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ON DEVICE RESEARCH LIMITED |
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Financial Statements |
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for the Year Ended 31 July 2021 |
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ON DEVICE RESEARCH LIMITED |
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Financial Statements |
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for the Year Ended 31 July 2021 |
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ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Contents of the Financial Statements |
for the year ended 31 July 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ON DEVICE RESEARCH LIMITED |
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Company Information |
for the year ended 31 July 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Balance Sheet |
31 July 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
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Investments | 6 |
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Current assets |
Debtors | 7 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
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9 |
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Net assets |
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Capital and reserves |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Notes to the Financial Statements |
for the year ended 31 July 2021 |
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1. | Statutory information |
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On Device Research 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. |
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£) and amounts are rounded to the nearest £1. |
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Significant judgements and estimates |
The directors make a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the Company's business, the directors do not believe that there are any judgements or estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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Turnover |
Turnover represents the value of work undertaken by the group in the financial year, which has been completed and accepted by clients under the terms of their contracts with the group. In assessing the values attributable to contracts in progress at the balance sheet date, turnover is accrued based upon the stage of completion of the contract and the extent to which the right to consideration has been obtained through performance. |
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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. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery etc. - 25% on reducing balance and 25% on cost |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses. The Directors' undertake impairment reviews on investments annually. |
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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. |
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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. |
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Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting date, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. |
ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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3. | Accounting policies - continued |
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Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
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Financial assets - classified as basic financial instruments |
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(i) Cash at bank and in hand |
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
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(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
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At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
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Financial liabilities - classified as basic financial instruments |
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(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
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Going concern |
These financial statements have been prepared on a going concern basis. |
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The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
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Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations. |
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In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
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The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
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4. | Employees and directors |
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The average number of employees during the year was
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ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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5. | Tangible fixed assets |
Plant and |
machinery |
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Cost |
At 1 August 2020 |
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Additions |
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At 31 July 2021 |
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Depreciation |
At 1 August 2020 |
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Charge for year |
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At 31 July 2021 |
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Net book value |
At 31 July 2021 |
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At 31 July 2020 |
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6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 August 2020 |
and 31 July 2021 |
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Net book value |
At 31 July 2021 |
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At 31 July 2020 |
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7. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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8. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 70,508 | 121,431 |
Other creditors |
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Directors' loan accounts | 7,314 | 31,000 |
Accruals and deferred income |
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A fixed and floating charge on the loan is held over all assets of the company. |
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9. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
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Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
1,809,494 | Ordinary | £0.0001 | 181 | 181 |
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11. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 August 2020 | ( |
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418,778 |
Profit for the year |
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At 31 July 2021 | ( |
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830,944 |
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12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Auditors' Report was unqualified. |
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for and on behalf of
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13. | Related party disclosures |
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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. |
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14. | Ultimate controlling party |
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The Company's ultimate controlling party is the directors by virtue of their ownership of 51% of the issued share capital in the Company. |
ON DEVICE RESEARCH LIMITED (REGISTERED NUMBER: 07329573) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2021 |
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15. | Share-based payment transactions |
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Enterprise Management Incentive Scheme share options issued |
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Company employees have been granted options under an Enterprise Management Incentive Scheme at exercise prices of £0.37 which entitles the holders to options on shares in the Company at a future date. |
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Options granted in 2021 were at an exercise price of £0.37 following approval from HMRC. |
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The first vesting date is March 2022 and the directors assess that the fair value of the share options at grant date are negligible as market value of the shares at grant date and exercise price of the options are aligned and there is too much uncertainty, and therefore volatility, over the company’s future share price as at share option grant date to make a reasonable estimate of the share options' fair value. Therefore we have no share based payment amount to recognise in the financial statements this year. |
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The following table shows the movements during the year: |
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2021 |
Number |
Outstanding at 1 August | - |
Granted during the year | 103,689 |
Lapsed during the year | - |
Exercised during the year | - |
Outstanding at 31 July | 103,689 |
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Options granted but not vested at 31 July | 103,689 |
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The vesting period of the options are 4 years. At the year end the average vesting period left on the options in this scheme were 3 years and 8 months. |