ACCOUNTS - Final Accounts

ECOSENSE INTERNATIONAL UK LIMITED - Company Information

Registered number: 12604317 (England and Wales)

ECOSENSE INTERNATIONAL UK LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2020


ECOSENSE INTERNATIONAL UK LIMITED

COMPANY INFORMATION

Director	S V Gelsomini


Registered number	12604317


Registered office	New Penderel House
	4th Floor
	283-288 High Holborn
	London
	United Kingdom
	WC1V 7HP


Independent auditors	ZEDRA Corporate Reporting Services (UK) Limited


ECOSENSE INTERNATIONAL UK LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 5


ECOSENSE INTERNATIONAL UK LIMITED REGISTERED NUMBER:12604317

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020
Note		£


Current assets
Debtors: amounts falling due within one year	4	397,870
Cash at bank and in hand		222,597
		620,467
Creditors: amounts falling due within one year	5	(605,185)
Net current assets			15,282
Total assets less current liabilities			15,282

Net assets			15,282

Capital and reserves
Called up share capital			1
Profit and loss account			15,281
			15,282

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S V Gelsomini

Director

Date: 29 September 2021

The notes on pages 2 to 5 form part of these financial statements.

Page 1


ECOSENSE INTERNATIONAL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2020

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Going concern

The Company is in a net asset position of £15,282 and is primarily supported by cash at bank. Despite this position, due to the Company's business model being solely a transfer pricing arrangement with the parent company, Ecosense Lighting, Inc., it is reliant upon continued support of that company in order to remain a going concern.
The Company has received written confirmation from Ecosense Lighting, Inc. that it will continue to provide financial support to the Company for a period of at least 12 months from the date of approving these financial statements. Furthermore, the director has assessed the ability of Ecosense Lighting, Inc. to provide this support based upon their cash flow forecasts and have concluded that the parent will have sufficient working capital to provide the necessary support. For this reason, the director adopts the going concern basis in preparing the financial statements.

1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2


ECOSENSE INTERNATIONAL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2020

1.Accounting policies (continued)

1.4

Turnover

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

Rendering of services

Turnover is recognised on a cost plus 6% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the intercompany service agreement;

∙the costs incurred under the intercompany service agreement can be measured reliably.

1.5

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.6

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Due to the immaterial nature, there is no share based payment expense recognised in the current year.

Page 3


ECOSENSE INTERNATIONAL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2020

1.Accounting policies (continued)

1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

1.8

Debtors

Short term debtors are measured at transaction price.

1.9

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.

1.10

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. No interest is charged on the loan, which is repayable on demand.

2.	Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2020 was unqualified.

The audit report was signed on 29 September 2021 by Dominic King ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Employees

The average monthly number of employees during the period was 5.

Debtors

					2020
					£


	Other debtors	1,725
	Prepayments and accrued income	396,145
		397,870

Page 4


ECOSENSE INTERNATIONAL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2020

5.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	8,024
	Amounts owed to group undertakings	573,996
	Corporation tax	3,585
	Other taxation and social security	3,315
	Other creditors	1,462
	Accruals and deferred income	14,803
		605,185

6.	Controlling party

Ecosense Lighting, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 837 North Spring Street, Suite 103 Los Angeles, CA 90012.

7.	Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 5