Company No:
Contents
DIRECTORS | C Bischoff |
O Heimes (Appointed 17 July 2024) | |
D Larsson | |
C McLain (Resigned 17 July 2024) | |
M Ratz | |
A Zitna |
REGISTERED OFFICE | 184 Shepherds Bush Rd |
Hammersmith | |
London | |
W6 7NL | |
England | |
United Kingdom |
COMPANY NUMBER | 12206481 (England and Wales) |
CHARTERED ACCOUNTANTS | Mercer & Hole LLP |
72 London Road | |
St Albans | |
Hertfordshire | |
AL1 1NS |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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1,372,112 | 185,537 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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12,494,000 | 14,713,110 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 11,142,304 | 14,099,462 | ||
Total assets less current liabilities | 12,514,416 | 14,284,999 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Equity reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Doccla UK Limited (registered number:
D Larsson
Director |
Called-up share capital | Share premium account | Equity reserve | Profit and loss account | Total | |||||
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At 01 January 2022 |
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Loss for the financial year |
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Total comprehensive loss |
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Issue of share capital |
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At 31 December 2022 |
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At 01 January 2023 |
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Loss for the financial year |
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Total comprehensive loss |
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Issue of share capital |
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Recognition of equity component of convertible loan notes |
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At 31 December 2023 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Doccla UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 184 Shepherds Bush Rd, Hammersmith, London, W6 7NL, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
These financial statements are prepared on the going concern basis. The company is in a growth phase, and as such its working capital requirements have been funded by equity investment. The Company has secured future equity investment after the reporting date of these financial statements, such that the directors are satisfied that the Company has sufficient liquidity to meet its expected working capital requirement over the 12 month period following date of approval of these financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Contracts for the sale of goods and services are unbundled where there are separately identifiable component parts forming distinguishable performance obligations under the contract. Fees associated with the supply of goods are recognised as turnover when the significant risks and rewards are considered to have been transferred to the customer, which is normally upon delivery.
Fees for the provision of services are recognised as turnover by reference to the stage of completion when the stage of completion, costs incurred, and costs to complete can be estimated reliably. This is applicable to performance obligations set out under a milestone structure or related to planning and implementation. The stage of completion is calculated by comparing costs incurred, mainly in relation to staff time, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Where fees are generated through the provision of services carried out via an indeterminate number of acts over a period of time, such as the provision of licences or monitoring and usage capacity, fees are recognised as turnover on a straight-line basis across the term of the contract.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. 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 and adjusted for the effect of non-market-based vesting conditions.
The fair value of the options has been assessed by the Director's with reference to the AMV of the options under the Black Scholes model. The fair value of all employee share options granted at year end was deemed to be immaterial to the financial statements, and as such no share-based payment charge has been recognised.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. As such, where future taxable profits are uncertain, no deferred tax asset or provision is recognised.
Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Tools and equipment |
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Computer equipment |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Investments in subsidiaries are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Convertible loan notes
Convertible loan notes issued by the Company are classified in accordance with the substance of the contractual arrangement. The convertible loan notes in issue at the balance sheet date were deemed to be solely equity instruments in nature, as opposed to compound instruments with a debt component, on the basis that there is no guaranteed outflow of cash in terms of interest or principal repayment.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Tools and equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||
At 31 December 2023 |
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At 31 December 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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The Company incorporated another wholly-owned subsidiary after the year end, with a total share price of €10,000 for its share capital. The subsidiary was incorporated in February 2024 and so the cost of shares is not included in additions for this financial year as stated above.
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£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to own subsidiaries |
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Other taxation and social security |
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Other creditors |
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Commitments
2023 | 2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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The Company has taken advantage of the exemption available under FRS 102 para 33.1A, which exempts the Company from disclosing transactions entered into with wholly-owned members of its group.