KOVRR UK LTD Filleted Accounts Cover |
Company No. 12203698 | |||||||||
KOVRR UK LTD Directors Report Registrar |
The Directors present their report and the accounts for the year ended 31 December 2023. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Y. GOLAN | |||||||||
I. NAKAR | |||||||||
L. VINAS FENANDEZ | |||||||||
Signed on behalf of the board | |||||||||
Y. GOLAN | |||||||||
Director | |||||||||
10 October 2024 |
KOVRR UK LTD Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Current assets | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 6 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Other reserve | 8 | |||||||||
Profit and loss account | 8 | |||||||||
Total equity | ||||||||||
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: | ||||||||||||||
Going concern | ||||||||||||||
2 | Accounting policies |
Turnover | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
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. | ||||||||||||||
Plant and machinery | ||||||||||||||
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 creditors | ||||||||||||||
Foreign currencies | ||||||||||||||
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 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 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: | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Plant and machinery | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 January 2023 | ||||||||||||||
At 31 December 2023 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 January 2023 | ||||||||||||||
Charge for the year | ||||||||||||||
At 31 December 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 31 December 2023 | ||||||||||||||
At 31 December 2022 | 823 | |||||||||||||
5 | Debtors | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Amounts owed by group undertakings | ||||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
6 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Trade creditors | ||||||||||||||
Amounts owed to group undertakings | ||||||||||||||
Taxes and social security | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
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 | ||||||||||||||
Movement on other reserve | ||||||||||||||
At 31 December 2022 and 1 January 2023 | ||||||||||||||
Movement on other reserve | ||||||||||||||
At 31 December 2023 | ||||||||||||||
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 | ||||||||||||||