Ostique Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10614600 (England and Wales)

Unaudited Financial Statements

for the Period 1 March 2021 to 31 August 2021

for

Ostique Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S Monty

D Grabiner

J P Pisani

T Schneider

REGISTERED OFFICE:

15 Hill Rise

London

NW11 6LY

REGISTERED NUMBER:

10614600 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Intangible assets

4

285,036

211,852

Tangible assets

5

1,101

1,337

286,137

213,189

CURRENT ASSETS

Debtors

6

9,320

20,929

Cash at bank

330,270

485,767

339,590

506,696

CREDITORS

Amounts falling due within one year

7

(7,087

)

(8,683

)

NET CURRENT ASSETS

332,503

498,013

TOTAL ASSETS LESS CURRENT LIABILITIES

618,640

711,202

CAPITAL AND RESERVES

Called up share capital

212

212

Share premium

930,276

930,276

Retained earnings

(311,848

)

(219,286

)

618,640

711,202

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2022 and were signed on its behalf by:

S Monty - Director

1.	STATUTORY INFORMATION

Ostique 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents are amortised from the date that they are granted and brought into use, over their estimated useful life of five years.

The development costs are amortised evenly over their estimated useful life of five years from the date the assets are first brought into use.

Tangible fixed assets

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

Computer equipment

-

3 years

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial asset and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttabale ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Debtors

Basic financial assets, including trade and other debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortised cost.

Creditors

Basic financial liabilities, including trade and other creditors, are recognised at transaction price.

Taxation

Taxation for the period 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 statement of financial position date.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Share based payments

Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 9.

The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest unless the exercise period commences immediately following the grant date, in which case the entire fair value of the equity-settled share-based payment is expensed to the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 March 2021

46,337

174,511

220,848

Additions

8,857

67,060

75,917

At 31 August 2021

55,194

241,571

296,765

AMORTISATION

At 1 March 2021

8,996

-

8,996

Amortisation for period

2,733

-

2,733

At 31 August 2021

11,729

-

11,729

NET BOOK VALUE

At 31 August 2021

43,465

241,571

285,036

At 28 February 2021

37,341

174,511

211,852

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 March 2021

and 31 August 2021

1,416

DEPRECIATION

At 1 March 2021

79

Charge for period

236

At 31 August 2021

315

NET BOOK VALUE

At 31 August 2021

1,101

At 28 February 2021

1,337

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Other debtors

-

17,040

Value added tax

8,543

3,889

Prepayments and accrued income

777

-

9,320

20,929

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade creditors

2,519

628

Other creditors

-

487

Directors' current accounts

4,568

7,568

7,087

8,683

8.	SHARE-BASED PAYMENT TRANSACTIONS

The Company has a share option scheme for qualifying employees. Options are exercisable at a price determined by the Board and at a minimum of the price agreed with HMRC prior to the date of grant. The options vest on the date of grant. Options are forfeited if the employee leaves the Company's employment before the options have fully vested, although a period is provided in which they may be exercised following such end of employment to the extent that options have actually vested.

Details of the share options and warrants outstanding during the Period ended 31 August 2021 and the period ended 29 February 2021 are as follows:

2021

2021

Feb-21

Feb -21

Number of ordinary shares under option

Exercise price

Number of ordinary shares under option

Exercise price

£

£

Outstanding at beginningof period

-

-

-

-

Issued in year

-

-

1,181

0.01

Exercised in year

-

-

(1,181

)

0.01

Forfeited in year

-

-

-

-

Expired in year

-

-

-

-

Outstanding at end of the year

-

-

-

-