Company registration number 10915523 (England and Wales)
INVICARA UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
INVICARA UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INVICARA UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
$
$
$
$
Fixed assets
Tangible assets
4
16,601
12,748
Current assets
Debtors
5
345,137
102,695
Cash at bank and in hand
133,265
106,412
478,402
209,107
Creditors: amounts falling due within one year
6
(650,442)
(436,733)
Net current liabilities
(172,040)
(227,626)
Net liabilities
(155,439)
(214,878)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(156,439)
(215,878)
Total equity
(155,439)
(214,878)

The directors 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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 15 August 2024 and are signed on its behalf by:
A Mecheri
E R Blos
Director
Director
Company Registration No. 10915523
INVICARA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Invicara UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, 77/79 High Street, Egham, Surrey, United Kingdom, TW20 9HY.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The presentation currency of the financial statements is the US Dollar ($).

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Ttruehe company provides services to its sister company, Invicara Limited (Ireland) and as its largest customer is wholly reliant upon its contract with that business.

 

The directors have reviewed the Group’s forecasts and operating plans and taken into account the economic conditions and possible changes in trading performance. On the basis of this analysis, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The directors therefore consider it appropriate to continue to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks.

1.6
Taxation
INVICARA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

 

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

 

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.7
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.
1.8
Share-based payments
The company issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value at the date of grant and recognised as an employee expense with a corresponding increase to equity. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest.

Fair value is measured by use of the Black – Scholes model. This valuation method takes into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that vest and market conditions if applicable. Payments made to repurchase or cancel vested awards are accounted for with the fair value of the options cancelled, measured at the date of cancellation being taken to retained earnings; the balance is taken to the income statement. On cancellation an accelerated charge would be recognised immediately.

The proceeds received when vested options are exercised, net of any directly attributable transaction costs, are credited to share capital and share premium.
1.9
Foreign currency translation

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

1.10

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.11

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

INVICARA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
6
4
Tangible fixed assets
Plant and machinery etc
$
Cost
At 1 April 2023
15,311
Additions
7,114
At 31 March 2024
22,425
Depreciation and impairment
At 1 April 2023
2,563
Depreciation charged in the year
3,261
At 31 March 2024
5,824
Carrying amount
At 31 March 2024
16,601
At 31 March 2023
12,748
INVICARA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
283,767
27,541
Other debtors
61,370
75,154
345,137
102,695
6
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
17,218
27,069
Taxation and social security
44,249
29,129
Other creditors
588,975
380,535
650,442
436,733
7
Share-based payment transactions
Liabilities and expenses

The Plan is for Twinit Pte Ltd- it was approved by the Board of Directors on February 1, 2016, the adoption date. The Plan will be administered by Administrator, which included the Board of Directors of the Company or any of the Committees appointed to administer the Plan, or any of their respective designees.

 

The Plan applies to the employees and consultants of Invicara UK Limited and it’s parent company Twinit Pte Ltd and its subsidiaries or holding companies based on certain eligibility criteria as may be decided by the Board of Directors or Administrator.

 

The qualified stock options, the exercise price offered to eligible employees or participants is required to be at least 100% of the fair marker value as of the date of grant, pursuant to the terms and conditions of the Plan. Non – qualified stock options may be offered at a price to be determined by the Administrator.

 

The initial set of awards were made at US$0.10 per share pursuant to a fair market valuation, on the basis that it approximates the Company’s net tangible asset value per share and there is no ready available marker for the sale and purchases of the shares. In 2021, the Company had assessed the fair market valuation and awards were made at US$0.275 per share, this remains unchanged as of 31 March 2024. In addition, there is no comparative companies whose shares or options that are trade in the equity market from which it can derive its indicative fair value. An additional 259,000 shares were granted in the current financial year at an exercise price of US$0.3954 per share.

8
Related party transactions

Included within debtors at the balance sheet date, is a balance of $210,620 (2023: $27,544) owed by Twinit Limited (Ireland), $16,867 owed by Invicara India Pvt Ltd and $56,281 by Invicara Solutions.

 

Included within creditors at the balance sheet date, is a balance of $450,000 due to Twinit Pte Ltd, $4,505 due to Invicara Solutions and $2,631 due to Invicara India Pvt Ltd.

INVICARA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
9
Ultimate controlling party

The ultimate controlling party is Twinit Pte Ltd, a company registered in Singapore. Twinit Pte Ltd is the parent undertaking and prepares consolidated accounts which includes the results of Invicara UK Limited.

The address of Twinit Pte Ltd is 60 MacPherson Road, Block 1 #06-08, Singapore 348615.

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