OVERWOLF UK LIMITED
Director: Uri Marchand
Registered Office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 13918169 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane
N3 1LQ
Annual report and financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-4
OVERWOLF UK LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Fixed asset investment 5 5,244,715 109
Current assets
Debtors 6 4,640,590 0
Creditors: amounts falling due
within one year 7 (6,120) (107)
Net current assets 4,634,470 (0)
Total net assets £ 9,879,185 £ 2
Capital and reserve
31.12.2023 31.12.2022
£ £ £
Share capital 8 3 2
Share premium 5,244,712 0
Profit & loss reserve 4,634,470 0
Capital and deficit £ 9,879,185 £ 2
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Uri Marchand
Director 3 February 2025
Company number: 13918169
OVERWOLF UK LIMITED
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Overwolf UK Limited is a private limited company incorporated and domiciled in the UK. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ.
The company is a wholly owned subsidiary of Overwolf Ltd, a company registered in Israel.
2. Statement of Compliance
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
3. Accounting Policies
Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The financial statements are presented in Pound Sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
OVERWOLF UK LIMITED
Notes to the financial statements - 31 December 2023
Group Accounts
The company and its subsidiary comprise a small size group and therefore has taken the advantages of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Going concern
The company is a holding company whose income is dividend received from its subsidiary.
The company's expenditure for the next 12 months is minimal and it will be covered by the parent company.
Based on the above the director is in the view that the financial statements can be prepared on a going concern basis.
Investment in subsidiary company:
Investment in subsidiary company is presented at cost less accumulated impairment loss.
At each balance sheet date, the investment is assessed whether there is an indication that the assets may be impaired, and if so, an impairment test is carried out to verify if impairment losses are arisen.
4. Employees
2023 2022
Number of employees 0 0
5. Fixed asset investment
31.12.2023 31.12.2022
£ £
As at 31 December 2022 109 -
Additions 5,244,606 109
As at 31 December 2023 5,244,715 109
The investment in subsidiary company represents the whole share capital of Tebex Limited, a trading company registered in England & Wales
OVERWOLF UK LIMITED
Notes to the financial statements - 31 December 2023
6. Debtors
31.12.2023 31.12.2022
£ £
Parent company 4,640,590 0
7. Creditors: amounts falling due
within one year
31.12.2023 31.12.2022
£ £
Accruals 6,120 107
6,120 107
8. Share capital
31.12.2023 31.12.2022
£ £
Called up and fully paid:
3 ordinary shares of £1 each 3 2
9. Audit report information
As the income statement has been omitted from the filing 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.
The senior statutory auditor was Mr. Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 3 February 2025
Name of director signing accounts: U. Marchand
Date director signed accounts: 3 February 2025
10. Related party transactions
Control:
The immediate and ultimate parent company is Overwolf Ltd, a private company incorporated and registered in Israel.
Overwolf Ltd is the smallest and largest group to prepare consolidated accounts.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
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