OvationData Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02067030 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

OVATIONDATA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Gregory G Servos

M Wildig

SECRETARY:

Ms S McCarrick

REGISTERED OFFICE:

Unit 10

Crayfields Industrial Park

Main Road

Orpington

Kent

BR5 3HP

REGISTERED NUMBER:

02067030 (England and Wales)

AUDITORS:

Sargeant Partnership LLP

Chartered Accountants

and Statutory Auditors

5 White Oak Square

London Road

Swanley

Kent

BR8 7AG

FIXED ASSETS

Tangible assets

4

673,818

888,440

CURRENT ASSETS

Stocks

117,878

95,357

Debtors

5

6,001,379

5,250,361

Cash at bank and in hand

954,873

1,753,659

7,074,130

7,099,377

CREDITORS

Amounts falling due within one year

6

896,961

855,480

NET CURRENT ASSETS

6,177,169

6,243,897

TOTAL ASSETS LESS CURRENT LIABILITIES

6,850,987

7,132,337

PROVISIONS FOR LIABILITIES

7

44,531

68,740

NET ASSETS

6,806,456

7,063,597

CAPITAL AND RESERVES

Called up share capital

8

137,211

137,211

Share premium

9

232,708

232,708

Retained earnings

9

6,436,537

6,693,678

SHAREHOLDERS' FUNDS

6,806,456

7,063,597

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2022 and were signed on its behalf by:

M Wildig - Director

1.	STATUTORY INFORMATION

OvationData Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when invoices are raised. Turnover represents the service of transcription and specialist pre-processing of oil and gas exploration data, the development of transcription techniques and technology transfer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold land and buildings

-

Over the primary term of lease

Fixtures, fittings and equipment

-

20% per annum on cost

Computer equipment

-

20% per annum on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

Employee benefits

Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to personal pension schemes are recognised as an expense in the period in which they are incurred.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2020 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Leasehold

fittings

land and

and

Computer

buildings

equipment

equipment

Totals

£

£

£

£

COST

At 1 January 2021

20,342

632,704

4,642,195

5,295,241

Additions

-

-

111,736

111,736

At 31 December 2021

20,342

632,704

4,753,931

5,406,977

DEPRECIATION

At 1 January 2021

20,342

609,353

3,777,106

4,406,801

Charge for year

-

10,239

316,119

326,358

At 31 December 2021

20,342

619,592

4,093,225

4,733,159

NET BOOK VALUE

At 31 December 2021

-

13,112

660,706

673,818

At 31 December 2020

-

23,351

865,089

888,440

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,412,441

1,119,072

Amounts owed by group undertakings

202,022

202,022

Other debtors

3,850,697

3,388,540

VAT

-

33,227

Prepayments and accrued income

536,219

507,500

6,001,379

5,250,361

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

14,684

57,132

Tax

(107,410

)

(37,431

)

Social security and other taxes

119,585

66,462

VAT

3,583

-

Other creditors

-

92,816

Preference shares

479,034

479,034

Accruals and deferred income

387,485

197,467

896,961

855,480

7.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

44,531

68,740

Deferred

tax

£

Balance at 1 January 2021

68,740

Movement in the year

(24,209

)

Balance at 31 December 2021

44,531

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

137,211

Ordinary

£1

137,211

137,211

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2021

6,693,678

232,708

6,926,386

Deficit for the year

(257,141

)

(257,141

)

At 31 December 2021

6,436,537

232,708

6,669,245

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Sargeant Partnership LLP