DOT COMPLIANCE UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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DOT Compliance UK Limited is a private limited company incorporated on 06.02.2023 and domiciled in England and Wales. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. |
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2. |
Statement of Compliance |
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The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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3. |
Accounting Policies |
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Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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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. |
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Going concern |
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During 2023 the company made a loss and had a net deficit. However, the company is expected to be profitable during 2024 and onwards. |
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The Director considers that the Company has adequate resources to continue in operational existence for the foreseeable future with guaranteed financial support from the parent company. |
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Based on the above, the director believes that the financial statements can be prepared on a going concern basis. |
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Cash flow |
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The company has a small entity has taken advantage not to prepare a cash flow |
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statement under FRS102 Section 1A Small Entities. |
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Turnover and revenue recognition |
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Turnover is the amount derived from ordinary activities and represents net invoiced |
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value of software and related services excluding VAT. |
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Revenue from software licences agreements are recognized upon the delivery of the |
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software when collections are probable; the licence fees is otherwise fixed or determinable: |
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no significant obligation with regard to implementation remains; and persuasive evidence |
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that an arrangement exists. |
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Revenues from maintenance arrangements are deferred and recognized on a straight-line |
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basis over the life of the related agreement. |
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DOT COMPLIANCE UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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Basic financial instruments |
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The Company only enters into basic financial instrument transactions that result in the recognition of |
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financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
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third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Deferred taxation |
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Deferred taxation is provided to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probable that a liability or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of |
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exchange ruling at the Balance Sheet date. |
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Non monetary items are translated into sterling at the actual rate ruling on the date of the transaction. |
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Foreign currency transactions relating to income and expenditure are translated into sterling at the |
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rate of exchange ruling on the date of the transaction. |
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Exchange rate differences are recognised in profit or loss in the period which they arise. |
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Employee benefits |
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The company provides a range of benefits to employees, including annual bonus arrangements, |
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paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are |
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recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated a defined contribution plan for its employees. A defined contribution |
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plan is a pension plan under which the company pays fixed contributions into a separate entity. |
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Once the contributions have been paid the company has no further payment obligations. The |
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contributions are recognised as an expense when they are due. Amounts not paid are shown in |
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accruals in the balance sheet. The assets of the plan are held separately from the company in |
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independently administered funds. |
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(iii) Bonus plan |
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The company operates annual bonus plan for employees and expense is recognised in the profit |
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and loss account when the company has a legal or constructive obligation to make payment under |
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the plan as a result of passed events and reliable estimation of the obligation can be made. |
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(iv) Share based payments |
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The company participates in a share-based payment arrangement established by the ultimate parent company. The company recognises the share-based payment expenses based on the specific cost that is relating to the company participating employees. The corresponding credit is recognised as a component of equity. |
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4. |
Employee information |
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6.2.23-31.12.23 |
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The average number of employees during the year was |
1 |
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No remunerations paid to the director during the above year. |
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DOT COMPLIANCE UK LIMITED |
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Notes to the financial statements - 31 December 2023 |
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8. |
Share Capital |
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31.12.2023 |
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£ |
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Allotted, called up and fully paid: |
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1 Ordinary shares of £1 each |
1 |
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9. |
Financial commitment |
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As at 31.12.23 the company did not have any financial commitments. |
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10. |
Audit report information |
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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. We would like to draw your attention to the following statement: contained with our audit report as included in the full financial statements: |
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EMPHASIS OF MATTER |
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In forming our opinion on the financial statements which is not modified, we draw your attention to the director's view and consideration on the going concern basis of preparation as disclosed in note 3 of the financial statements. During 2023 the company made a loss and had a net deficit. However, the company is expected to be profitable during 2024 and onwards. The Director considers that the Company has adequate resources to continue in operational existence for the foreseeable future with guaranteed financial support from the parent company. Based on the above, the director believes that the financial statements can be prepared on a going concern basis. |
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The senior statutory auditor was Mr. Ran Shahmoon. |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 24 September 2024 |
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Name of director signing accounts: D. Sitbon |
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Date director signed accounts: 24 September 2024 |
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11. |
Related party transactions: |
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Control: |
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The Company's ultimate parent undertaking and controlling party is Dot Compliance Ltd a foreign company incorporated and registered in Israel whose address is 2 Openhaimer Rehovot Israel |
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Transaction: |
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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. |