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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

AMUZO LIMITED

AMUZO LIMITED (REGISTERED NUMBER: 04215813)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AMUZO LIMITED

COMPANY INFORMATION
For The Year Ended 30 April 2024







DIRECTORS: P I Phillips
P D Unsworth
C Hope
N G Roberts
B Clarke
M Rawle





SECRETARY: M G Hayward





REGISTERED OFFICE: Parkway House
26 Avenue Road
Bournemouth
Dorset
BH2 5SL





REGISTERED NUMBER: 04215813 (England and Wales)






AMUZO LIMITED (REGISTERED NUMBER: 04215813)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £   
ASSETS

FIXED ASSETS
Intangible assets 4 999,071 617,502
Tangible assets 5 18,756 18,868
Investments 6 400,002 400,002
1,417,829 1,036,372

CURRENT ASSETS
Debtors 7 302,089 279,456
Cash at bank and in hand 12,197 17,853
314,286 297,309
1,732,115 1,333,681

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 8 440 440
Share premium 14,002 14,002
Merger reserve 399,780 399,780
Retained earnings (393,575 ) (144,724 )
SHAREHOLDERS' FUNDS 20,647 269,498

CREDITORS 9 1,711,468 1,064,183
1,732,115 1,333,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:




P I Phillips - Director


AMUZO LIMITED (REGISTERED NUMBER: 04215813)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024

1. STATUTORY INFORMATION

Amuzo Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is reliant on the continued financial support of the directors and their agreement of deferring the amounts due to them. On this basis it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of financial support.

Preparation of consolidated financial statements
The financial statements contain information about Amuzo Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Revenue is recognised when and to the extent that the company obtains the right to consideration in exchange for its performance.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has been fully amortised over its useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being fully amortised in the current year.

Computer software is being amortised evenly over its estimated useful life of ten years.

Computer software
Software development costs that are directly attributable to the design and testing of the company's identifiable platforms are recognised as intangible assets when the following criteria are met:

-it is technically feasible to complete the software product so that it will be available for use or sale;
-management intends to complete the software product and use or sell it;
-there is an ability to use or sell the software;
-it can be demonstrated how the software will generate probable future economic benefits;
-the availability of adequate technical, financial and other resources to complete the development and use or sell the
intangible asset and
-the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalised as part of the software product include the software development employee costs, subcontractor and other ancillary costs.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over term of lease
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

AMUZO LIMITED (REGISTERED NUMBER: 04215813)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at fair value with changes in fair value recognised in other comprehensive income and accumulated in equity to the extent that the carrying value exceeds cost. If the fair value falls below cost the reduction in value is recognised in the profit and loss. Any subsequent reversal of the impairment shall be reconginsed in the profit and loss until the carrying value exceeds cost.

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.

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.

Foreign currencies
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 24 ) .

AMUZO LIMITED (REGISTERED NUMBER: 04215813)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1 May 2023 14,000 1 684,304 698,305
Additions - - 450,000 450,000
Disposals - (1 ) - (1 )
At 30 April 2024 14,000 - 1,134,304 1,148,304
AMORTISATION
At 1 May 2023 14,000 - 66,803 80,803
Amortisation for year - 1 68,430 68,431
Eliminated on disposal - (1 ) - (1 )
At 30 April 2024 14,000 - 135,233 149,233
NET BOOK VALUE
At 30 April 2024 - - 999,071 999,071
At 30 April 2023 - 1 617,501 617,502

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 4,413 7,055 24,707 36,175
Additions - - 5,845 5,845
Disposals - - (2,242 ) (2,242 )
At 30 April 2024 4,413 7,055 28,310 39,778
DEPRECIATION
At 1 May 2023 4,338 7,055 5,914 17,307
Charge for year 75 - 5,882 5,957
Eliminated on disposal - - (2,242 ) (2,242 )
At 30 April 2024 4,413 7,055 9,554 21,022
NET BOOK VALUE
At 30 April 2024 - - 18,756 18,756
At 30 April 2023 75 - 18,793 18,868

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 400,002
NET BOOK VALUE
At 30 April 2024 400,002
At 30 April 2023 400,002

AMUZO LIMITED (REGISTERED NUMBER: 04215813)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 April 2024

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 April 2024 is represented by:

Shares in
group
undertakings
£   
Valuation in 2023 399,780
Cost 222
400,002

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 222 222

Fixed asset investments were valued on an open market basis on 30 April 2024 by the Directors .

The Directors believe that the market value of shares in related companies is not less than cost.

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Nature of business Class of shares % holding
Subsidiaries
Ozuma Limited Dormant Ordinary 100.00
Amuzo Games Limited Dormant Ordinary 100.00
Unicorn Simulations Limited Training provider Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,598 104,480
Amounts owed by group undertakings - 24,858
Other debtors and prepayments 95,257 36,589
Corporation tax 195,234 113,529
302,089 279,456

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
44,000 Ordinary £0.01 440 440

9. CREDITORS
2024 2023
£    £   
Amounts falling due within one year:
Bank loans and overdrafts 50,000 50,000
Other loans 250,000 -
Trade creditors 95,637 87,044
Amounts owed to group undertakings 61,895 -
Social security and other taxes 103,702 58,571
Other creditors and accruals 38,067 37,401
599,301 233,016

AMUZO LIMITED (REGISTERED NUMBER: 04215813)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 April 2024

9. CREDITORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Bank loans - 2-5 years 54,167 104,167
Directors' loan accounts 1,058,000 727,000
1,112,167 831,167

Aggregate amounts 1,711,468 1,064,183

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 104,167 154,167

Bank borrowings are secured against assets of the company.

11. OTHER FINANCIAL COMMITMENTS

The company had rental commitments at the balance sheet date of £30,000 (2023: £45,000).

12. RELATED PARTY DISCLOSURES

At 30 April 2024 the company owed £1,058,000 (2023: £727,000) to a member of key management personnel. The loan is interest free, unsecured and repayable on demand.

13. SHARE-BASED PAYMENT TRANSACTIONS

The company operates an approved Company Share Option Plan (CSOP) on a discretionary basis. Under the plan, participants may exercise the options within the option exercise period. The option exercise period is defined as the period of 10 years commencing on date three years from the date of the share option agreement.

The movement in the CSOP during the period under review was as follows:

No.

Options at 1 May 20232,040
Granted during the period-
Forfeited during the period-
Exercised during the period(480)
Expired during the period-
Options at 30 April 20241,560

The company also operates an Enterprise Management Incentive (EMI) scheme. There are a total of 4,800 Options outstanding at an exercise price of £0.01. All of the share options may only be exercised on the acquisition of the whole or substantially the whole of the group's business undertaking and assets.The options expire on the tenth anniversary of the granting of the options, being 6 December 2032.

None of the EMI share options were exercised during the year.