!OBAC UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07687209 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

!OBAC UK Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J R Lawson-Brown

I Spreadborough

P Woolvine

REGISTERED OFFICE:

Unit 9, Berry Court Farm

Bramley Road

Little London

Tadley

Hampshire

RG26 5AT

REGISTERED NUMBER:

07687209 (England and Wales)

ACCOUNTANTS:

Butt Miller

Chartered Accountants

92 Park Street

Camberley

Surrey

GU15 3NY

FIXED ASSETS

Tangible assets

4

-

54

CURRENT ASSETS

Stocks

5

4,284

-

Debtors

6

35,777

8,141

Cash at bank

53,482

338,747

93,543

346,888

CREDITORS

Amounts falling due within one year

7

(4,771,107

)

(4,858,109

)

NET CURRENT LIABILITIES

(4,677,564

)

(4,511,221

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,677,564

)

(4,511,167

)

CREDITORS

Amounts falling due after more than one year

8

(12,966

)

(15,496

)

NET LIABILITIES

(4,690,530

)

(4,526,663

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(4,690,630

)

(4,526,763

)

(4,690,530

)

(4,526,663

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 26 September 2022 and were signed on its behalf by:

P Woolvine - Director

1.	STATUTORY INFORMATION

!OBAC UK Limited 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Government grants

Grants comprise amounts paid by the Government in accordance with a Business Interruption Loan agreement and are recognised in the Income Statement once the relevant performance conditions have been met.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current 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 tax 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 statement of financial position date.

Deferred tax

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

Operating leases

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

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 the Income Statement in the period to which they relate.

Going concern

As at 31 December 2021 the company had net liabilities. The Covid-19 pandemic resulted in the country going into periods of 'lockdown' which affected the company and the UK economy as a whole. The directors are nevertheless of the opinion that the going concern basis of accounting remains appropriate, and that the company will continue to operate effectively for the foreseeable future, owing in part to the continued financial support of the existing shareholders. The directors are also confident of bringing the company's product effectively to market in the near future to generate positive working capital, and have secured substantial investment to fund the commercialisation of !OBAC's technologies.

Foreign currencies

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 are included in the Income Statement for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2021

7,772

Disposals

(1,359

)

At 31 December 2021

6,413

DEPRECIATION

At 1 January 2021

7,718

Charge for year

54

Eliminated on disposal

(1,359

)

At 31 December 2021

6,413

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

54

5.

STOCKS

2021

2020

£

£

Stocks

4,284

-

6.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

5,782

2,673

Other debtors

26,495

797

VAT

-

1,171

32,277

4,641

2021

2020

£

£

Amounts falling due after more than one year:

Other debtors

3,500

3,500

Aggregate amounts

35,777

8,141

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

3,795

3,479

Trade creditors

28,225

33,201

Amounts owed to group undertakings

4,698,745

4,763,493

Social security and other taxes

7,653

5,348

VAT

1,274

-

Other creditors

28,210

46,960

Accruals

3,205

5,628

4,771,107

4,858,109

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

3,795

3,795

Bank loans - 2-5 years

9,171

11,385

Bank loans more than 5 years

-

316

12,966

15,496

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

316

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

14,000

14,000

Between one and five years

44,333

58,333

58,333

72,333

10.	SECURED DEBTS

There was a debenture in place in favour of the company's bank comprising fixed and floating charges over all the assets and undertakings of the company. This charge was satisfied on 30 March 2022.

11.	PARENT COMPANY

The parent company of the smallest group of which !OBAC UK Limited is a member which prepares consolidated accounts is !OBAC Limited, a company registered at 1st and 2nd Floors, Elizabeth House, Les Rueties Brayes, St Peter Port, Guernsey, GY1 1EW.