REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 1 March 2023 to 31 December 2023 |
for |
Hark Systems Ltd. |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 1 March 2023 to 31 December 2023 |
for |
Hark Systems Ltd. |
Hark Systems Ltd. (Registered number: 10005971) |
Contents of the Financial Statements |
for the Period 1 March 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Hark Systems Ltd. |
Company Information |
for the Period 1 March 2023 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
Hark Systems Ltd. (Registered number: 10005971) |
Report of the Directors |
for the Period 1 March 2023 to 31 December 2023 |
The directors present their report with the financial statements of the company for the period 1 March 2023 to 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of creating software and technology to monitor and analyse sensor data. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Hark Systems Ltd. (Registered number: 10005971) |
Report of the Directors |
for the Period 1 March 2023 to 31 December 2023 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Hark Systems Ltd. (Registered number: 10005971) |
Balance Sheet |
31 December 2023 |
31.12.23 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hark Systems Ltd. (Registered number: 10005971) |
Notes to the Financial Statements |
for the Period 1 March 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Hark Systems Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in GBP which is the currency of the primary economic environment in which the Company operates and are rounded to the nearest pound. |
The preparation of the financial statements are in compliance with FRS 102 requires the use of certain critical accounting accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the value of the consideration received on the provision of the goods and services to the customers excluding Value Added Tax. Revenue is recognised upon completion of the order and the company has received the rights to the consideration. |
Contracts that are yet to be completed at the year end date are assessed as to the stage of completion they have reached and an appropriate amount of revenue and cost are recognised thereon. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
Work in progress |
Work in progress is valued at the lower of cost or net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location. |
Financial instruments |
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Hark Systems Ltd. (Registered number: 10005971) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Hark Systems Ltd. (Registered number: 10005971) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 28 February 2023 |
5. | DEBTORS |
31.12.23 | 28.2.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Hark Systems Ltd. (Registered number: 10005971) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 28.2.23 |
£ | £ |
Bank loans |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 28.2.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | SECURED DEBTS |
HSBC UK Bank PLC hold a fixed and floating charge over cash deposits. |
During the period, two fixed and floating charge over property held by HSBC were fully satisfied. |
10. | FINANCIAL INSTRUMENTS |
Basic financial instruments are recognised at amortised cost. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 28.2.23 |
value: | £ | £ |
Ordinary | £0.0001 | 15 | 13 |
Ordinary | £1 | - | - |
15 | 13 |
The following fully paid shares were allotted during the period at a premium as shown below: |
27,000 Ordinary shares of £0.0001 each at £2 per share |
1 Ordinary share of £1 at £2,894,123 |
SolarEdge Technologies Inc. purchased the company on the 23rd May 2023 and now owns 100% of the share capital in Hark Systems Limited. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Hark Systems Ltd. (Registered number: 10005971) |
Notes to the Financial Statements - continued |
for the Period 1 March 2023 to 31 December 2023 |
13. | ULTIMATE CONTROLLING PARTY |
The sale of the business was completed on the 26th May 2023 when SolarEdge Technology Inc. purchased the shares of the company from the original shareholders. |
The immediate parent undertaking is SolarEdge Technologies Inc. a company incorporated in the United States of America. |
This is the smallest & largest group into which the Company's financial statements are consolidated. Copies of these consolidated group financial statements may be obtained from the following address: SolarEdge Technologies Inc., 47505, Seabridge Drive, Fremont, CA, 94538, United States of America. |
14. | SHARE-BASED PAYMENT TRANSACTIONS |
The Company's ultimate parent company granted an Restricted Stock Unit (RSU) to 10 Employees in 2023. The RSUs are exercisable at a price of £82.48 per share at staged intervals between the year end date and 2024. |
The weighted average granted at fair value of share awards granted during 2023 was £0. The total fair value of shares exercised during 2023 was £0 |