| CLARIZEN UK LTD |
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| Notes to the financial statements - 31 March 2021 |
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COMPANY INFORMATION |
| 1. |
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Clarizen UK Ltd is a private limited company incorporated and domiciled in the UK. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT. |
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The company is a wholly owned subsidiary of Clarizen Ltd, a company registered in Israel. |
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| 2. |
Statement of Compliance |
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The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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| 3. |
Accounting Policies |
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Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the year. |
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Cash Flow |
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The company as a small entity has taken the advantage not to prepare a cash flow statement under FRS 102 Section 1A small entities. |
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Going concern |
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The company ceased its trading activities and will be struck off in 2021, therefore the financial statements are not prepared under going concern basis. |
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No changes are required in the amounts and classifications of the assets and liabilities. |
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Tangible fixed assets |
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Plant and equipment: |
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Depreciation is provided at the following annual rates in order to write off the assets over |
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their estimated useful lives: |
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Computer - 33% straight line. |
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Furniture, fixtures & fittings - 33% straight line. |
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Deferred taxation |
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Deferred taxation is provided using the liabilities method to take into account timing differences arising |
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from the inclusion of items of expenditure in taxation computations in periods that differ from those in |
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which they are included in the financial statements to the extent that it is probably that the liability or |
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asset will crystallize in the future. |
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Foreign currencies |
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Assets and liabilities in foreign currencies are translated into Sterling at the rate of |
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exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated |
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into Sterling at the rate of exchange ruling at the date of the transaction. |
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| CLARIZEN UK LTD |
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| Notes to the financial statements - 31 March 2021 |
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Employee benefits |
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The company provides a range of benefits to employees, including annual bonus |
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arrangements, paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are |
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recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated a defined contribution plan for its employees. A defined |
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contribution plan is a pension plan under which the company pays fixed contributions into |
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a separate entity. Once the contributions have been paid the company has no further |
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payment obligations. The contributions are recognised as an expense when they are due. |
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Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are |
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held separately from the company in independently administered funds. |
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(iii) Share based payments |
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The company participates in a share based payment arrangement established by its ultimate |
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parent company. The company recognises the share based payment expense based on the |
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relative remuneration cost of the relevant employees. |
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The corresponding credit is recognised as a component of equity. |
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(iii) Bonus plan |
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The company operates annual bonus plan for employees and expense is recognised in the |
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profit and loss account when the company has a legal or constructive obligation to make |
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payment under the plan as a result of passed events and reliable estimation of the |
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obligation can be made. |
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| 4. |
Employee information |
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The average number of staff employed and directors by the company during the financial year was: |
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period ended |
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31.03.2021 |
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2019 |
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Number |
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Number |
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Employees |
18 |
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15 |
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No renumeration was paid to any of the directors during the year. |
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| 5. |
Fixed assets |
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Plant and equipment: |
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Furniture, |
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Leasehold |
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fixtures |
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Computer |
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Improvements |
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& fittings |
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& software |
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Total |
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£ |
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£ |
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£ |
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£ |
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Cost: |
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At 1 January 2020 |
5,000 |
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3,718 |
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42,475 |
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51,193 |
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Additions |
- |
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- |
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15,713 |
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15,713 |
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Disposals |
(5,000) |
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(3,718) |
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(58,188) |
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(66,906) |
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At 31 March 2021 |
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- |
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- |
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- |
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- |
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Depreciation: |
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At 1 January 2020 |
3,958 |
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2,703 |
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31,054 |
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37,715 |
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Charge for the year |
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1,042 |
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1,015 |
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9,460 |
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11,517 |
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Disposal |
(5,000) |
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(3,718) |
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(40,514) |
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(49,232) |
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At 31 March 2021 |
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- |
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- |
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- |
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- |
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Net Book Value: |
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At 31 March 2021 |
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- |
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- |
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- |
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- |
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At 31 December 2019 |
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1,042 |
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1,015 |
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11,421 |
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13,478 |
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| CLARIZEN UK LTD |
| Notes to the financial statements - 31 March 2021 |
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| 9. |
Share Capital |
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31.03.2021 |
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31.12.2019 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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1 Ordinary share of £1 |
1 |
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1 |
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| 10. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006: The auditor's report was unqualified. |
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The senior statutory auditor was Mr.Ran Shahmoon. |
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The auditor was Levy Cohen & Co. |
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| Date auditor signed report 5 January 2022 |
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Name of director signing report Mr M Grote |
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Date director signed report 5 January 2022 |
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| 11. |
Related party transactions |
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Control: |
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The company is a wholly owned subsidiary of Clarizen Ltd, a foreign company incorporated in Israel whose address is: 4 Hacharash, Hod HaSharon, Israel. |
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The ultimate parent company is Planview Inc; a company registered in the USA. |
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Transactions: |
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The company is exempt from disclosing transactions with related parties that are wholly |
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owned within the same group in accordance with FRS 102 Section 33(1)A. |
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| 12. |
Post balance sheet evets |
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The company ceased its trading activities and will distribute its reserves as termination dividend. |
