Company registration number 10126828 (England and Wales)
OFFICE APP INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
OFFICE APP INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr C Garbarino
Mr G Gomer
Company number
10126828
Registered office
The Barn, Meadow Court
Faygate Lane
Faygate
Horsham
West Sussex
RH12 4SJ
Auditor
Anova
The Barn, Meadow Court
Faygate Lane
Faygate
Horsham
West Sussex
RH12 4SJ
OFFICE APP INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
OFFICE APP INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
-
-
Creditors: amounts falling due within one year
4
(130,250)
(124,177)
Net current liabilities
(130,250)
(124,177)
Capital and reserves
Called up share capital
5
167
167
Share premium account
3,599,945
3,599,945
Profit and loss reserves
(3,730,362)
(3,724,289)
Total equity
(130,250)
(124,177)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
and are signed on its behalf by:
Mr C Garbarino
Director
Company Registration No. 10126828
OFFICE APP INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
167
3,599,945
(86,699)
3,513,413
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(3,637,590)
(3,637,590)
Balance at 30 April 2023
167
3,599,945
(3,724,289)
(124,177)
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(6,073)
(6,073)
Balance at 30 April 2024
167
3,599,945
(3,730,362)
(130,250)
OFFICE APP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Office App International Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Meadow Court, Faygate Lane, Faygate, Horsham, West Sussex, RH12 4SJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Office App International Limited is a wholly owned subsidiary of HqO UK Limited and the results of Office App International Limited are included in the consolidated financial statements of HqO UK Limited which are available from C/O Birketts LLP One London Wall, Barbican, London, England, EC2Y 5EA.
1.2
Going concern
At the balance sheet date, following a net loss of £6,073 (2023 as restated - £3,637,590), there were net liabilities of £130,250 (2023 as restated - £124,289). The company has continued to trade at a loss in the period since the balance sheet date and relies on the support of its ultimate parent company, HqO Inc.
HqO Inc, the ultimate parent company, has confirmed in a letter of support that it will provide such necessary financial support to enable the company to meet its debts as they fall due, for at least 12 months from the date of this report.
Based on the US group's profit projections and on the assumption that the support of its ultimate parent company will be ongoing, the directors believe that Office App International Limited has sufficient resources to continue in operational existence for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the company's financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
OFFICE APP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
OFFICE APP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
109,177
109,177
Other creditors
73
Accruals and deferred income
21,000
15,000
130,250
124,177
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.01p each
1,068,695
1,068,695
107
107
Ordinary B of 0.01p each
15,657
15,657
2
2
Series A Preference of 0.01p each
582,353
582,353
58
58
1,666,705
1,666,705
167
167
At the balance sheet date, there were 3,247 Ordinary B Treasury shares.
OFFICE APP INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Audit report information
As the income statement has been omitted from the filing copy 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 Matthew Cleghorn FCA BSc (Hons) and the auditor was Anova.
7
Events after the reporting date
Following the balance sheet date, the subsidiary of Office App International Limited has stopped marketing their software and it is no longer serviced from 31 December 2024. The wider group has received benefit from the customers of this subsidiary, however the subsidiary itself is no longer receiving any revenue and hence the investment in Office App International Limited has been fully impaired.
8
Parent company
Office App International Limited is a wholly owned subsidiary of HqO UK Limited. Their registered office is C/O Birketts Llp One London Wall, Barbican, London, England, EC2Y 5EA.
The ultimate controlling party is HqO Inc, a company incorporated in Delaware, USA. Their registered address is 38 Chauncy Street, Floor 12. Boston, MA 02111, USA. HqO Inc is the parent of the smallest and largest group of which the company is a member and for which group financial statements are drawn up. Consolidated accounts can be obtained from the HqO Inc registered address.
9
Prior period adjustment
During the audit for the year ended 30 April 2024 new information was provided which indicated that the investment in subsidiary in the prior year was materially misstated. As such a prior year adjustment has been recorded to fully impair the investment.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Fixed assets
Investments
3,630,090
(3,630,090)
Capital and reserves
Profit and loss reserves
(94,199)
(3,630,090)
(3,724,289)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Administrative expenses
(7,500)
(3,630,090)
(3,637,590)
Loss for the financial period
(7,500)
(3,630,090)
(3,637,590)