Novidea Limited Accounts






Novidea Limited
Audited accounts
	Company No. 12078613
		Information for Filing with The Registrar
		31 December 2024

The Directors present their report and the accounts for the year ended 31 December 2024.

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
S. Shalev
Y. Vardi



































Auditors
The auditors, Gordon Levy Limited, will be proposed for appointment in accordance with Section 486 of the Companies Act 2006.




































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
31 December 2025

at	31 December 2024
Company No.		12078613	Notes	2024	2023
				£	£
Fixed assets

	Tangible assets		4	50,732	55,820


				50,732	55,820
Current assets

	Debtors		5	1,511,072	1,015,290

	Cash at bank and in hand			628,146	1,055,078
				2,139,218	2,070,368
Creditors: Amount falling due within one year			6	(2,082,484)	(1,918,989)
Net current assets				56,734	151,379
Total assets less current liabilities				107,466	207,199




Net assets				107,466	207,199

Capital and reserves
	Called up share capital			100	100

	Revaluation reserve		9	-	109,551

	Profit and loss account		9	107,366	97,548

Total equity				107,466	207,199



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.
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.
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 31 December 2025 and signed on its behalf by:





Director
31 December 2025

for the year ended 31 December 2024

General information

Novidea Limited is a private company limited by shares and incorporated in England and Wales.

The company's registered number is: 12078613

The address of the company's 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.

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

10% Straight line

Furniture, fittings and equipment

7% , 33% & 15% Straight line

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.

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.

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.

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.

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.

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
			2024	2023
			Number	Number
		The average monthly number of employees (including directors) during the year was:	35	24

4	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 January 2024	13,528	61,514	75,042
		Additions	-	13,785	13,785



		At 31 December 2024	13,528	75,299	88,827
		Depreciation
		At 1 January 2024	6,764	12,458	19,222
		Charge for the year	2,272	18,561	20,833


		Disposals	(1,960)	-	(1,960)
		At 31 December 2024	7,076	31,019	38,095
		Net book values
		At 31 December 2024	6,452	44,280	50,732
		At 31 December 2023	6,764	49,056	55,820

5	Debtors
			2024	2023
			£	£
		Trade debtors	506,189	427,312
		Amounts owed by group undertakings	687,014	209,695


		VAT recoverable	89,813	211,282

		Other debtors	159,626	65,478
		Prepayments and accrued income	68,430	101,523
			1,511,072	1,015,290

6	Creditors:
		amounts falling due within one year
			2024	2023
			£	£




		Trade creditors	930,799	550,407
		Amounts owed to group undertakings	11,841	-
		Taxes and social security	24,842	24,752

		Other creditors	39,846	32,711
		Accruals and deferred income	1,075,156	1,311,119
			2,082,484	1,918,989

7	Share based payments

	The company operates an employee share option plan, 0 options have been granted in 2024 (2023: 2160) for shares in the company.
	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	-	65,307	13.29	63,147
	Granted during the year	-	-	24.30	2,160
	Cancelled during the year	-	(65,307)	-	-
	Outstanding as at the end of the year
	Outstanding as at the end of the year	-	-	-	65,307

			2024		2023

			Black- scholes		Black- scholes

	Share price		13.29-28.21		13.29-28.21
	Exercise price		13.29-26.5		13.29-26.5
	Contractual life (years)		4.00		4.00
	Expected volatility		60-61.25%		60-61.25%
	Risk-free interest rate		3.74-4.56%		3.74-4.56%


			2024		2023
			£		£

	Equity-settled schemes		-		(109,551)

Share Capital

Allocated, called up and fully paid 1000 shares @0.1 each. Monetary value £100 (2023: £100)

9	Reserves
			Revaluation Reserve	Total other reserves
			£	£
		At 1 January 2023	80,944	80,944
		Movement on revaluation reserve	28,607	28,607


		At 31 December 2023 and 1 January 2024	109,551	109,551
		Movement on revaluation reserve	(109,551)	(109,551)


		At 31 December 2024	-	-

		Other reserve - reflects movement of equity - settled schemes.


		Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Transactions with related parties

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 this entity is a member:

Novo Idea Software Ltd

The parent's registered office address is:

HaMahshev St. Netanya, 4250713, Israel

Audit of the accounts

Unqualified

The auditors were: Gordon Levy Limited

The senior statutory auditor was: Gordon Levy BA, FCA