Informetis Europe Limited
Informetis Europe Limited
Registered number: 09318672
Unaudited Financial Statements
For The Year Ended
31 December 2023
Watermill Accounting Limited
Informetis Europe Limited
Unaudited Financial Statements
For The Year Ended
31 December 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Informetis Europe Limited
Balance Sheet
As At
31 December 2023
Balance Sheet
Registered number:
09318672
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 31 December 2023 | 31 December 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 255,320 | 233,063 | |||
Informetis Europe Limited
Balance Sheet (continued)
As At
31 December 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Informetis Europe Limited
Notes to the Financial Statements
For The Year Ended
31 December 2023
Notes to the Financial Statements
1.
General Information
Informetis Europe Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09318672
. The registered office is Future Business Centre Informetis Europe Ltd, Kings Hedges Road, Cambridge, Cambs., CB4 2HY.
The principal activity of the company is that of providing Home Energy Management and Healthcare solutions using smart sensors and artificial intelligence. In addition, the company also provides Research & Development services to internal and external customers.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. The directors do not consider there to be any key sources of estimation and uncertainty when applying the accounting policies.
The comparative figures contained in the financial statements, notes & disclosures for the previous year ended December 31, 2022 are unaudited.
The accounting year for the previous accounts starts at April 01, 2022 and ends on December 31, 2022. The period was shortened to nine months.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Research and Development
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
Development costs will be amortised evenly once their estimated useful life commences.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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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
2.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Informetis Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
2.6.
Foreign Currencies
The Company's functional and presentational currency is GBP
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Research and development tax credits are estimated and claimed each year using the HMRC rules and guidelines applicable. Refunds approved by HMRC are recognised in the income statement in the period in which they are actually received due to the uncertainties involved.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9.
Debtors
Short term debtors are measured at transaction price, less any impairment
2.10.
Creditors
Short term creditors are measured at the transaction price.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
4.
Intangible Assets
| Development Costs | |||
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| £ | |||
| Cost | |||
| As at
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| Additions |
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| Net Book Value | |||
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Informetis Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
5.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at
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| Additions |
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| Depreciation | |
| As at
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| Provided during the period |
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| Net Book Value | |
| As at
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6.
Stocks
| 31 December 2023 | 31 December 2022 | ||
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| Stock |
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7.
Debtors
| 31 December 2023 | 31 December 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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8.
Creditors: Amounts Falling Due Within One Year
| 31 December 2023 | 31 December 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Other loans |
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| Other taxes and social security |
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| Accruals and deferred income |
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Informetis Europe Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2023
10.
Financial Instruments
Financial Assets
Financial assets measured at amortised cost as at 31.12.2023 - GBP 69,140 (PY - GBP 79,305)
Financial Liabilities
Financial liabilities measured at amortised cost as at 31.12.2023 - GBP 599,445 (PY - GBP 191,826)
Financial assets measured at amortised cost comprise of trade debtors, other debtors and amounts owed by group
undertakings.
Financial liabilities measured at amortised cost comprise trade creditors, accruals, amounts owed to group undertakings and other creditors.
11.
Related Party Transactions
During the year, the Company has related party transactions with its holding company. However, the Company has taken advantage of exemptions in FRS 102 para 33.1A from the requirement to disclose these information on the basis that the Company is a wholly owned subsidiary.
12.
Ultimate Controlling Party
The Company is controlled by the ultimate parent company, Informetis Co. Ltd, a company headquartered at Mita Building 4F, 5-5-1 Shiba, Minato-Ku, Tokyo, Japan 108-0014.