Wooshii Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2021
Company Registration No. 06862860 (England and Wales)
Wooshii Limited
Company Information
Directors
M Carton
F Dyer-Smith
I Jacob
D Newton
P Valia
J Simm
(Appointed 1 May 2020)
A Robertson
(Appointed 28 September 2020)
Company number
06862860
Registered office
Fifth Floor
55 King Street
Manchester
England
M2 4LQ
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Wooshii Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
Wooshii Limited
Balance Sheet
As at 31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
98,942
4,672
Tangible assets
4
6,878
3,275
Investments
5
2,306
2,306
108,126
10,253
Current assets
Debtors
6
1,195,975
1,041,829
Cash at bank and in hand
450,079
1,401,914
1,646,054
2,443,743
Creditors: amounts falling due within one year
7
(1,178,503)
(1,017,370)
Net current assets
467,551
1,426,373
Total assets less current liabilities
575,677
1,436,626
Creditors: amounts falling due after more than one year
8
(3,528,552)
(3,265,760)
Net liabilities
(2,952,875)
(1,829,134)
Capital and reserves
Called up share capital
9
46,104
46,104
Share premium account
1,504,787
1,504,787
Capital redemption reserve
2,704
2,704
Other reserves
7,238
7,238
Profit and loss reserves
(4,513,708)
(3,389,967)
Total equity
(2,952,875)
(1,829,134)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
Wooshii Limited
Balance Sheet (Continued)
As at 31 March 2021
Page 2
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2021 and are signed on its behalf by:
F Dyer-Smith
Director
Company Registration No. 06862860
Wooshii Limited
Statement of Changes in Equity
For the year ended 31 March 2021
Page 3
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2019
35,026
1,504,787
2,704
7,238
(1,687,709)
(137,954)
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
-
-
-
(1,702,258)
(1,702,258)
Issue of share capital
9
11,078
-
-
-
11,078
Balance at 31 March 2020
46,104
1,504,787
2,704
7,238
(3,389,967)
(1,829,134)
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
-
-
(1,123,741)
(1,123,741)
Balance at 31 March 2021
46,104
1,504,787
2,704
7,238
(4,513,708)
(2,952,875)
Wooshii Limited
Notes to the Financial Statements
For the year ended 31 March 2021
Page 4
1
Accounting policies
Company information
Wooshii Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Fifth Floor, 55 King Street, Manchester, England, M2 4LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have considered the impact that Covid-19 will have on the business and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company's investors have provided further funding in June 2022 to support the growth opportunity of the Video Production operations and investment in Software development. The directors complete profit & loss and cash flow forecasts and believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the financial statements.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents, trademarks and licenses
33% straight line
Development costs
33% straight line
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 5
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 6
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only has basic financial instruments measured at amortised cost with no financial instruments classified as other or basic instruments measured at fair value.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 7
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 27 (2020 - 23
).
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 8
3
Intangible fixed assets
Intangibles
£
Cost
At 1 April 2020
31,654
Additions
103,420
Disposals
(14,585)
At 31 March 2021
120,489
Amortisation and impairment
At 1 April 2020
26,982
Amortisation charged for the year
9,150
Disposals
(14,585)
At 31 March 2021
21,547
Carrying amount
At 31 March 2021
98,942
At 31 March 2020
4,672
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
12,202
Additions
5,946
At 31 March 2021
18,148
Depreciation and impairment
At 1 April 2020
8,927
Depreciation charged in the year
2,343
At 31 March 2021
11,270
Carrying amount
At 31 March 2021
6,878
At 31 March 2020
3,275
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 9
5
Fixed asset investments
2021
2020
£
£
Investments
2,306
2,306
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
2,306
Carrying amount
At 31 March 2021
2,306
At 31 March 2020
2,306
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
419,894
688,228
Corporation tax recoverable
113,003
172,526
Amounts due from group undertakings
529,018
83,608
Other debtors
134,060
97,467
1,195,975
1,041,829
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
3,923
Trade creditors
217,370
239,964
Other taxation and social security
120,849
53,749
Other creditors
836,361
723,657
1,178,503
1,017,370
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 10
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
46,077
Other creditors
3,482,475
3,265,760
3,528,552
3,265,760
On 17 May 2019 the company issued 3,240,000 5% Redeemable Preference Shares of £1 per share. The shares will mature after 3 years from the date of issue.
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
3,292,852 Ordinary shares of 1p each
32,929
32,929
209,739 Ordinary A shares of 1p each
2,097
2,097
1,107,765 Ordinary B shares of 1p each
11,078
11,078
46,104
46,104
On 17 May 2019 the company issued 1,107,765 Ordinary Shares of £0.01 each, for a total of £360,000.
Return of assets
On a return of assets, the Preference Shares have preference for the distribution of assets for the original subscription price paid and the unpaid and accrued preference up to the date of return of capital. This is followed by the distribution of assets to the Ordinary, 'A' Ordinary & 'B' Ordinary (ranking pari passu) to cover their initial return. Any surplus assets still available for distribution are applied as follows:
Amounts will be paid, in proportion to number of shares held, up to a level where the 'B' Ordinary and Preference Shares have received in aggregate three time the total amounts invested.
Amounts will be paid to the holders of the equity shares, as if such holders of equity shares were treated as one class, and where the holders of the 'B' Ordinary Shares shall receive 75% of their respective pro rata shareholding.
Voting
The Ordinary, 'A' Ordinary and 'B' Ordinary Shares all rank pari passu in terms of voting rights. The Preference Shares have no voting rights.
Wooshii Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 11
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
27,223
180,621
11
Related party transactions
Wooshii Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102 - Section 33 "Related Party Disclosures" paragraph 33.7.
During the year the company made sales of £26,000 (2020: £9,684) to related parties by virtue of common directorship. At the year end the company was owed £16,000 (2020: £5,184) from these companies.
During the year the company incurred costs of £26,750 (2020: £30,621) from related parties by virtue of their common directorship. There were no outstanding amounts due to these companies at the year end.
12
Parent company
There is no ultimate controlling party.
2021-03-31
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false
22 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
M Carton
F Dyer-Smith
I Jacob
D Newton
P Valia
J Simm
A Robertson
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