REGISTERED NUMBER: |
OUT OF THIS WORLD INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
OUT OF THIS WORLD INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OUT OF THIS WORLD INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable fair value reserve | 9 | ( |
) |
Retained earnings | 9 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the director and authorised for issue on |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Out of this World Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support. |
At the date of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Investment properties - The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement. |
Other investment assets commodities - Other investment assets are remeasured to their fair value at the period end. The fair value is based on trading market conditions of the various investment assets. |
Other intangibles |
Within Other Intangibles, is various Cryptocurrencies that are held for investment purposes to be sold at a later date. They have an indefinite life and are not being amortised. |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement. |
Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it. |
Cash & cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INTANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2023 | (671 | ) |
Valuation in 2024 | 237,315 |
Cost | 448,361 |
685,005 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in | Other |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 160,366 |
Additions | 12,824 |
Disposals | ( |
) | (12,824 | ) |
At 31 March 2024 | 160,366 |
NET BOOK VALUE |
At 31 March 2024 | 160,366 |
At 31 March 2023 | 160,366 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
In the opinion of the director the fair value of investment properties are equal to the original cost at year end. |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | RESERVES |
Non-distributable |
fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | 600,424 |
Profit for the year |
Transfer of reserves | (237,315 | ) | 237,315 | - |
Realised Reserves | (4,875 | ) | 4,875 | - |
At 31 March 2024 | 1,049,220 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
As at 31 March 2024 the company owed the director £53,817 (Period to 31 March 2023: £6,301) this balance is included in the creditors amounts falling due within one year and is considered interest free and repayable on demand. |
OUT OF THIS WORLD INVESTMENTS LTD (REGISTERED NUMBER: 12639093) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | RELATED PARTY DISCLOSURES |
During the year, loans amounting to £100,000 (compared to £800,000 in the period to 31 March 2023) owed to RGifts Limited, a company under common control, were written off as they were deemed irrecoverable. As of 31 March 2024, the company owed £541,962 to RGifts Limited (31 March 2023: £564,238). This balance is interest-free and repayable on demand. |
Additionally, loans totalling £8,000, provided to 123 Cryptos Ltd, a company under common control, were written off during the year as they were no longer considered recoverable. |
During the year, a loan of £7,500 (31 March 2023: £nil) was provided to a a company that is controlled by a close family member. This balance is deemed interest free and is repayable upon demand. |
The company also charged rent of £7,464 (31 March 2023: £4,476) to a close family member of the director. Furthermore, rent of £10,735 (31 March 2023: £4,500) was charged to an entity controlled by a close family member of the director. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
13. | CHANGE OF ACCOUNTING REFERENCE DATE |
The company previously shortened the accounting reference date from 30 June 2023 to 31 March 2023, therefore the previous accounts are for a 9 month period. |