Registration number:
Outlier Ventures Operations Ltd
for the Year Ended 31 March 2023
Outlier Ventures Operations Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Outlier Ventures Operations Ltd
(Registration number: 10722638)
Balance Sheet as at 31 March 2023
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2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Outlier Ventures Operations Ltd
(Registration number: 10722638)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
9-13 Cursitor Street
London
EC4A 1LL
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis.
Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for consultancy services, provision of services in the ordinary course of the company’s activities and supporting startups via accelerator programmes. Turnover is shown net of value added tax, returns, rebates and discounts.
The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.
Government grants
Government grants are recognized using the accruals model. Where the costs have already been incurred then the grant is credited to the profit and loss account.
Finance costs
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
10% - 33.3% straight line |
Intangible assets
Intangible assets relate to intangible assets at cost and revalued intangibles.
Intangible assets at cost relate to cryptocurrency option and investment agreements which are measured at cost less accumulated impairment.
Patents and trademenrks
Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised on a straight line basis over the expected useful life of 10 years and recognised in administrative expenses.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Trademarks, patents and licenses |
Intangibles at cost |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
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( |
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At 31 March 2023 |
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Amortisation |
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Charge for the year |
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- |
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At 31 March 2023 |
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- |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
- |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Other investments |
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183,268 |
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Subsidiaries |
£ |
Cost |
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At 1 April 2022 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Laarderhoogtweg 25, 1101EB Amsterdam |
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Subsidiary undertakings
Outlier Ventures Netherlands B. V.
Outlier Ventures Netherlands B.V. is dormant.
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Outlier Ventures Operations Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Due within one year |
2023 |
2022 |
Bank overdraft |
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- |
Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Deferred income |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with the ultimate parent entity or any wholly owned subsidiary undertaking of the group.