Wooshii Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06862860 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Wooshii Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

F Dyer-Smith

M A Carton

P Singh Valia

C Serter

REGISTERED OFFICE:

Universal Workspace

Universal House

25-33 Southwark Street

London

SE1 1RQ

REGISTERED NUMBER:

06862860 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

10-14 Accommodation Road

Golders Green

London

NW11 8ED

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

1,980

3,176

Investments

4

5

1,985

3,181

CURRENT ASSETS

Debtors

244,015

139,630

Cash at bank

86,902

184,369

330,917

323,999

CREDITORS

Amounts falling due within one year

334,184

162,324

NET CURRENT (LIABILITIES)/ASSETS

(3,267

)

161,675

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,282

)

164,856

CAPITAL AND RESERVES

Called up share capital

5

31,654

27,965

Share premium

945,988

667,577

Capital redemption reserve

2,704

Profit and loss account

(981,628

)

(533,390

)

SHAREHOLDERS' FUNDS

(1,282

)

164,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 May 2016 and were signed on its behalf by:

F Dyer-Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the value, net of value added tax and discounts, of work carried out in respect of services

provided to customers. In respect of the revenue, income is recognised at the point a project is accepted.

Depreciation

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

Plant and machinery

-

25% on cost

Computer equipment

-

33% on cost

Deferred tax

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

sheet date except that ;-

- The recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient

taxable profits in the future to absorb the reversal of the underlying timing difference.

Deferred tax balances are not discounted.

Research and development

Research and development is written off in the year in which it is incurred.

Foreign currencies

Transactions in the foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary

assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance

sheet date. All difference are taken to the profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Going concern

The directors are satisfied that, following a review of current trade levels, together with plans for additional

investment in the business, the company should be able to meet its liabilities for a period of at least twelve

months, from the approval date of the accounts. As such, the directors are of the opinion that the accounts should

be prepared on the going concern basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

20,815

AMORTISATION

At 1 April 2015

and 31 March 2016

20,815

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

5,454

DEPRECIATION

At 1 April 2015

2,278

Charge for year

1,196

At 31 March 2016

3,474

NET BOOK VALUE

At 31 March 2016

1,980

At 31 March 2015

3,176

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

and 31 March 2016

5

NET BOOK VALUE

At 31 March 2016

5

At 31 March 2015

5

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Wooshii Limited

Country of incorporation: Canada

Nature of business: Crowd sourcing for video production

%

Class of shares:

holding

Ordinary

100.00

2016

2015

£

Aggregate capital and reserves

(91,551

)

(91,551

)

Loss for the year

-

(668

)

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2,955,624

Ordinary

£0.01

29,557

27,965

209,739

A Ordinary

£0.01

2,097

-

31,654

27,965

209,739 A Ordinary shares of £0.01 each were allotted and fully paid for cash at par during the year.

159,092 Ordinary shares of £0.01 each were allotted as fully paid at a premium of £1.75 per share during the

year.