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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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POSITRON TECHNOLOGIES LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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FOR |
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POSITRON TECHNOLOGIES LTD |
POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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POSITRON TECHNOLOGIES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Stapleton House Second Floor |
110 Clifton Street |
London |
EC2A 4HT |
POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2019 |
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31.8.19 | 31.8.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
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. |
POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 AUGUST 2019 |
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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
on its behalf by: |
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POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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1. | STATUTORY INFORMATION |
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Positron Technologies Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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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Significant judgements and estimates |
Share based payments as set out in note 11 to the accounts have been made to employees of the company. As |
disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options is |
recognised in the income statement. For the year ended 31 August 2019 the fair value has been estimated as |
£29.48396 per share. The fair value estimated is based on the value of the shares at the date of grant. |
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There have been no other significant judgements or estimates applied to the numbers contained within these financial |
statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
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. |
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Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, |
less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment - 3 years |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial |
paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where |
the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such |
assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of |
impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present |
value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in the Income Statement. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the |
impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying |
amount would have been had the impairment not previously been recognised. The impairment reversal is recognised |
in the Income Statement. |
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Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. |
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Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income |
Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be |
measured reliably are measured at cost less impairment. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control |
of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an |
unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors, loans from fellow Group companies that are classified |
as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where |
the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they |
are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently |
measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it |
relates to items recognised in other comprehensive income or directly in equity. |
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Current taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement |
of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Going concern |
The financial statements have been prepared on a going concern basis. The company incurred losses during the year. |
However the directors have been successful in attracting further investments during the year which has provided the |
company with sufficient resources to meet its obligations, if and when, they become due. The directors are therefore |
of the opinion that they should adopt the going concern basis of accounting in preparing the financial statements. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes |
in value. |
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Share-based payments |
The company operates an equity-settled compensation plan. The fair value of the employee services received in |
exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting |
period is determined by reference to the fair value of the options granted, excluding the impact of any non-market |
vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included |
in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its |
estimates of the number of options that are expected to vest. It recognises the impact of the revision to original |
estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are |
equity-settled. |
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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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POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 September 2018 |
and 31 August 2019 |
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AMORTISATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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6. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
Additions |
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At 31 August 2019 |
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DEPRECIATION |
Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
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COST |
Additions |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.19 | 31.8.18 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.19 | 31.8.18 |
value: | £ | £ |
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Ordinary | £0.00 | 1 | 123 | 123 |
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Seed Preferred | £0.00 | 1 | 40 | - |
163 | 123 |
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the year. |
POSITRON TECHNOLOGIES LTD (REGISTERED NUMBER: 10934812) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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10. | CALLED UP SHARE CAPITAL - continued |
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Ordinary shares carry the right to vote and the rights to income and capital distribution. |
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Seed Preferred shares carry the right to vote and the preferential rights to income and capital distribution. |
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11. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates an EMI qualifying share option scheme for the employees of the company. As as the date of |
Statement of Financial Position, the company had granted 1,500 qualifying share options to 2 employees with an |
exercise price of £0.70 per share. During the year, no share options had vested, lapsed or exercised. Share options |
vest over a period ranging from 42 to 45 months from the date of grant and with a cliff ranging from 6 to 9 months. |
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The share options are exercisable on the share capital of the company. |