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Registration number: 13707542

Carmenta Technologies Ltd

Annual Report and Financial Statements

for the Period from 27 October 2021
to 31 December 2022

 

Carmenta Technologies Ltd

Contents

Company Information

1

Statement of Financial Position

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Carmenta Technologies Ltd

Company Information

Director

K G T Lonnqvist

Registered office

9 Greyfriars Road
Reading
Berkshire
RG1 1NU

Independent Auditor

Harmer Slater Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Carmenta Technologies Ltd

(Registration number: 13707542)
Statement of Financial Position as at 31 December 2022

Note

2022
£

Current assets

 

Receivables

5

52,602

Cash at bank and in hand

 

55,058

 

107,660

Payables: Amounts falling due within one year

7

(99,615)

Net assets

 

8,045

Equity

 

Called up share capital

8

1

Retained earnings

8,044

Shareholders' funds

 

8,045

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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

The financial statements of Carmenta Technologies Ltd were approved and authorised for issue by the director on 20 November 2023
 

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

K G T Lonnqvist
Director

 

Carmenta Technologies Ltd

Statement of Changes in Equity
for the Period from 27 October 2021 to 31 December 2022

Share capital
£

Retained earnings
£

Total
£

Profit for the period

-

8,044

8,044

New share capital subscribed

1

-

1

At 31 December 2022

1

8,044

8,045

 

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Period from 27 October 2021 to 31 December 2022

1

General information

Carmenta Technologies Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The director has considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and has also reviewed the ongoing financial support from the company's parent undertaking and is confident this will be available for the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statement. Accordingly, the director continues to adopt the going concern basis in preparing the company's financial statements.

Carmenta Technologies Limited is reliant on the support of Carmenta Geospatial Technologies AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

 

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Period from 27 October 2021 to 31 December 2022 (continued)

2

Accounting policies (continued)

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Carmenta Geospatial Technologies AB, which may be obtained from Box 11354, Gothenburg, 404 28, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents the value of consideration receivable for the provision of research and development services to its parent undertaking, net of value added tax. Revenue from the provision of services is recognised when the services have been provided. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Grants

Grants of a revenue nature are credited to the statement of income and retained earnings so as to match them with the expenditure to which they relate and are included in other operating income.

Research and development costs

The company expenses all research costs as incurred. Expenditure on development activities, whereby research findings are applied to a plan or design for the production of new substantially improved processes, is capitalised as an intangible asset if the process is technically and commercially feasible and the company has sufficient resources and the intention to complete development. All other development expenditures and expenditures on research activities are recognised in the Income Statement.

Tax

The tax expense for the period comprises current 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

 

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Period from 27 October 2021 to 31 December 2022 (continued)

2

Accounting policies (continued)

Receivables

Receivables 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 receivables 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.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 5.

 

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Period from 27 October 2021 to 31 December 2022 (continued)

4

Taxation

Tax charged/(credited) in the income statement

2022
£

Current taxation

UK corporation tax

1,887

5

Receivables

2022
£

Grant receivables

38,251

Other receivables

2,019

Prepayments

12,332

52,602

6

Cash and cash equivalents

2022
£

Cash at bank

55,058

7

Payables

2022
£

Due within one year

Trade payable

1,032

Amounts due to parent undertaking

79,955

Corporation tax

1,887

Outstanding defined contribution pension costs

13,241

Accruals

3,500

99,615

The amount owed to parent undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

 

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Period from 27 October 2021 to 31 December 2022 (continued)

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2022

 

No.

£

Ordinary shares of £1

1

1

     

New shares allotted

During the period 1 Ordinary shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £1.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

9

Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £7,436.

Contributions totalling £13,241 were payable to the scheme at the end of the period and are included in payables.

10

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

 

Carmenta Technologies Ltd

Notes to the Financial Statements
for the Period from 27 October 2021 to 31 December 2022 (continued)

11

Parent and ultimate parent undertaking

The company's immediate parent is Carmenta Geospatial Technologies AB, incorporated in Sweden.

 The most senior parent entity producing publicly available financial statements is Carmenta Geospatial Technologies AB. These financial statements are available upon request from Box 11354, Gothenburg, 404 28, Sweden.

 

12

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 November 2023 was Ransford Agyei-Boamah, who signed for and on behalf of Harmer Slater Limited.