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Registered number: 13451598 (England and Wales)














OCIENT UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024



 
OCIENT UK LIMITED
 

 
COMPANY INFORMATION


Directors
S C Gladwin 
W C McCarthy 




Registered number
13451598



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
OCIENT UK LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 4



 
OCIENT UK LIMITED
REGISTERED NUMBER:13451598


BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
125,364
75,434

Bank and cash balances
  
35,795
34,450

  
161,159
109,884

Creditors: amounts falling due within one year
 5 
(80,328)
(80,448)

Net current assets
  
 
 
80,831
 
 
29,436

Total assets less current liabilities
  
80,831
29,436

  

Net assets
  
80,831
29,436


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 6 
4,999
4,999

Profit and loss account
  
75,831
24,436

  
80,831
29,436


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 C Gladwin
Director

Date: 17 October 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1


 
OCIENT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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 of £80,831, primarily as a result of the intercompany loan balance due from Ocient Inc., the parent company. Given the Company's business model being solely a transfer pricing arrangement with the parent company, it is reliant upon the continued support of the group in order to remain a going concern.
Ocient Inc. will require additional funding to continue operations through the next twelve months from the financial statement approval date. 
Management plan to raise additional funding, which they are confident in securing. Therefore, it has been deemed appropriate to prepare the financial statements on a going concern basis.
However, there can be no assurances that additional funding will be available. Such plans are not in the parent company's control and cannot be considered to be probable of being achieved. This condition raises substantial doubt about the parent company's ability to continue supporting the Company for the foreseeable future and as such, a material uncertainty exists.

 
1.3

Revenue

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 7.5% 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 turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 2


 
OCIENT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.5

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 held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

  
1.6

Creditors

Short term creditors are measured at the transaction price.

 
1.7

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.

 
1.8

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.


2.


Employees

 The average monthly number of employees during the year was 4 (2023 - 3).


3.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified, though the auditor drew attention to note 1.2 to these accounts which indicates the existence of material uncertainty which may cause significant doubt about the Company's ability to continue as a going concern.

The audit report was signed on 21 October 2024 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Page 3


 
OCIENT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
120,773
73,335

Other debtors
3,068
1,025

Prepayments and accrued income
1,523
1,074

125,364
75,434



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,932
-

Corporation tax
16,775
6,522

Other taxation and social security
30,554
33,147

Accruals and deferred income
29,067
40,779

80,328
80,448



6.


Capital contribution reserve

In 2022, a capital contribution of £4,999 was made to the Company by its parent. The Company has received written confirmation that this amount is not repayable.


7.


Controlling party

Ocient 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 20 N Wacker Drive, Suite 1200, Chicago, IL 60606, USA.


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 4