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 2024. | |||||||||
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 | |||||||||
11 June 2025 | |||||||||
KOVRR UK LTD Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2024 | 2023 | |||||||
£ | £ | |||||||||
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 | ||||||||||
Revaluation reserve | 9 | |||||||||
Capital redemption reserve | ||||||||||
Profit and loss account | 9 | |||||||||
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 11 June 2025 and signed on its behalf by: | ||||||||||
Y. Golan | ||||||||||
Director | ||||||||||
11 June 2025 | ||||||||||
KOVRR UK LTD Notes to the Accounts Registrar |
for the year ended 31 December 2024 | ||||||||||||||
1 | General information | |||||||||||||
KOVRR UK LTD is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||
The company's registered number is: 12203698 | ||||||||||||||
The address of the company's registered office is: | ||||||||||||||
Going concern | ||||||||||||||
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 | ||||||||||||||
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 | ||||||||||||||
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years. | ||||||||||||||
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. | ||||||||||||||
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 creditors | ||||||||||||||
Foreign currencies | ||||||||||||||
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. | ||||||||||||||
Financial instruments | ||||||||||||||
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. | ||||||||||||||
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. | ||||||||||||||
Loans and borrowings | ||||||||||||||
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. | ||||||||||||||
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 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. | ||||||||||||||
3 | Employees | |||||||||||||
2024 | 2023 | |||||||||||||
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 2024 | ||||||||||||||
At 31 December 2024 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 January 2024 | ||||||||||||||
Charge for the year | ||||||||||||||
At 31 December 2024 | ||||||||||||||
Net book values | ||||||||||||||
At 31 December 2024 | ||||||||||||||
At 31 December 2023 | 292 | |||||||||||||
5 | Debtors | |||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Amounts owed by group undertakings | ||||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
6 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
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, no options have been granted in 2024 (2023: 31,025) for shares in the company. | ||||||||||||||
During the year, share based payment expenses of £17,718 were recognised in respect of share options that vested during the year. | ||||||||||||||
Details of the share options outstanding during the year are as follows: | ||||||||||||||
Weighted average exercise price | Number | Weighted average exercise price | Number | |||||||||||
2024 | 2024 | 2023 | 2023 | |||||||||||
Outstanding as at beginning of year | 0.01 | 38,190 | 0.01 | 14,366 | ||||||||||
Granted during the year | 0.01 | - | 0.01 | 31,025 | ||||||||||
Cancelled during the year | 0.01 | (1,631) | 0.01 | (7,201) | ||||||||||
Outstanding as at the end of the year | ||||||||||||||
0.01 | 36,559 | 0.01 | 38,190 | |||||||||||
2024 | 2023 | |||||||||||||
Option pricing model used: | Black- scholes | Black- scholes | ||||||||||||
Share price (USD) | 2.61 | 2.61 | ||||||||||||
Exercise price (USD) | 0.01 | 0.01 | ||||||||||||
Contractual life (years) | 2.00 | 2.00 | ||||||||||||
Expected volatility | 63.02% | 63.02% | ||||||||||||
Risk-free interest rate | 3.77% | 4.87% | ||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Equity-settled schemes | 49,221 | 31,503 | ||||||||||||
8 | Share Capital | |||||||||||||
The company has issued 100 fully paid ordinary shares of £1 each, amounting to a total share capital of £100 (2023: £100). | ||||||||||||||
9 | Reserves | |||||||||||||
Other reserves | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
At 1 January 2023 | ||||||||||||||
Transfers | ||||||||||||||
At 31 December 2023 and 1 January 2024 | ||||||||||||||
Movement in other reserves | ||||||||||||||
At 31 December 2024 | ||||||||||||||
10 | Related party disclosures | |||||||||||||
Transactions with related parties | ||||||||||||||
The company has taken advantage of the exemption available according with Section 33 of FRS 102 "Related part disclosure" not to disclose 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 this entity is a member: | ||||||||||||||
Kovrr INC (US) | ||||||||||||||
The parent's registered office address is: | ||||||||||||||
108 W 13th Street | ||||||||||||||
Wilmington | ||||||||||||||
United States | ||||||||||||||
19801 | ||||||||||||||