ORCAM UK LTD
Director: A. Shashua
Z. Aviram
Registered Office: 37 Broadhurst Gardens
London
NW6 3QT
Registered Number: 09833788 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
37 Broadhurst Gardens
London NW6 3QT
Financial statements
For the year ended 31 December 2022
Statement of financial position 1
Notes to the financial statements 2-7
ORCAM UK LTD
Statement of financial position as at 31 December 2022
31.12.2022 31.12.2021
Notes £ £
Current assets
Cash at bank 1,008,599 870,974
Inventory 4 407,668 516,084
Debtors 5 583,632 330,047
1,999,899 1,717,105
Creditors: amounts falling due
within one year 6 (1,723,315) (1,506,623)
Net current assets 276,584 210,482
Total net assets £ 276,584 £ 210,482
Capital and reserve
£ £
Called up share capital 8 1 1
Called fund 20,070 7,322
Profit and loss account 256,513 203,159
Shareholder's funds £ 276,584 £ 210,482
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
__________________________
A. Shashua
Director 6 March 2024
Company number: 09833788
ORCAM UK LTD
Notes to the financial statements - 31 December 2022
COMPANY INFORMATION
1. Company Information
Orcam UK Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT.
The company is a wholly owned subsidiary of Orcam Technologies Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Orcam group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
ORCAM UK LTD
Notes to the financial statements - 31 December 2022
2. Accounting Policies (continued)
2.4 Turnover
Turnover represents net invoiced value of goods and services excluding VAT.
2.5 Revenue Recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the sale of goods is recognised when all the significant risks and rewards of ownership of the goods have passed to the buyer and the seller no longer retains continual managerial involvement. The delivery date is usually the date on which ownership passes.
2.6 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Pound Sterling at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into Pound Sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7 Inventory
Inventory is valued at the lower of cost and net resaleable value and after making due provision for slow moving and damaged items.
2.8 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.9 Creditors
Basic financial liabilities including trade and other payable, amounts owed to group companies are measured at transaction price.
2.10 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
ORCAM UK LTD
Notes to the financial statements - 31 December 2022
2. Accounting Policies (continued)
2.11 Employee benefits
The company provides a range of benefits to employees, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are
recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated a defined contribution plan for its employees. A defined contribution
plan is a pension plan under which the company pays fixed contributions into a separate entity.
Once the contributions have been paid the company has no further payment obligations. The
contributions are recognised as an expense when they are due. Amounts not paid are shown in
accruals in the balance sheet. The assets of the plan are held separately from the company in
independently administered funds.
(iii) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees.
The corresponding credit is recognised as a component of equity.
3. Employee information
The average number of staff employed by the company during the financial year was:
2022 2021
Number Number
5 4
4. Inventory
31.12.2022 31.12.2021
£ £
Goods for resale 407,668 516,084
ORCAM UK LTD
Notes to the financial statements - 31 December 2022
5. Debtors
31.12.2022 31.12.2021
£ £
Trade debtors 509,675 296,564
VAT 55,250 14,323
Other debtors 2,458 4,100
Prepayment 16,249 15,060
583,632 330,047
6. Creditors: amounts falling due
within one year 31.12.2022 31.12.2021
£ £
Trade creditors 231,193 359,363
Parent company 1,306,658 970,948
Group companies 102,098 106,817
Corporation tax 15,492 18,009
Employees 860 15,604
Accruals 67,014 35,882
1,723,315 1,506,623
7. Deferred Tax Asset
Deferred tax asset relating to share based payment is not disclosed until it is clear that the options will be exercised.
8. Called up share capital
31.12.2022 31.12.2021
£ £
Allotted, called up and fully
paid: 1 ordinary share of £1 each 1 1
ORCAM UK LTD
Notes to the financial statements - 31 December 2022
9. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr. Josef Cohen
The auditor was Levy Cohen & Co.
Date auditor signed accounts: 6 March 2024
Name of director signing accounts: A. Shashua
Date director signed accounts: 6 March 2024
10. USE OF OUR REPORT
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
11. Related Party Disclosures
Control:
The company is a wholly owned subsidiary of Orcam Technologies Ltd, a company registered in Israel, whose address is: Kiryat HaMada 3 Jerusalem, Israel. Jerusalem. Israel
Orcam Technologies Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transactions:
The company is exempt from disclosing transactions with related parties that are wholly
owned within the same group in accordance with FRS 102 Section 33(1)A.
12. Commitment
There were no annual commitment as at 31.12.2022 (2021 - Nil).
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