| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| FOR |
| AURA SMART HOME LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| FOR |
| AURA SMART HOME LIMITED |
| AURA SMART HOME LIMITED (REGISTERED NUMBER: 14096555) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| AURA SMART HOME LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Herschel House |
| 58 Herschel Street |
| Slough |
| Berkshire |
| SL1 1PG |
| AURA SMART HOME LIMITED (REGISTERED NUMBER: 14096555) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 31.12.24 | 30.11.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Other reserves | 8 |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| AURA SMART HOME LIMITED (REGISTERED NUMBER: 14096555) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Aura Smart Home Limited is a |
| These financial statements cover the period from 1 December 2023 to 31 December 2024 in order to better align with the group reporting date. This means that comparative figures are not entirely comparable. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared under the going concern basis, as the parent company, Aura Home, Inc. has confirmed that they will continue to support Aura Smart Home Limited for at least 12 months and one day from the date the financial statements are issued. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is calculated to generate a margin in line with transfer pricing agreed with the parent entity. Revenue is charged to the parent entity. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
| Computer equipment - straight line over 3 years. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| AURA SMART HOME LIMITED (REGISTERED NUMBER: 14096555) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
| Share-based payments |
| Employees of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments in the parent undertaking, Aura Home Inc. (equity-settled transactions). |
| The cost of equity-settled transactions is determined by the fair value on grant date. Fair value is independently determined using the Black Scholes option pricing model that takes into account exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. |
| The cost of equity settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 December 2023 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for period |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 30 November 2023 |
| AURA SMART HOME LIMITED (REGISTERED NUMBER: 14096555) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 30.11.23 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 30.11.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors & accruals |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 30.11.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| All shares carry full and equal rights to participate in voting in all circumstances, in dividends, and in capital distributions, whether on a winding up or otherwise. Ordinary shares are not redeemable. |
| 8. | RESERVES |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 December 2023 | 67,622 |
| Profit for the period |
| Share option charge |
| At 31 December 2024 | 131,882 |
| Other reserves represents the company's capital contribution reserve. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| AURA SMART HOME LIMITED (REGISTERED NUMBER: 14096555) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 DECEMBER 2023 TO 31 DECEMBER 2024 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued |
| We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
| "Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
| 10. | ULTIMATE CONTROLLING PARTY |
| The parent company of the smallest group which prepares consolidated financial statements is Aura Home, Inc., a company registered at 30 Cooper Square, 8th Floor, New York, NY 10003. The consolidated financial statements are not publicly available. |
| There is no ultimate controlling party. |
| 11. | SHARE-BASED PAYMENT TRANSACTIONS |
| The company has issued equity settled share incentives with its employees. The equity offered is that of Aura Home, Inc (incorporated in United States of America). These incentives all vest over a period of 4 years and expire after 10 years from the vesting commencement date. |
| The incentives are presented in the form of an option. |
| The fair value of the share option is independently determined using the Black Scholes option pricing model that takes into account various factors as discussed in note 2. |
| The following table summarises the equity settled share options with employees in the period: |
Item | Number | Weighted average exercise price (USD$ | ) |
| Outstanding at the beginning of the period | 127,500 | 2.69 |
| Granted during the year | 127,500 | 1.79 |
| Forfeited/cancelled during the period | 127,500 | 2.69 |
| Exercised during the period | - | - |
| Expired during the period | - | - |
| Outstanding at the end of the period | 127,500 | 1.79 |
| Exercisable at the end of the period | 96,351 | 1.79 |
| The share based payment expense is recognised on a reasonable allocation of the group expense. The charge recognised in the year was £53,120 (2023: £45,664). |
| Further details over how the fair value of the goods or services received are measured are given in note 2 to the financial statements. |