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Unaudited Financial Statements |
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for the Year Ended 31 March 2016 |
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for |
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Den Automation Ltd. |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2016 |
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for |
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Den Automation Ltd. |
Den Automation Ltd. (Registered number: 08448361) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2016 |
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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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Chartered Accountants' Report | 6 |
Den Automation Ltd. |
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Company Information |
for the Year Ended 31 March 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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Den Automation Ltd. (Registered number: 08448361) |
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Balance Sheet |
31 March 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Share premium | 7 |
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Profit and loss account | 7 | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the director on
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Den Automation Ltd. (Registered number: 08448361) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Intangible assets |
The accounts reflect the costs incurred to date in relation to applications for patents across certain territories |
around the globe including UK.The patents once granted will have a useful life of 20 years. Given that the |
company is currently in its formative years and in the process of designing products with prototypes with no |
income, the costs incurred will be amortised from the point sales income arises once the the products are in |
manufacture. |
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Tangible fixed assets |
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R & D computers & equipment | - |
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Office equipment & furniture | - |
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Computer equipment | - |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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2. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
Additions |
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At 31 March 2016 |
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AMORTISATION |
Amortisation for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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Den Automation Ltd. (Registered number: 08448361) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2016 |
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3. | TANGIBLE FIXED ASSETS |
R & D | Office |
computers | equipment | Computer |
& equipment | & furniture | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2015 |
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Additions |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Corporation tax recoverable | 50,344 | 2,575 |
VAT |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Social security and other taxes |
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Other creditors |
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Directors' current accounts | 1,248 | 44,917 |
Accruals and deferred income |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
1,000,000 | Ordinary | £0.000001 | 2 | 1 |
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a) On 30 April 2015, 173,000 Ordinary shares of £0.000001 each were allotted and issued as fully paid at par |
and 150,000 Ordinary shares of £0.000001each were allotted and issued as fully paid at a market value of £1 per |
share. |
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b) On 13 October 2015, 343,430 Ordinary shares of £0.000001 each were allotted and issued as fully paid at a |
market value of £1 per share. |
Den Automation Ltd. (Registered number: 08448361) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2016 |
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7. | RESERVES |
Profit |
and loss | Share |
account | premium | Totals |
£ | £ | £ |
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At 1 April 2015 | ( |
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Deficit for the year | ( |
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Cash share issue | - | 493,429 | 493,429 |
At 31 March 2016 | ( |
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8. | RELATED PARTY DISCLOSURES |
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The director's current account balance of £1,248 (2015: £44,917) shown under creditors is due entirely to |
Y Khattak. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of the director, Y Khattak, who at the balance sheet date had beneficial interest |
of 51.2% of the issued share capital. |
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10. | SHARE OPTIONS |
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a) The company has granted share options to its employees under the UK HMRC approved Enterprise |
Management Incentive Scheme which was adopted in November 2015. |
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The share option scheme provides employees with the option to acquire ordinary shares in the company at a |
fixed exercise price. An employee's ability to exercise this option is subject to the employee still employed by |
the company at the end of the vesting period. |
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b) Option on 47,470 ordinary shares of £0.000001 each were granted on 18 August 2016 at an exercise price of |
£1 per ordinary share. The options having vesting periods of 2 to 3 years with a cliff of 9 months on a |
proportionate basis. At grant date the market value and the fair value agreed with HMRC of the options is £1. |
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c) The company has also granted share options to its consultants and service providers under the unapproved |
option deed on 17,066 ordinary shares of £0.000001 each were granted on 12 August 2016. At the balance sheet |
date one of the option holders had paid £4,000 into the company's bank account with a further £1,000 after the |
balance sheet date. The director advises that the receipt of funds has not triggered any share issues and the |
credits for the funds received are shown as part of "Other Creditors" falling due with one year in the Balance |
Sheet. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Den Automation Ltd. |
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The following reproduces the text of the report prepared for the director and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other |
primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Den Automation Ltd. for the year ended 31 March 2016 which comprise the Profit and Loss |
Account, the Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Den Automation Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Den Automation Ltd. and state those matters that we have agreed to state to the director of Den Automation Ltd. in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Den Automation Ltd. director for our work or for this report. |
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It is your duty to ensure that Den Automation Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Den Automation Ltd.. You consider that Den Automation Ltd. is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Den Automation Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
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27 January 2017 |