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Registration number: 10817094

Zublu Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Zublu Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Zublu Limited

Company Information

Directors

Mr M Oldfield

Mr A Broadbent

Registered office

6 Roseville Street
Dartmouth
Devon
TQ6 9QH

 

Zublu Limited

(Registration number: 10817094)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,091

3,640

Tangible assets

5

2,613

2,129

 

3,704

5,769

Current assets

 

Debtors

7

8,820

19,640

Cash at bank and in hand

 

10,788

176,894

 

19,608

196,534

Creditors: Amounts falling due within one year

8

(93,626)

(116,243)

Net current (liabilities)/assets

 

(74,018)

80,291

Total assets less current liabilities

 

(70,314)

86,060

Creditors: Amounts falling due after more than one year

8

(1,392,562)

(1,402,535)

Net liabilities

 

(1,462,876)

(1,316,475)

Capital and reserves

 

Called up share capital

124

124

Share premium reserve

56,677

56,677

Capital redemption reserve

18,238

18,238

Retained earnings

(1,537,915)

(1,391,514)

Shareholders' deficit

 

(1,462,876)

(1,316,475)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

 

Zublu Limited

(Registration number: 10817094)
Balance Sheet as at 30 June 2024

.........................................

Mr A Broadbent
Director

 

Zublu Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
6 Roseville Street
Dartmouth
Devon
TQ6 9QH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At 30 June 2024, the company had net liabilities. Despite this, the directors have confirmed that in their opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Consequently, the company is considered a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Zublu Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% Straight line

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Zublu Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

39,388

39,388

At 30 June 2024

39,388

39,388

Amortisation

At 1 July 2023

35,748

35,748

Amortisation charge

2,549

2,549

At 30 June 2024

38,297

38,297

Carrying amount

At 30 June 2024

1,091

1,091

At 30 June 2023

3,640

3,640

 

Zublu Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

6,723

6,723

Additions

1,710

1,710

At 30 June 2024

8,433

8,433

Depreciation

At 1 July 2023

4,594

4,594

Charge for the year

1,226

1,226

At 30 June 2024

5,820

5,820

Carrying amount

At 30 June 2024

2,613

2,613

At 30 June 2023

2,129

2,129

6

Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

PT Zublu Hub Indonesia

Ruko Dewata Asih 9, Jalan Bypass Ngurah Rai No.9, Sanur, Denpasar Selatan 80228, Kota Denpasar, Bali, Indonesia

100%

100%

Subsidiary undertakings

PT Zublu Hub Indonesia

The principal activity of PT Zublu Hub Indonesia is is to support the overseas operations of Zublu Limited.

The investment is held at cost value, which totals less than £1.

 

Zublu Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

2024
£

2023
£

Prepayments

2,135

2,343

Other debtors

6,685

17,297

 

8,820

19,640

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

66,458

66,934

Trade creditors

 

4,100

1,996

Accruals and deferred income

 

2,100

3,200

Customer deposits

 

18,235

33,869

Credit card

 

2,733

10,244

 

93,626

116,243

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,392,562

1,402,535

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Convertible debt

1,392,562

1,402,535

Current loans and borrowings

2024
£

2023
£

Convertible debt

66,458

66,934

 

Zublu Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Loans and borrowings consists of Future Equity Deeds and Convertible Notes.

Under the terms of the Future Equity Deeds, cash advanced by investors convert into ordinary shares if there is a qualifying equity finance event. A qualifying equity finance event occurs if the Company issues shares for an aggregate subscription price of $500,000 or higher. As at 30 June 2024, the Company held $85,000 in Future Equity Deeds (2023: $85,000) and there had been no qualifying equity finance event.

Under the terms of the Convertible Notes, cash advanced by investors converts into preference shares if there is a qualifying equity finance event. A qualifying equity finance event occurs if the Company issues shares for an aggregate subscription price of $2,500,000 or higher. As at 30 June 2024, the Company held $1,704,619 in Convertible Notes (2023: $1,019,619). If there is no qualifying finance event, at the option of the note holder, the Convertible Note's principal amount, plus interest, must be repaid. Interest accrues at 5%.

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

12,369

123.69

12,369

123.69