Novidea Limited Filleted Accounts Cover
Novidea Limited
Audited accounts
Company No. 12078613
Information for Filing with The Registrar
31 December 2023
Novidea Limited 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 provision of insurance software solutions.
Directors
The Directors who served at any time during the year were as follows:
R. Agababa
D. Ben Dror
A. Elbaz
S. Haim
A. Harel
S. Shalev
Y. Vardi
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with united Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgments and estimates that are reasonable and prudent;
*
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.
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
R. Agababa
Director
06 November 2024
Novidea Limited Balance Sheet Registrar
at
31 December 2023
Company No.
12078613
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
55,82014,766
55,82014,766
Current assets
Debtors
5
1,015,290691,009
Cash at bank and in hand
1,055,078229,703
2,070,368920,712
Creditors: Amount falling due within one year
6
(1,918,989)
(809,452)
Net current assets
151,379111,260
Total assets less current liabilities
207,199126,026
Net assets
207,199126,026
Capital and reserves
Called up share capital
100100
Revaluation reserve
8
109,55180,944
Profit and loss account
8
97,54844,982
Total equity
207,199126,026
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.
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 06 November 2024
And signed on its behalf by:
R. Agababa
06 November 2024
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 06 November 2024
And signed on its behalf by:
R. Agababa
Director
06 November 2024
Novidea Limited Notes to the Accounts Registrar
for the year ended 31 December 2023
1
General information
Its registered number is: 12078613
Its registered office is:
201 Haverstock Hill
C/O Fkgb Accounting
London
England
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 (January 2022) 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
Licences
Turnover comprises sales of licenses to use the company's software platform and the fees paid excluding VAT are recognised on a straight line basis over the life of the contract.

Implementation
Turnover generated through implementation of the company's software, net of VAT, is recognised at the time of the sale in full.
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
25% Straight line
Furniture, fittings and equipment
25% Straight line
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.
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.
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.
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.
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:
2419
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 January 2023
13,5286,16019,688
Additions
-55,35455,354
At 31 December 2023
13,52861,51475,042
Depreciation
At 1 January 2023
3,3821,5404,922
Charge for the year
3,38210,91814,300
At 31 December 2023
6,76412,45819,222
Net book values
At 31 December 2023
6,76449,05655,820
At 31 December 2022
10,146
4,620
14,766
5
Debtors
2023
2022
£
£
Trade debtors
427,312358,409
Amounts owed by group undertakings
209,695166,898
VAT recoverable
211,28258,730
Other debtors
65,47832,878
Prepayments and accrued income
101,52374,094
1,015,290691,009
6
Creditors:
amounts falling due within one year
2023
2022
£
£
Trade creditors
550,407320,621
Taxes and social security
24,752
12,495
Other creditors
32,71131,105
Accruals and deferred income
1,311,119445,231
1,918,989809,452
7
Share based payments
The company operates an employee share option plan, 2160 options have been granted in 2023 (2022: 2880) 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
13.29
63,147
6.63
60,267
Granted during the year
24.30
2,160
13.29
2,880
Cancelled during the year
-
-
-
-
65,307
63,147
Outstanding as at the end of the year
-
65,307
-
63,147
2023
2022
Option pricing model used
Black and Scholes
Black and Scholes
Share price (USD)
13.29-28.21
8.40
Exercise price (USD)
13.29-26.5
0.01-11.02
Contractual life (years)
4.00
6.29
Expected volatility
3.74-4.56%
53.00%
Risk-free interest rate
60-61.25%
1.90-3.77%
2023
2022
£
£
Equity-settled schemes
109,551
46,310
8
Reserves
Other Reserve
Total other reserves
£
£
At 1 January 2022
46,310
46,310
Movement on other reserve
34,634
34,634
At 31 December 2022 and 1 January 2023
80,944
80,944
Movement on other reserve
28,607
28,607
At 31 December 2023
109,551109,551
Other reserve - reflects movement in equity-settled schemes.
Profit and loss account - includes all current and prior period retained profits and losses.
9
Controlling party
Related party disclosures
The company has taken advantage of the exemption available according to Section 33 of FRS 102 "Related party disclosure" not to disclose the transactions entered into between two or more members of a group that are wholly owned.
Parent company
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which the entity is a member:
Novo Idea Software Ltd
The parent entity's registered office address is:
HaMahshev St. Netanya, 4250713, Israel
10
Audit of the accounts
The directors have required the company to obtain an audit.
Unqualified
The auditors were: Gordon Levy Limited
The senior statutory auditor was: Gordon Levy, BA, FCA
Novidea Limited1207861331 December 202301 January 2023false06 November 2024BTCSoftware AP Solution 2024 11.1.0211.1.02For 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.true120786132023-01-012023-12-31120786132023-12-31120786132022-12-3112078613core:WithinOneYear2023-12-3112078613core:WithinOneYear2022-12-3112078613core:ShareCapital2023-12-3112078613core:ShareCapital2022-12-3112078613core:RevaluationReserve2023-12-3112078613core:RevaluationReserve2022-12-3112078613core:RetainedEarningsAccumulatedLosses2023-12-3112078613core:RetainedEarningsAccumulatedLosses2022-12-3112078613bus:RegisteredOffice2023-01-012023-12-3112078613core:PlantMachinery2023-01-012023-12-3112078613core:FurnitureFittingsToolsEquipment2023-01-012023-12-31120786132022-01-012022-12-3112078613core:PlantMachinery2023-01-0112078613core:FurnitureFittingsToolsEquipment2023-01-01120786132023-01-0112078613core:PlantMachinery2023-12-3112078613core:FurnitureFittingsToolsEquipment2023-12-3112078613core:RevaluationReserve2022-01-0112078613core:OtherReservesSubtotal2022-01-0112078613core:RevaluationReservecore:PriorPeriodIncreaseDecrease2022-01-0112078613core:OtherReservesSubtotalcore:PriorPeriodIncreaseDecrease2022-01-0112078613core:RevaluationReserve2023-01-0112078613core:OtherReservesSubtotal2023-01-0112078613core:RevaluationReservecore:PriorPeriodIncreaseDecrease2023-01-0112078613core:OtherReservesSubtotalcore:PriorPeriodIncreaseDecrease2023-01-0112078613core:OtherReservesSubtotal2023-12-3112078613core:RevaluationReserve2023-01-012023-12-3112078613core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112078613bus:SmallEntities2023-01-012023-12-3112078613bus:FullAccounts2023-01-012023-12-3112078613bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3112078613bus:Director12023-01-012023-12-3112078613bus:PrivateLimitedCompanyLtd2023-01-012023-12-31iso4217:GBPxbrli:pure