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Registered number: 14289074
Oomph Works Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Purple Lime Accountancy
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr Jagjeevan Desorh
Mr Karsten Smet
Company Number 14289074
Registered Office Hartham Park
Corsham
SN13 0RP
Accountants Purple Lime Accountancy
Unit 5 Callow Park
Callow Hill
Brinkworth
SN15 5FD
Page 1
Page 2
Balance Sheet
Registered number: 14289074
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 509,676 445,109
Tangible Assets 5 5,231 7,047
514,907 452,156
CURRENT ASSETS
Debtors 6 53,597 33,066
Cash at bank and in hand 5,152 24,077
58,749 57,143
Creditors: Amounts Falling Due Within One Year 7 (862,946 ) (674,969 )
NET CURRENT ASSETS (LIABILITIES) (804,197 ) (617,826 )
TOTAL ASSETS LESS CURRENT LIABILITIES (289,290 ) (165,670 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,308 ) (1,339 )
NET LIABILITIES (290,598 ) (167,009 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (290,599 ) (167,010 )
SHAREHOLDERS' FUNDS (290,598) (167,009)
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Page 3
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jagjeevan Desorh
Director
Mr Karsten Smet
Director
11/09/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Oomph Works Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14289074 . The registered office is Hartham Park, Corsham, SN13 0RP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 15 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are development of the software of the company. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Over 3 years
Computer Equipment Over 3 years
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 138,637 350,793 489,430
Additions - 176,539 176,539
Disposals (50,000) - (50,000 )
As at 31 December 2023 88,637 527,332 615,969
Amortisation
As at 1 January 2023 9,242 35,079 44,321
Provided during the period 9,241 52,731 61,972
As at 31 December 2023 18,483 87,810 106,293
Net Book Value
As at 31 December 2023 70,154 439,522 509,676
As at 1 January 2023 129,395 315,714 445,109
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 1,689 8,882 10,571
Additions - 3,510 3,510
Disposals - (1,895 ) (1,895 )
As at 31 December 2023 1,689 10,497 12,186
Depreciation
As at 1 January 2023 563 2,961 3,524
Provided during the period 563 3,499 4,062
Disposals - (631 ) (631 )
As at 31 December 2023 1,126 5,829 6,955
Net Book Value
As at 31 December 2023 563 4,668 5,231
As at 1 January 2023 1,126 5,921 7,047
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6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 22,413 14,188
Prepayments and accrued income 470 681
Other debtors 1,274 891
Corporation tax recoverable assets 29,440 17,306
53,597 33,066
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors - 2,627
Other taxes and social security 10,355 8,169
VAT - 3,129
Other creditors 939 -
Accruals and deferred income 3,780 -
Amounts owed to parent undertaking 847,872 661,044
862,946 674,969
8. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 1 1
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