OVERWOLF UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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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. |
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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. |
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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. |
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OVERWOLF UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Group Accounts |
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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. |
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Going concern |
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The company is a holding company whose income is dividend received from its subsidiary. |
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The company's expenditure for the next 12 months is minimal and it will be covered by the parent company. |
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Based on the above the director is in the view that the financial statements can be prepared on a going concern basis. |
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Investment in subsidiary company: |
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Investment in subsidiary company is presented at cost less accumulated impairment loss. |
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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. |
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4. |
Employees |
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2023 |
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2022 |
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Number of employees |
0 |
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0 |
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5. |
Fixed asset investment |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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As at 31 December 2022 |
109 |
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- |
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Additions |
5,244,606 |
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109 |
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As at 31 December 2023 |
5,244,715 |
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109 |
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The investment in subsidiary company represents the whole share capital of Tebex Limited, a trading company registered in England & Wales |
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OVERWOLF UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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6. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Parent company |
4,640,590 |
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0 |
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7. |
Creditors: amounts falling due |
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within one year |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Accruals |
6,120 |
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107 |
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6,120 |
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107 |
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8. |
Share capital |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Called up and fully paid: |
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3 ordinary shares of £1 each |
3 |
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2 |
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9. |
Audit report information |
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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. |
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The senior statutory auditor was Mr. Josef Cohen |
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The auditor was Levy Cohen & Co |
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Date auditor signed accounts: 3 February 2025 |
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Name of director signing accounts: U. Marchand |
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Date director signed accounts: 3 February 2025 |
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10. |
Related party transactions |
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Control: |
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The immediate and ultimate parent company is Overwolf Ltd, a private company incorporated and registered in Israel. |
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Overwolf Ltd is the smallest and largest group to prepare consolidated accounts. |
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Transaction: |
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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. |