OpsBase Limited - Accounts

OpsBase Limited - Accounts

IDEAGEN OPSBASE LIMITED - Company Information

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Registered Number: 11645841
England and Wales

 

 

 


Unaudited Financial Statements

for the period ended 30 November 2019

for

OPSBASE LIMITED

OpsBase Limited
Contents Page
For the period ended 30 November 2019
Director Giles Welch
Registered Number 11645841
Registered Office Merlins
Hardings Green
Cookham
SL6 9NX
Accountants Quove Accounting Ltd
The Vision Centre
5 Eastern Way
Bury St Edmunds
IP32 7AB
1
The directors present their annual report and the financial statements for the year ended 30 November 2019.
Principal activities
The principal activity of the company during the financial period was of the design and provision of daily operational compliance software to deskless workers.
Director
The director who served the company throughout the period was as follows:
Giles Welch


This report was approved by the board and signed on its behalf.


----------------------------------
Giles Welch
Director

Date approved: 19 December 2019
2
Chartered Accountants' Report to the board of directors on the preparation of the unaudited statutory accounts of OpsBase Limited for the year ended 30 November 2019.In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OpsBase Limited for the year ended 30 November 2019 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.  This report is made solely to the Board of Directors of OpsBase Limited , as a body, in accordance with the terms of our engagement letter dated 19 December 2019. Our work has been undertaken solely to prepare for your approval the accounts of OpsBase Limited and state those matters that we have agreed to state to the Board of Directors of OpsBase Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OpsBase Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that OpsBase Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of OpsBase Limited . You consider that OpsBase Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of OpsBase Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Quove Accounting Ltd
The Vision Centre
5 Eastern Way
Bury St Edmunds
IP32 7AB
19 December 2019
3
 
 		 Notes
 		 2019
£
Fixed assets    
Investments 2 52 
52 
Current assets    
Debtors 3 221,061 
Cash at bank and in hand 86,471 
307,532 
Creditors: amount falling due within one year 4 (1,143,103)
Net current assets (835,571)
 
Total assets less current liabilities (835,519)
Net assets (835,519)
 

Capital and reserves 		   
Called up share capital 100 
Profit and loss account (835,619)
Shareholders funds (835,519)
 


For the period ended 30 November 2019 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
Signed on behalf of the board of director


--------------------------------
Giles Welch
Director

Date approved by the board: 19 December 2019
4
General Information
OpsBase Limited is a private company, limited by shares , registered in England and Wales , registration number 11645841 , registration address Merlins, Hardings Green, Cookham, SL6 9NX.

The presentation currency is £ sterling.
1.

Accounting Policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Tax is recognised in the profit and loss account in the period to which it relates.  Research and development tax credits are recognised in the profit and loss account in the period in which the costs are incurred.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.  Deferred tax assets are not recognised.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Investments

Cost Other investments other than loans   Total
  £   £
At 26 October 2018 -    - 
Additions 52    52 
Disposals -    - 
At 30 November 2019 52    52 

3.

Debtors: amounts falling due within one year

2019
£
Trade Debtors 2,164 
Prepayments & Accrued Income 21,998 
Other Debtors 160,393 
VAT 36,506 
221,061 

4.

Creditors: amount falling due within one year

2019
£
Trade Creditors 35,630 
Amounts Owed to Group Undertakings 74,162 
PAYE & Social Security 10,731 
Accrued Expenses 29,985 
Other Creditors 7,400 
Directors' Current Accounts 985,195 
1,143,103 

5.

Average No.of Employees

The average number of employees in the period was 4.

6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2019
£		2019
£
OBase Pty Ltd- (74,102)
Giles Welch- (985,195)


OBase Pty Ltd
Certain research and development costs have been incurred by OBase Pty Ltd which have been charged to this company on an arm's length basis. There is an amount outstanding at the period end, as shown

Giles Welch
The company has had sums advanced to it by the director during the year on an interest free basis.
5