Onfido Limited - Abbreviated accounts

Registered number

07479524

Onfido Limited

Abbreviated Accounts

31 December 2014

Onfido Limited
Registered number:		07479524
Abbreviated Balance Sheet
as at 31 December 2014

Notes			2014			2013
£				£
Fixed assets
Tangible assets	2		6,512			678

Current assets
Debtors		69,113			48,569
Cash at bank and in hand		2,792,068			65,453
		2,861,181			114,022

Creditors: amounts falling due within one year		(56,336)			(23,184)

Net current assets			2,804,845			90,838

Net assets			2,811,357			91,516

Capital and reserves
Called up share capital	3		20			13
Share premium			3,229,989			150,011
Profit and loss account			(418,652)			(58,508)

Shareholders' funds			2,811,357			91,516

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



H Kassai
Director
Approved by the board on 30 September 2015

Onfido Limited
Notes to the Abbreviated Accounts
for the year ended 31 December 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Tangible fixed assets
	Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Computer equipment			33.33% straight line

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Going concern
	The company incurred losses during the period however the directors have a reasonable expectation that improving trading together with cash held and additional funding raised after the balance sheet date will ensure the company has adequate resources to continue operating for the foreseeable future. On this basis, the directors are therefore of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

	Research and development
	Research and development expenditure is written off in the period it in incurred.


2	Tangible fixed assets					£

	Cost
	At 1 January 2014					678
	Additions					6,465
	At 31 December 2014					7,143

	Depreciation
	Charge for the year					631
	At 31 December 2014					631

	Net book value
	At 31 December 2014					6,512
	At 31 December 2013					678


3	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£0.00001 each		1,370,640		14		13
	Series A Preference shares	£0.00001 each		619,438		6		-
						20		13

Nominal			Number		Amount
value			£
	Shares issued during the period:
	Ordinary shares	£0.00001 each		119,651		1
	Series A Preference shares	£0.00001 each		619,438		6
						7

	On 01 May 2014 the company issued 1,185 Ordinary shares of £0.00001 each at par. On 16 July 2014 the company issued 118,466 Ordinary shares of £0.00001 each for a total consideration of £329,989. On 19 December 2014 the company issued 619,438 Series A Preference shares of £0.00001 each for a total consideration of £2,749,995. The Series A Preference shares are entitled to a preference on a liquidation, sale or winding up equivalent to the amount subscribed for each share. Dividend payments will be distributed pari passu to all holders of Equity Shares.