Contents of the Financial Statements

for the Period Ended 31 December 2021

Directors' report period ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Directors

The directors shown below have held office during the whole of the period from
1 January 2021 to 31 December 2021

The director shown below has held office during the period of
1 January 2021 to 21 June 2021

The director shown below has held office during the period of
8 June 2021 to 31 December 2021

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
15 March 2022

And signed on behalf of the board by:
Name: E Carmeli
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2021

Balance sheet

As at 31 December 2021

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2021

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  RevenueThe standard presents a new five step model for the recognition of revenue from contracts with customers,which consists of five steps:1. Identify the contract with the customer.2. Identify separate performance obligations in the contract.3. Determine the transaction price.4. Allocate the transaction price to separate performance obligations.5. Recognise revenue when the entity satisfies a performance obligation.The contracts include multiple deliverables, such as the sale of waterbar and related installation services.However, the installation is simple, does not include an integration service and could be performed byanother party. It is therefore accounted for as a separate performance obligation.Revenue is recognised at the point in time when the relevant performance obligation is satisfied under thecontractual agreement. The performance obligation for unit sale or installation is considered to be satisfiedwhen the waterbars have been transferred to the customer and the customer has obtained control of thatasset. The revenue for subscription or maintenance is recognised over the life of the contract, with therelevant amounts accrued or deferred where necessary.Revenue is measured at the transaction price, being the fair value of the consideration received orreceivable. The transaction price is reduced for estimated customer returns, rebates and other similarallowances.The recognition of discounts is aligned to the recognition of the underlying revenue to which discount hasbeen applied. All revenue is earned from UK sources and is generated from principle activities of thebusiness.

  Tangible fixed assets depreciation policy

  Plant and equipment is stated at cost, net of accumulated depreciation and impairment.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Leasehold improvements over the lease termPlant and equipment over 3 yearsInformation technology over 3 to 7 yearsWaterbars and installation costs over 6 yearsRight of use asset over the lease termThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is recognised in the income statement.

  Intangible fixed assets amortisation policy

  Intangible assets other than goodwillThe development costs are recorded as an intangible asset and is stated at the cost for application,infrastructure and content development. Customer acquisition costs and computer software are initiallyrecorded at cost, with annual review for impairment. Amortisation is charged as follows:Website development over 3 yearsCustomer acqusition costs over 6 yearsComputer software over 3 to 7 years

  Valuation information and policy

  1.7 InventoriesInventories are valued at the lower of cost and net realisable value, after making due allowance forobsolete and slow moving items. The cost includes expenditure incurred in acquiring the inventories andbringing them to their existing location and condition.Net realisable value is the estimated selling price less all estimated selling price in the ordinary course ofbusiness.1.8 Fair value measurementIFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not changewhen an entity is required to use fair value, but rather provides guidance on how to measure fair valueunder IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected theprinciples that the company uses to assess the fair value, but the assessment of fair value under IFRS 13has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts thedisclosures of the company. It requires specific disclosures about fair value measurements and disclosuresof fair values, some of which replace existing disclosure requirements in other standards.

  Other accounting policies

  1.9 Cash and cash equivalentsCash and cash equivalents comprise cash balances and deposits and are shown net of bank overdraftswhere the company has the right of offset.1.10 Financial assetsAll recognised financial assets are required to be measured at amortised cost or fair value on the basis ofthe Company’s business model for managing the financial assets and the contractual cash flowcharacteristics of the assets.Amounts receivable which comprise trade and other receivables are carried at amortised cost lessimpairments.Impairment of financial assetsA loss allowance is recognised on initial recognition of financial assets held at amortised cost, based onexpected credit losses, and is remeasured annually with changes appearing in profit or loss. For assetswith a maturity of 12 months or less, including trade receivables, the 12-month expected loss allowance isequal to the lifetime expected loss allowance.1.11 Financial liabilitiesAmounts payable which comprise trade and other payables are carried at amortised cost.1.12 Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.Dividends payable on equity instruments are recognised as liabilities once they are no longer at thediscretion of the company.1.13 TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.bligation. Provisions are determined by discounting the expected future cash flowsat a pre-tax rate that reflects risks specific to the liability. The amount recognised as a provision isreviewed at each reporting date.1.15 Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unless those costsare required to be recognised as part of the cost of inventories or non-current assets.The cost of any unused holiday entitlement is recognised in the period in which the employee’s servicesare received.Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.1.16 Retirement benefitsThe company operates a defined contribution pension scheme. Contributions payable for the year arecharged to the income statement.1.17 LeasesRentals payable under operating leases, less any lease incentives received, are charged to income on astraight line basis over the term of the relevant lease except where another more systematic basis is morerepresentative of the time pattern in which economic benefits from the lease asset are consumed.Under IFRS 16 the company recognises right of use assets and lease liabilities for leases other than thosefor low value assets or for short term leases of 12 months or less.Rental income from operating leases is recognised on a straight line basis over the term of the relevantlease. The initial direct costs are recognised when the unit had been installed as per 1.3, which is adeparture from IAS 17. However the directors believe that the treatment applied provides a true and fairview to the users of the accounts.1.18 Foreign exchangeTransactions in foreign currencies are translated to the company’s functional currencies at the foreignexchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreigncurrencies at the balance sheet date are retranslated to the functional currency at the foreign exchangerate ruling at that date. Foreign exchange differences arising on translation are recognised in the incomestatement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreigncurrency are translated using the exchange rate at the date of the transaction.1.19 Finance costsFinancing expenses comprise interest payable, bank charges and payment gateway charges, unwinding ofthe discount on provisions, and net foreign exchange losses that are recognised in the income statement(see foreign currency accounting policy).

Notes to the Financial Statements

for the Period Ended 31 December 2021

• 2. Employees

  	2021	2020
  Average number of employees during the period	29	31

  Their aggregate remuneration comprised:2021 2020£ £Wages and salaries 1,386,457 1,375,702Social security costs 127,730 135,570Pension costs 16,982 16,7931,531,169 1,528,065No remuneration or benefits were paid to the directors during the year (2020: nil). Key managementpersonnel were compensated a total of £661,802 in remuneration in 2021 (2020: £638,436).The company pays into a personal pension scheme on behalf of some of its employees. As at 31December 2021 the company owed £nil to the fund (2020: £nil).