Company Registration No. 10500815 (England and Wales)
Observe Technologies Limited
Filleted accounts
for the year ended 31 December 2023
Observe Technologies Limited
Filleted accounts
Contents
Observe Technologies Limited
Company Information
for the year ended 31 December 2023
Directors
Hemang Rishi
Pieter Fabry
Rohin Chada
Asle Kjetil Bratteli
Company Number
10500815 (England and Wales)
Registered Office
36 Paradise Road
Richmond
TW9 1SE
Accountants
Bright Sterling Ltd
53 Sheen Lane
LONDON
SW14 8AB
Observe Technologies Limited
Statement of financial position
as at 31 December 2023
Intangible assets
777,140
369,505
Tangible assets
7,779
8,154
Cash at bank and in hand
490,702
279,654
Creditors: amounts falling due within one year
(154,819)
(107,313)
Net current assets
741,277
331,403
Net assets
1,526,197
709,063
Called up share capital
129
129
Share premium
1,795,958
1,795,958
Profit and loss account
(269,890)
(1,087,024)
Shareholders' funds
1,526,197
709,063
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by
Hemang Rishi
Director
Company Registration No. 10500815
Observe Technologies Limited
Notes to the Accounts
for the year ended 31 December 2023
Observe Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 10500815. The registered office is 36 Paradise Road, Richmond, TW9 1SE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been applied consistently. Any policy changes from previous years have been disclosed through the relevant notes.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Company's accounting period was extended to 31 December 2022 during the period. The current year accounts are made up of 12 months, the comparative figures are made up of 13 months period.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Reducing Balance
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets (including development expenditure and payments to acquire patents) are included at cost less accumulated amortisation.
The Intangible assets are amortised over their useful economic life of 5 years on a straight line basis.
Observe Technologies Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 31 December 2023
1,086,896
Charge for the year
217,380
At 31 December 2023
309,756
At 31 December 2023
777,140
At 31 December 2022
369,505
5
Tangible fixed assets
Computer equipment
At 31 December 2023
35,787
At 31 December 2023
28,008
6
Investments
Subsidiary undertakings
Valuation at 1 January 2023
1
Valuation at 31 December 2023
1
Amounts falling due within one year
Trade debtors
138,372
123,387
Amounts due from group undertakings etc.
9,675
9,675
Other debtors
257,347
26,000
Observe Technologies Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
30,671
57,347
Other creditors
8,473
11,581
Loans from directors
41,197
41,279
9
Average number of employees
During the year the average number of employees was 13 (2022: 10).