World Mobile Group Ltd Filleted accounts for Companies House (small and micro)

WORLD MOBILE GROUP LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 13191263

WORLD MOBILE GROUP LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

29 July 2022

WORLD MOBILE GROUP LTD

STATEMENT OF FINANCIAL POSITION

29 July 2022

	29 Jul 22		31 Jul 21
Note	£	£	£

FIXED ASSETS

Tangible assets	6	43,300	–
Investments	7	58,452	–
		---------	----
		101,752	–

CURRENT ASSETS

Debtors	8	9,336,249	616,800
Investments	9	19,375,952	–
Cash at bank and in hand		152,581	75,318
		-------------	---------
		28,864,782	692,118

CREDITORS: amounts falling due within one year	10	( 8,152,701)		( 834,993)
		-------------		---------
NET CURRENT ASSETS/(LIABILITIES)			20,712,081	( 142,875)
			-------------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			20,813,833	( 142,875)
			-------------	---------
NET ASSETS/(LIABILITIES)			20,813,833	( 142,875)
			-------------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	20,813,733	( 142,975)
	-------------	---------
SHAREHOLDERS FUNDS/(DEFICIT)	20,813,833	( 142,875)
	-------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 29 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

WORLD MOBILE GROUP LTD

STATEMENT OF FINANCIAL POSITION (continued)

29 July 2022

These financial statements were approved by the board of directors and authorised for issue on 13 September 2023 , and are signed on behalf of the board by:

C Barnett

Director

Company registration number: 13191263

WORLD MOBILE GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 1 AUGUST 2021 TO 29 JULY 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Holywell Row, London, EC2A 4JB, United Kingdom.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	Variable, depending on type of asset
Equipment	-	25% straight line

Investments

Current asset investments are valued at market value.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period amounted to 10 (2021: Nil).

5. TAX ON PROFIT/(LOSS)

Major components of tax expense

	Period from
	1 Aug 21 to	Year to
	29 Jul 22	31 Jul 21
	£	£

Current tax:

UK current tax expense	4,465,962	–
	------------	----
Tax on profit/(loss)	4,465,962	–
	------------	----

6. TANGIBLE ASSETS

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 August 2021	–	–	–
Additions	11,750	44,174	55,924
	--------	--------	--------
At 29 July 2022	11,750	44,174	55,924
	--------	--------	--------
Depreciation
At 1 August 2021	–	–	–
Charge for the period	1,581	11,043	12,624
	--------	--------	--------
At 29 July 2022	1,581	11,043	12,624
	--------	--------	--------
Carrying amount
At 29 July 2022	10,169	33,131	43,300
	--------	--------	--------
At 31 July 2021	–	–	–
	--------	--------	--------

7. INVESTMENTS

	Other investments other than loans
	£
Cost
At 1 August 2021	–
Additions	58,452
	--------
At 29 July 2022	58,452
	--------
Impairment
At 1 August 2021 and 29 July 2022	–
	--------

Carrying amount
At 29 July 2022	58,452
	--------
At 31 July 2021	–
	--------

8. DEBTORS

	29 Jul 22	31 Jul 21
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6,945,841	31,158
Other debtors	2,390,408	585,642
	------------	---------
	9,336,249	616,800
	------------	---------

9. INVESTMENTS

	29 Jul 22	31 Jul 21
	£	£
Other investments	19,375,952	–
	-------------	----

Current asset investments totalling £19,375,952 comprise cryptocurrency

10. CREDITORS: amounts falling due within one year

	29 Jul 22	31 Jul 21
	£	£
Trade creditors	1,735,317	189,512
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,375,702	642,956
Corporation tax	4,465,962	–
Social security and other taxes	193,140	–
Other creditors	382,580	2,525
	------------	---------
	8,152,701	834,993
	------------	---------