Ocere Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06858052 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

OCERE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T B Parling

A Bouchacourt

J Vidor

REGISTERED OFFICE:

Formal House

60 St Georges Place

Cheltenham

Gloucestershire

GL50 3PN

REGISTERED NUMBER:

06858052 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ryan Moore

INDEPENDENT AUDITORS:

Randall & Payne LLP

Statutory Auditor

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Tangible assets

5

12,086

13,211

CURRENT ASSETS

Debtors

6

2,499,286

1,523,378

Cash at bank

7

946,025

1,512,184

3,445,311

3,035,562

CREDITORS

Amounts falling due within one year

8

173,180

431,366

NET CURRENT ASSETS

3,272,131

2,604,196

TOTAL ASSETS LESS CURRENT LIABILITIES

3,284,217

2,617,407

PROVISIONS FOR LIABILITIES

2,296

2,896

NET ASSETS

3,281,921

2,614,511

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

3,281,821

2,614,411

SHAREHOLDERS' FUNDS

3,281,921

2,614,511

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2023 and were signed on its behalf by:

T B Parling - Director

A Bouchacourt - Director

J Vidor - Director

1.	STATUTORY INFORMATION

Ocere 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 as modified by the revaluation of certain assets.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

(i) the amount of revenue can be measured reliably;

(ii) it is probable that the Company will receive the consideration due under the contract;

(iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and

(iv) the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

- Plant and machinery - 20% on cost and 15% on reducing balance

- Computer equipment - 25% on cost and 15% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

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'.

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 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.

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 profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the 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.

Going concern

There are no material uncertainties that may cast significant doubt about the company’s ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

4.	AUDITORS' REMUNERATION

2023

2022

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,500

6,350

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2022

5,605

21,399

27,004

Additions

-

3,212

3,212

At 31 March 2023

5,605

24,611

30,216

DEPRECIATION

At 1 April 2022

2,527

11,266

13,793

Charge for year

638

3,699

4,337

At 31 March 2023

3,165

14,965

18,130

NET BOOK VALUE

At 31 March 2023

2,440

9,646

12,086

At 31 March 2022

3,078

10,133

13,211

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

849,790

1,015,678

Other debtors

74,272

42,016

Amounts due from group under-

takings

1,540,820

459,244

Directors' loan accounts

25,208

-

Prepayments

9,196

6,440

2,499,286

1,523,378

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

7.	CASH AT BANK

2023

2022

£

£

Bank account

591,867

1,330,510

Bank account no. 2

345

345

PayPal accounts

16,471

-

Transferwise accounts

337,342

180,729

Equalsmoney

-

600

946,025

1,512,184

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.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

18,412

Trade creditors

126

-

Corporation Tax

222

145,597

Social security and other taxes

30,345

26,997

Wages

-

10,272

Pensions

2,308

2,286

VAT

42,660

61,733

Other creditors

2,128

1,532

Deferred income

81,887

146,504

Accrued expenses

13,504

18,033

173,180

431,366

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.

9.	FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets are measured at fair value through profit or loss and comprise cash at bank and in hand of £946,025 (2022: £1,494,301).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

1.00

100

100

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

The Report of the Auditors was unqualified.

Ryan Moore (Senior Statutory Auditor)

for and on behalf of Randall & Payne LLP

12.	OTHER FINANCIAL COMMITMENTS

The company had total contingencies and commitments at the year end of £63,158 (2022: £91,583). £28,425 is due within 12 months of the accounting date and £34,733 is due between 1 April 2024 and 20 June 2025

This relates to the lease of office space.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

T B Parling

Balance outstanding at start of year

-

140,748

Amounts advanced

36,596

-

Amounts repaid

(11,388

)

(454,244

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

25,208

-

Interest is being charged annually at the HMRC approved rate on the loan to Mr T Parling and there are no set repayment terms.

14.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption available under Section 33 1A of Financial Reporting Standard 102, not to disclose transactions with other wholly owned members of the Group.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Groupe JVWEB, a company incorporated in France by virtue of its 100% shareholding in Ocere Limited. The Company is included in the Consolidated accounts of Groupe JVWEB, and copies of its accounts can be obtained from its registered office at JVWEB 646, Rue Marius Petipa, Montpellier, France, 34080.