Company registration number 12767310 (England and Wales)
ONNA TECHNOLOGIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ONNA TECHNOLOGIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ONNA TECHNOLOGIES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
1,645
Current assets
Debtors
5
56,264
61,250
Cash at bank and in hand
8,658
4,456
64,922
65,706
Creditors: amounts falling due within one year
6
(20,836)
(23,540)
Net current assets
44,086
42,166
Net assets
44,086
43,811
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
44,085
43,810
Total equity
44,086
43,811

The notes on pages 2 to 5 form part of these financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
W R Jisa
Director
Company registration number 12767310 (England and Wales)
ONNA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Onna Technologies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9th Floor, 107 Cheapside, London, United Kingdom, EC2V 6DN.

1.1
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.

1.2
Going concern

The directors have determined that the activity of the company is being drawn to a close,true and that it is not appropriate to continue preparing the financial statements on a going concern basis . The financial statements for the year ended 31 December 2023 have been prepared on a 'break up basis'.

 

Under the break up basis, all assets and liabilities are remeasured to their fair value and are included within the financial statements either under current assets or liabilities payable within, or over, one year.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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% on cost
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ONNA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

1.7
Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

 

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.8
Foreign exchange

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.9

Related party exemption

The company has taken advantage of exemption, in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

1.10

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

ONNA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.11

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates, however in the director's opinion no judgements or estimates have a material effect on the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
1
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
5,324
Transfers
(5,324)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
3,679
Depreciation charged in the year
1,240
Transfers
(4,919)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
1,645
ONNA TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
43,718
61,050
Other debtors
12,546
200
56,264
61,250
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
690
591
Amounts owed to group undertakings
15,577
15,577
Corporation tax
-
0
2,528
Other creditors
4,569
4,844
20,836
23,540
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stuart Heaney
Statutory Auditor:
Henton & Co LLP
Date of audit report:
1 October 2024
8
Parent company and ultimate controlling party

Throughout the current year and previous period the parent company was Onna Technologies Inc., a company registered in the USA. No single party has had ultimate control of the company during the current year and previous period.

2023-12-312023-01-01false01 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr Salim ElkhouW R JisaMr W S SteckelA P Viettifalsefalse127673102023-01-012023-12-31127673102023-12-31127673102022-12-3112767310core:OtherPropertyPlantEquipment2023-12-3112767310core:OtherPropertyPlantEquipment2022-12-3112767310core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112767310core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112767310core:CurrentFinancialInstruments2023-12-3112767310core:CurrentFinancialInstruments2022-12-3112767310core:ShareCapital2023-12-3112767310core:ShareCapital2022-12-3112767310core:RetainedEarningsAccumulatedLosses2023-12-3112767310core:RetainedEarningsAccumulatedLosses2022-12-3112767310bus:Director22023-01-012023-12-3112767310core:ComputerEquipment2023-01-012023-12-31127673102022-01-012022-12-3112767310core:OtherPropertyPlantEquipment2022-12-3112767310core:OtherPropertyPlantEquipment2023-01-012023-12-3112767310core:WithinOneYear2023-12-3112767310core:WithinOneYear2022-12-3112767310bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112767310bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112767310bus:FRS1022023-01-012023-12-3112767310bus:Audited2023-01-012023-12-3112767310bus:Director12023-01-012023-12-3112767310bus:Director32023-01-012023-12-3112767310bus:Director42023-01-012023-12-3112767310bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP