Streamvibe Global Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 10247829 (England and Wales)
Streamvibe Global Ltd
Company Information
Director
D Peretz
(Appointed 1 May 2020)
Company number
10247829
Registered office
4th Floor Silverstream House
45 Fitzroy Street
Fitzrovia
London
United Kingdom
W1T 6EB
Accountants
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Streamvibe Global Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Streamvibe Global Ltd
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
2
65,325
Current assets
Debtors
3
34
17
Creditors: amounts falling due within one year
4
(223,243)
(212,047)
Net current liabilities
(223,209)
(212,030)
Total assets less current liabilities
(157,884)
(212,030)
Capital and reserves
Called up share capital
5
1,735,708
1,735,708
Profit and loss reserves
(1,893,592)
(1,947,738)
Total equity
(157,884)
(212,030)
The director 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 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his 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
.
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 31 January 2022 and are signed on its behalf by:
D Peretz
Director
Company Registration No. 10247829
Streamvibe Global Ltd
Notes to the Financial Statements
For the year ended 31 December 2020
Page 2
1
Accounting policies
Company information
Streamvibe Global Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4th Floor Silverstream House, 45 Fitzroy Street, Fitzrovia, London, United Kingdom, W1T 6EB.
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
The director has elected to prepare the financial statements on the going concern basis as it is the director’s expectation that the Company will continue to trade for a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
true
At 31 December 20
20
the company reported net current liabilities of £
223,209 (2019 : £212,030)
and net liabilities of £
157,884 (2019 : £212,030)
. The ability of the company to continue as a going concern is dependent upon the continued support of its ultimate controlling party. The ultimate controlling party has agreed to provide the necessary financial assistance in order for the company to meet its financial commitments as and when they fall due over the next 12 months from the date of signing the financial statements.
I
n March 2020 the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a global health pandemic, which has spread throughout the world Global markets and economies have experienced a significant amount of volatility as a result of the pandemic. While the disruption is currently expected to be temporary, there is uncertainty around the duration or the long term impact. However, notwithstanding these challenges, the director does not believe it will have a material impact on the business’s ability to continue as a going concern.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
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.
Streamvibe Global Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 3
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
.
1.5
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.
1.6
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial
instruments or basic financial instruments measured at fair value.
1.7
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.
1.8
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.
Streamvibe Global Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
1.9
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
Fixed asset investments
2020
2019
£
£
Investments
65,325
-
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020 & 31 December 2020
65,325
Impairment
At 1 January 2020
65,325
Impairment losses
(65,325)
At 31 December 2020
-
Carrying amount
At 31 December 2020
65,325
At 31 December 2019
-
The impairment of the investment in group undertakings were reversed during the year in preparation for a group reorganisation.
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
34
17
Streamvibe Global Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 5
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
180,223
204,727
Amounts due to group undertakings
43,020
7,320
223,243
212,047
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,735,708 of £1 each
1,735,708
1,735,708
1,735,708
1,735,708
6
Related party transactions
Where possible the Company has taken advantage of the exemption
,
conferred by Section 33.1A of
Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose
transaction with wholly-owned group undertakings.