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Registered number: 12604317 (England and Wales)














 
 
ECOSENSE INTERNATIONAL UK LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ECOSENSE INTERNATIONAL UK LIMITED
 
 
COMPANY INFORMATION


Director
S V Gelsomini 




Registered number
12604317



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
ECOSENSE INTERNATIONAL UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 6


 
ECOSENSE INTERNATIONAL UK LIMITED
REGISTERED NUMBER:12604317

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
5,320
80,715

Bank and cash balances
  
111,014
14,191

  
116,334
94,906

Creditors: amounts falling due within one year
 5 
(39,325)
(36,025)

Net current assets
  
 
 
77,009
 
 
58,881

Total assets less current liabilities
  
77,009
58,881

  

Net assets
  
77,009
58,881


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 6 
12,560
8,749

Profit and loss account
  
64,448
50,131

  
77,009
58,881


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S V Gelsomini
Director

Date: 26 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
ECOSENSE INTERNATIONAL UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
5,118
33,548
38,667


Comprehensive income for the year

Profit for the year
-
-
16,583
16,583

Share based payment expense
-
3,631
-
3,631



At 1 January 2023
1
8,749
50,131
58,881


Comprehensive income for the year

Profit for the year
-
-
14,317
14,317

Shared based payment expense
-
3,811
-
3,811


At 31 December 2023
1
12,560
64,448
77,009


Page 2

 
ECOSENSE INTERNATIONAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net asset position at the end of the financial year, but remains reliant on continued support from its parent company, Korrus, Inc. The Company has received written confirmation from the parent company that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. 
In preparing these financial statements, the director has considered the ability of Korrus, Inc. to provide the appropriate support. This consideration included a review of forward looking information, together with current performance and position. In light of the current position being a net liability position and continued reliance on third party loans, there is a material uncertainty in relation to the ability to provide this support for a period of 12 months. However, the director has concluded that it is appropriate to prepare the financial statements on the going concern basis.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 3

 
ECOSENSE INTERNATIONAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover is recognised on a cost plus 6% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement; and
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
1.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 4

 
ECOSENSE INTERNATIONAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

  
1.8

Debtors

Short term debtors are measured at the transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. No interest is charged on the loan, which is repayable on demand.

  
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.10

Creditors

Short-term creditors are measured at the transaction price. 


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified though the auditors drew attention to note 1.2 to these accounts which indicates the existence of material uncertainity which may cause significant doubt about the Company's ability to continue as a going concern.

The audit report was signed on 30 September 2024 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 4 (2022 - 5).

Page 5

 
ECOSENSE INTERNATIONAL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,726
77,810

Other debtors
2,546
2,208

Prepayments and accrued income
1,048
697

5,320
80,715



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,109
825

Corporation tax
7,683
6,478

Other taxation and social security
7,346
7,600

Other creditors
1,515
2,760

Accruals
20,672
18,362

39,325
36,025



6.


Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options over the shares in the parent company. The options are granted at an independently determined fair value and 25% of the options are exercisable one year after the date of grant and then 1/16th quarterly for each of the three years thereafter.
An expense equivalent to the fair value of the share options granted is recognised on a straight line basis over the vesting period with a corresponding amount being recognised in the capital contribution reserve.


7.


Controlling party

Korrus, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 837 North Spring Street, Suite 103, Los Angeles, CA 90012.


8.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 6