KOVRR UK LTD Filleted Accounts Cover
KOVRR UK LTD
Company No. 12203698
Information for Filing with The Registrar
31 December 2023
KOVRR UK LTD Directors Report Registrar
The Directors present their report and the accounts for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year under review was business support software services.
Directors
The Directors who served at any time during the year were as follows:
Y. GOLAN
I. NAKAR
L. VINAS FENANDEZ
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Y. GOLAN
Director
10 October 2024
KOVRR UK LTD Balance Sheet Registrar
at
31 December 2023
Company No.
12203698
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
292823
292823
Current assets
Debtors
5
1,363,253921,572
Cash at bank and in hand
33,33551,932
1,396,588973,504
Creditors: Amount falling due within one year
6
(1,349,119)
(950,314)
Net current assets
47,46923,190
Total assets less current liabilities
47,76124,013
Net assets
47,76124,013
Capital and reserves
Called up share capital
100100
Other reserve
8
31,50317,984
Profit and loss account
8
16,1585,929
Total equity
47,76124,013
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 10 October 2024
And signed on its behalf by:
Y. GOLAN
Director
10 October 2024
KOVRR UK LTD Notes to the Accounts Registrar
for the year ended 31 December 2023
1
General information
Its registered number is: 12203698
Its registered office is:
C/O Fkgb Accounting
201 Haverstock Hill
London
NW3 4QG
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
Going concern
These financial statements have been prepared on a going concern basis. The director, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, has no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern. Accordingly the director has a reasonable expectation that the company will continue in operational existence and therefore he continues to adopt the going concern basis of accounting to prepare the financial statements.
2
Accounting policies
Turnover
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
33% Straight line
Research and development costs
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Share based payments
Share-based payment arrangements in which the entity receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the entity.
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured based on an using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of options, measured immediately before and after the modification, is also charged to the Profit and Loss account over the remaining vesting period.
Defined contribution pensions
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 payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
33
4
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 January 2023
4,5074,507
At 31 December 2023
4,5074,507
Depreciation
At 1 January 2023
3,6843,684
Charge for the year
531531
At 31 December 2023
4,2154,215
Net book values
At 31 December 2023
292292
At 31 December 2022
823
823
5
Debtors
2023
2022
£
£
Amounts owed by group undertakings
1,362,675-
VAT recoverable
578944
Other debtors
-920,628
1,363,253921,572
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Trade creditors
-940
Amounts owed to group undertakings
1,310,673
898,596
Taxes and social security
12,205
25,217
Other creditors
21,43422,911
Accruals and deferred income
4,8072,650
1,349,119950,314
7
Share based payments
The company operates an employee share option plan, 31,025 options have been granted in 2023 (2022: 3,654) for shares in the company.
Details of the share options outstanding during the year are as follows, presented in USD:
Weighted average exercise price (USD) 2023
Number 2023
Weighted average exercise price (USD) 2022
Number 2022
Outstanding as at beginning of year
0.01
14,366
0.01
13,491
Granted during the year
0.01
31,025
0.01
3,654
Cancelled during the year
0.01
(7,201)
0.01
(2,776)
Outstanding at the end of the year
0.01
38,190
3
0.01
14,366
2023
2022
Option pricing model used
Black and Scholes
Black and Scholes
Share price (USD)
2.61
10.70
Exercise price (USD)
0.01
0.01
Contractual life (years)
2.00
3.00
Expected volatility
63.02%
69.55%
Risk-free interest rate
4.87%
0.30%
2023
2022
£
£
Equity-settled schemes
31,503
17,984
8
Reserves
Other Reserve
Total other reserves
£
£
At 1 January 2022
13,899
13,899
Movement on other reserve
4,085
4,085
At 31 December 2022 and 1 January 2023
17,984
17,984
Movement on other reserve
13,519
13,519
At 31 December 2023
31,50331,503
Other reserve - reflects the movement in equity-settled schemes.
Profit and loss account - includes all current and prior period retained profits and losses.
9
Related party disclosures
Transactions with related parties
Parent Company
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:
Kovrr INC (US)
The parent's registered office address is:
108 W 13th Street
Wilmington
United States
19801
KOVRR UK LTD1220369831 December 202301 January 2023false10 October 2024BTCSoftware AP Solution 2024 11.1.0211.1.02true122036982023-01-012023-12-31122036982023-12-31122036982022-12-3112203698core:WithinOneYear2023-12-3112203698core:WithinOneYear2022-12-3112203698core:ShareCapital2023-12-3112203698core:ShareCapital2022-12-3112203698core:RevaluationReserve2023-12-3112203698core:RevaluationReserve2022-12-3112203698core:RetainedEarningsAccumulatedLosses2023-12-3112203698core:RetainedEarningsAccumulatedLosses2022-12-3112203698bus:RegisteredOffice2023-01-012023-12-3112203698core:PlantMachinery2023-01-012023-12-31122036982022-01-012022-12-3112203698core:PlantMachinery2023-01-01122036982023-01-0112203698core:PlantMachinery2023-12-3112203698core:RevaluationReserve2022-01-0112203698core:OtherReservesSubtotal2022-01-0112203698core:RevaluationReservecore:PriorPeriodIncreaseDecrease2022-01-0112203698core:OtherReservesSubtotalcore:PriorPeriodIncreaseDecrease2022-01-0112203698core:RevaluationReserve2023-01-0112203698core:OtherReservesSubtotal2023-01-0112203698core:RevaluationReservecore:PriorPeriodIncreaseDecrease2023-01-0112203698core:OtherReservesSubtotalcore:PriorPeriodIncreaseDecrease2023-01-0112203698core:OtherReservesSubtotal2023-12-3112203698core:RevaluationReserve2023-01-012023-12-3112203698core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112203698bus:SmallEntities2023-01-012023-12-3112203698bus:FullAccounts2023-01-012023-12-3112203698bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3112203698bus:Director12023-01-012023-12-3112203698bus:PrivateLimitedCompanyLtd2023-01-012023-12-31iso4217:GBPxbrli:pure