myWorld.com Global Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12036379 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

myWorld.com Global Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Sedovnik

REGISTERED OFFICE:

C/O Price and Accountants Ltd

3 Waterhouse Square

138-142 Holborn

London

EC1N 2SW

REGISTERED NUMBER:

12036379 (England and Wales)

ACCOUNTANTS:

Price & Accountants Ltd

WeWork

3 Waterhouse Square

138 - 142 Holborn

London

EC1N 2SW

FIXED ASSETS

Tangible assets

4

1,551

3,103

Investments

5

135,838

135,838

137,389

138,941

CURRENT ASSETS

Debtors

6

45,009

16,115

Cash at bank and in hand

208

11,561

45,217

27,676

CREDITORS

Amounts falling due within one year

7

18,940,219

35,137,087

NET CURRENT LIABILITIES

(18,895,002

)

(35,109,411

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(18,757,613

)

(34,970,470

)

CREDITORS

Amounts falling due after more than one year

8

17,603,075

-

NET LIABILITIES

(36,360,688

)

(34,970,470

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(36,360,788

)

(34,970,570

)

(36,360,688

)

(34,970,470

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 25 September 2023 and were signed by:

M Sedovnik - Director

1.

GENERAL

INFORMATION

myWorld.com Global Limited (the company) is a limited liability company incorporated and domiciled in the United Kingdom. The address of the registered office is shown on the company information page.

The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for a period of one year ended 31 December 2022 (2021: year ended 31 December 2021).

2.	ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements

The financial statements have been prepared on the cessation basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2 Going concern

The company and wider group were significantly affected by the impact of the worldwide coronavirus

pandemic and accordingly the director's of the wider group are reviewing the optimum global structure for the group, which is likely to result in a review of the ongoing activities of entities within the United Kingdom. As a result, the director does not consider the company to be a going concern and has prepared the financial statements on a basis other than going concern. The director has assessed the impact on preparing the financial statements on a basis other than going concern, and has, where appropriate, written down the company’s assets.

2.3 Foreign currency translation

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange

rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument

2.5 Taxation

Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates andgenerates income.

2.6 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred

2.7 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment - 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are detrmined by comparing the proceeds with the carrying amount

and are recognised in profit or loss.

2.8 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.9 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares

Turnover

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

4,655

DEPRECIATION

At 1 January 2022

1,552

Charge for year

1,552

At 31 December 2022

3,104

NET BOOK VALUE

At 31 December 2022

1,551

At 31 December 2021

3,103

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

135,838

NET BOOK VALUE

At 31 December 2022

135,838

At 31 December 2021

135,838

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed by group undertakings

44,769

16,115

Other debtors

240

-

45,009

16,115

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

720

-

Amounts owed to group undertakings

18,888,405

35,107,553

Other creditors

51,094

29,534

18,940,219

35,137,087

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed to group undertakings

17,603,075

-

9.	CONTROLLING PARTY

The Company was under control of myWorld Holdings Limited, which is a Company incorporated and domiciled in England and Wales. A copy of these accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. The ultimate controlling party is H Freidl by virtue of his majority ownership in myWorld Holdings Limited