Puzzel Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04124967 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

PUZZEL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Boerge Astrup

Jacob Olsen

REGISTERED OFFICE:

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

REGISTERED NUMBER:

04124967 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

3

27,119

15,779

Investments

4

1,840,453

-

1,867,572

15,779

CURRENT ASSETS

Debtors

5

1,221,315

1,333,330

Cash at bank

326,381

282,833

1,547,696

1,616,163

CREDITORS

Amounts falling due within one year

6

771,448

992,309

NET CURRENT ASSETS

776,248

623,854

TOTAL ASSETS LESS CURRENT LIABILITIES

2,643,820

639,633

CREDITORS

Amounts falling due after more than one year

7

2,293,132

-

NET ASSETS

350,688

639,633

CAPITAL AND RESERVES

Called up share capital

10

3,080,694

3,080,694

Retained earnings

(2,730,006

)

(2,441,061

)

SHAREHOLDERS' FUNDS

350,688

639,633

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2020 and were signed on its behalf by:

Boerge Astrup - Director

1.	STATUTORY INFORMATION

Puzzel Ltd is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The company's business address is 22 Tudor Street, London, EC4Y 0AY.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

There are three main revenue streams being maintenance, traffic and change revenue. Turnover is recognised

monthly based on usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Financial instruments

Basic Financial Instruments are measured at amortised cost. The company does not have any Other Financial

Instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Preparation of consolidated financial statements

The financial statements contain information about Puzzel Limited as an individual company and do not contain

consolidated financial information as the parent of a group. The company has taken the option under Section

399 of the Companies Act 2006 not to prepare consolidated financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

151,260

Additions

24,179

Disposals

(140,664

)

At 31 December 2019

34,775

DEPRECIATION

At 1 January 2019

135,481

Charge for year

7,068

Eliminated on disposal

(134,893

)

At 31 December 2019

7,656

NET BOOK VALUE

At 31 December 2019

27,119

At 31 December 2018

15,779

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

1,840,453

At 31 December 2019

1,840,453

NET BOOK VALUE

At 31 December 2019

1,840,453

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

634,639

971,526

Amounts owed by group undertakings

288,355

-

Other debtors

298,321

361,804

1,221,315

1,333,330

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

287,205

105,407

Amounts owed to group undertakings

-

334,352

Taxation and social security

197,508

234,076

Other creditors & accruals

286,735

318,474

771,448

992,309

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other creditors

2,293,132

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

352,552

291,692

Between one and five years

282,456

5,408

635,008

297,100

9.	SECURED DEBTS

During the year, a charge held by Sparebank 1 SR-Bank ASA was satisfied.

During the year, Glas Trust Corporation Limited was granted a fixed and floating charge with negative pledge

over all the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

3,080,694

Ordinary

£1

3,080,694

3,080,694

Ordinary shares carry full and equal rights to participate in voting in all circumstances, in dividends and in

capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Phipps (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members

those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and

the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

12.	POST BALANCE SHEET EVENTS

After the year end but before the date of the audit report, Covid-19 or the Coronavirus was declared as a

pandemic by the World Health Organisation (WHO). Puzzel Ltd have assessed the impact of this and are

satisfied that there has been no significant impact on the business.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

14.	DEFERRED TAX

A deferred tax asset has been recognised in respect of unrelieved tax losses, amounting to £63,069 (2018:

£97,920). The recognition of the asset is appropriate because the entity is expanding their operations and has

re-entered a growth phase. A period of 12 months has been assessed, being the period that can be reliably

estimated, and a profit is expected.

In addition the company has further unutilised losses of £2,470,968 on which a deferred tax asset of £469,484

could be recognised, but due to uncertainty as to the timing of the recovery it has not been included in these

financial statements.

15.	IMMEDIATE PARENT

The smallest group that Puzzel Limited's financial statements are consolidated within is Puzzel AS, a company

whose registered office is: Fredrik Selmers vei, 30663, Oslo, Norway.