OGPlanet Limited - Period Ending 2013-12-31

Registration number: 06736620

OGPlanet Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Bambridge Accountants
1 Mercer Street
London
WC2H 9QJ

OGPlanet Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
OGPlanet Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OGPlanet Limited for the year ended 31 December 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of OGPlanet Limited, as a body, in accordance with the terms of our engagement letterdated 5 August 2011. Our work has been undertaken solely to prepare for your approval the accounts of OGPlanet Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OGPlanet Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that OGPlanet Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of OGPlanet Limited. You consider that OGPlanet Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of OGPlanet Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bambridge Accountants
1 Mercer Street
London
WC2H 9QJ

25 July 2014

Page 1

OGPlanet Limited
(Registration number: 06736620)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					16,277			51,270
Current assets
Cash at bank and in hand					1,051			8,705
Creditors: Amounts falling due within one year					(407,791)			(406,293)
Net current liabilities					(406,740)			(397,588)
Net liabilities					(390,463)			(346,318)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(390,464)			(346,319)
Shareholders' deficit					(390,463)			(346,318)

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 25 July 2014

.........................................
Mr Sangchul Park
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

OGPlanet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. Gamefactory Inc, the company's parent company, has agreed to provide the company with continuing support to meet its liabilities as they fall due to the extent that the company does not have suffient funds to meet the liabilities out of its own resources.

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives

Asset class	Depreciation method and rate
Computer equipment	20% straight line
Office equipment	15% straight line

Foreign currency

Transactions in 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 differences are taken to the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

OGPlanet Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		174,964			174,964
At 31 December 2013		174,964			174,964
Depreciation
At 1 January 2013		123,694			123,694
Charge for the year		34,993			34,993
At 31 December 2013		158,687			158,687
Net book value
At 31 December 2013		16,277			16,277
At 31 December 2012		51,270			51,270

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

4

Control

The company is controlled by Gamefactory Inc a company registered in the USA.

Page 4