Silverfin false false 31/07/2024 01/08/2023 31/07/2024 P Fortsakis 28/01/2019 I Kounadis 13/12/2023 27/09/2017 F Manolopoulos 28/09/2016 L Saridis 28/09/2016 V Stivaktakis 07/07/2015 29 April 2025 The principal activity of OSeven Telematics Limited ("the Company") is insurance telematics and driving behavioural analytics services. 09674012 2024-07-31 09674012 bus:Director1 2024-07-31 09674012 bus:Director2 2024-07-31 09674012 bus:Director3 2024-07-31 09674012 bus:Director4 2024-07-31 09674012 bus:Director5 2024-07-31 09674012 2023-07-31 09674012 core:CurrentFinancialInstruments 2024-07-31 09674012 core:CurrentFinancialInstruments 2023-07-31 09674012 core:ShareCapital 2024-07-31 09674012 core:ShareCapital 2023-07-31 09674012 core:SharePremium 2024-07-31 09674012 core:SharePremium 2023-07-31 09674012 core:OtherCapitalReserve 2024-07-31 09674012 core:OtherCapitalReserve 2023-07-31 09674012 core:RetainedEarningsAccumulatedLosses 2024-07-31 09674012 core:RetainedEarningsAccumulatedLosses 2023-07-31 09674012 core:ComputerSoftware 2023-07-31 09674012 core:ComputerSoftware 2024-07-31 09674012 core:OfficeEquipment 2023-07-31 09674012 core:OfficeEquipment 2024-07-31 09674012 core:CostValuation 2023-07-31 09674012 core:AdditionsToInvestments 2024-07-31 09674012 core:CostValuation 2024-07-31 09674012 bus:OrdinaryShareClass1 2024-07-31 09674012 bus:OrdinaryShareClass2 2024-07-31 09674012 bus:PreferenceShareClass1 2024-07-31 09674012 core:WithinOneYear 2024-07-31 09674012 core:WithinOneYear 2023-07-31 09674012 core:BetweenOneFiveYears 2024-07-31 09674012 core:BetweenOneFiveYears 2023-07-31 09674012 2023-08-01 2024-07-31 09674012 bus:FilletedAccounts 2023-08-01 2024-07-31 09674012 bus:SmallEntities 2023-08-01 2024-07-31 09674012 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09674012 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09674012 bus:Director1 2023-08-01 2024-07-31 09674012 bus:Director2 2023-08-01 2024-07-31 09674012 bus:Director3 2023-08-01 2024-07-31 09674012 bus:Director4 2023-08-01 2024-07-31 09674012 bus:Director5 2023-08-01 2024-07-31 09674012 core:ComputerSoftware core:TopRangeValue 2023-08-01 2024-07-31 09674012 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 09674012 2022-08-01 2023-07-31 09674012 core:ComputerSoftware 2023-08-01 2024-07-31 09674012 core:CurrentFinancialInstruments 2023-08-01 2024-07-31 09674012 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 09674012 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 09674012 bus:OrdinaryShareClass2 2023-08-01 2024-07-31 09674012 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 09674012 bus:PreferenceShareClass1 2023-08-01 2024-07-31 09674012 bus:PreferenceShareClass1 2022-08-01 2023-07-31 iso4217:EUR xbrli:pure xbrli:shares iso4217:GBP

Company No: 09674012 (England and Wales)

OSEVEN TELEMATICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

OSEVEN TELEMATICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

OSEVEN TELEMATICS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
OSEVEN TELEMATICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
Fixed assets
Intangible assets 3 1,753,603 1,879,754
Investments 5 714,621 448,358
2,468,224 2,328,112
Current assets
Debtors 6 80,017 1,023,328
Cash at bank and in hand 7 389,383 64,862
469,400 1,088,190
Creditors: amounts falling due within one year 8 ( 744,021) ( 1,003,700)
Net current (liabilities)/assets (274,621) 84,490
Total assets less current liabilities 2,193,603 2,412,602
Net assets 2,193,603 2,412,602
Capital and reserves
Called-up share capital 9 165 165
Share premium account 2,714,655 2,714,655
Other reserves 30,741 30,741
Profit and loss account ( 551,958 ) ( 332,959 )
Total shareholders' funds 2,193,603 2,412,602

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of OSeven Telematics Limited (registered number: 09674012) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

V Stivaktakis
Director

29 April 2025

OSEVEN TELEMATICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
OSEVEN TELEMATICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

OSeven Telematics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in EUR which is the functional currency of the Company and rounded to the nearest €.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

The Company's functional and presentational currency is Euro.

Transactions and balances

Non Euro balances are translated into Euros using the spot rate at the period end and these are shown in the Statement of Financial Position. Non Euro transactions are translated into Euros and are included in the Statement of Comprehensive Income using the average rate for the year.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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 contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Convertible loan notes
The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the reporting date.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Intangible assets

Computer software Total
Cost
At 01 August 2023 3,286,509 3,286,509
Additions 225,000 225,000
At 31 July 2024 3,511,509 3,511,509
Accumulated amortisation
At 01 August 2023 1,406,755 1,406,755
Charge for the financial year 351,151 351,151
At 31 July 2024 1,757,906 1,757,906
Net book value
At 31 July 2024 1,753,603 1,753,603
At 31 July 2023 1,879,754 1,879,754

4. Tangible assets

Office equipment Total
Cost
At 01 August 2023 4,954 4,954
At 31 July 2024 4,954 4,954
Accumulated depreciation
At 01 August 2023 4,954 4,954
At 31 July 2024 4,954 4,954
Net book value
At 31 July 2024 0 0
At 31 July 2023 0 0

5. Fixed asset investments

Investments in subsidiaries

2024
Cost
At 01 August 2023 448,358
Additions 266,263
At 31 July 2024 714,621
Carrying value at 31 July 2024 714,621
Carrying value at 31 July 2023 448,358

6. Debtors

2024 2023
Trade debtors 46,177 44,728
Prepayments and accrued income 32,079 928,094
VAT recoverable 0 753
Corporation tax 0 47,992
Other debtors 1,761 1,761
80,017 1,023,328

7. Cash and cash equivalents

2024 2023
Cash at bank and in hand 389,383 64,862

8. Creditors: amounts falling due within one year

2024 2023
Trade creditors 1,908 4,085
Amounts owed to group undertakings 435,000 60,000
Accruals 5,345 650,986
Other taxation and social security 12,469 0
Other creditors 289,299 288,629
744,021 1,003,700

Other creditors includes convertible loans of €280,691 (2023 : €279,526) with the assumption that they will be converted into shares on 31 December 2025.

9. Called-up share capital

2024 2023
Allotted, called-up and fully-paid
8,800 Ordinary shares of £ 0.01 each 99 99
1,042 Ordinary A shares of € 0.01 each 10 10
109 109
5,564 Preference shares of € 0.01 each 56 56
165 165

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
within one year 13,000 15,600
between one and five years 0 13,000
13,000 28,600