depreciation of tangible assets
113,146
34,924
Impairment of other fixed asset investments
4,265,543
Interest payable to group undertakings
5,967
------------
--------
7. Tax on (loss)/profit
Major components of tax (income)/expense
Period from
Year to
24 Dec 20 to
31 Dec 22
31 Dec 21
£
£
Deferred tax:
Origination and reversal of timing differences
( 2,427)
54,552
-------
--------
Tax on (loss)/profit
( 2,427)
54,552
-------
--------
8. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2022
583
252,548
253,131
Additions
3,096
101,468
104,564
Disposals
( 1,265)
( 1,265)
-------
---------
---------
At 31 December 2022
3,679
352,751
356,430
-------
---------
---------
Depreciation
At 1 January 2022
16
34,908
34,924
Charge for the year
696
112,450
113,146
Disposals
( 138)
( 138)
-------
---------
---------
At 31 December 2022
712
147,220
147,932
-------
---------
---------
Carrying amount
At 31 December 2022
2,967
205,531
208,498
-------
---------
---------
At 31 December 2021
567
217,640
218,207
-------
---------
---------
9. Investments
Shares in group undertakings
£
Cost
At 1 January 2022
2,114,530
Additions
2,151,013
------------
At 31 December 2022
4,265,543
------------
Impairment
At 1 January 2022
Impairment losses
4,265,543
------------
At 31 December 2022
4,265,543
------------
Carrying amount
At 31 December 2022
------------
At 31 December 2021
2,114,530
------------
During the prior period the company acquired 100% of the share capital of Findie Development Limited. The company has recognised additional consideration of £2,151,013 in the year of which £602,644 remains unpaid at the reporting date and is reflected in long term creditors.
As part of the purchase agreement, an earn out payment of $706,000 would become payable in December 2023 upon satisfaction of certain performance conditions. At the balance sheet date, the directors considered payment probable and was subsequently made in January 2024.
The directors have performed an impairment review of the investment. In assessing the potential impairment the directors have considered the value in use difficult to estimate and have impaired the investment in full.
10. Debtors
2022
2021
£
£
Other debtors
299,913
82,225
---------
--------
11. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
43,370
77,823
Amounts owed to group undertakings and undertakings in which the company has a participating interest
264,543
1,732,950
Social security and other taxes
124,510
Other creditors
479,968
509,768
---------
------------
787,881
2,445,051
---------
------------
12. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
602,644
---------
----
13. Provisions
Deferred tax (note 14)
£
At 1 January 2022
54,552
Charge against provision
( 2,427)
--------
At 31 December 2022
52,125
--------
14. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions (note 13)
52,125
54,552
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
52,125
54,552
--------
--------
15. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
3,528,705
3,528,705
100
100
------------
------------
----
----
Share movements
No.
£
Ordinary
At 1 January 2022
100
100
Issue of shares
3,528,605
3,528,605
------------
------------
At 31 December 2022
3,528,705
3,528,705
------------
------------
16. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
80,132
151,950
--------
---------
17. Related party transactions
During the period, the company received reimbursement income of £10,016,196. from Keli Network Inc, it's immediate parent. At the period end, the company owed Keli Network Inc. £199,543. This amount is interest free and repayable on demand. During the year a loan was taken from Keli France, a group company, amounting to £65,000. This was owed at the year end and is interest free and repayable on demand.
18. Parent company
The company is under the control of its immediate parent Keli Network Inc, a company registered in the USA.