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No description of principal activity
2022-06-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
11026072
2022-06-01
2023-05-31
11026072
2023-05-31
11026072
2022-05-31
11026072
2021-06-01
2022-05-31
11026072
2022-05-31
11026072
bus:Director2
2022-06-01
2023-05-31
11026072
core:PatentsTrademarksLicencesConcessionsSimilar
2022-05-31
11026072
core:PatentsTrademarksLicencesConcessionsSimilar
2023-05-31
11026072
core:PlantMachinery
2022-05-31
11026072
core:PlantMachinery
2023-05-31
11026072
core:PlantMachinery
2022-06-01
2023-05-31
11026072
core:WithinOneYear
2023-05-31
11026072
core:WithinOneYear
2022-05-31
11026072
core:AfterOneYear
2023-05-31
11026072
core:AfterOneYear
2022-05-31
11026072
core:RestatedAmount
core:WithinOneYear
2022-05-31
11026072
core:ShareCapital
2023-05-31
11026072
core:ShareCapital
2022-05-31
11026072
core:SharePremium
2023-05-31
11026072
core:RestatedAmount
core:SharePremium
2022-05-31
11026072
core:OtherReservesSubtotal
2023-05-31
11026072
core:OtherReservesSubtotal
2022-05-31
11026072
core:RetainedEarningsAccumulatedLosses
2023-05-31
11026072
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2022-05-31
11026072
core:RestatedAmount
2022-05-31
11026072
core:PatentsTrademarksLicencesConcessionsSimilar
2022-05-31
11026072
core:PlantMachinery
2022-05-31
11026072
bus:SmallEntities
2022-06-01
2023-05-31
11026072
bus:AuditExemptWithAccountantsReport
2022-06-01
2023-05-31
11026072
bus:FullAccounts
2022-06-01
2023-05-31
11026072
bus:SmallCompaniesRegimeForAccounts
2022-06-01
2023-05-31
11026072
bus:PrivateLimitedCompanyLtd
2022-06-01
2023-05-31
11026072
core:IntangibleAssetsOtherThanGoodwill
2022-06-01
2023-05-31
11026072
core:IntangibleAssetsOtherThanGoodwill
2022-05-31
11026072
core:IntangibleAssetsOtherThanGoodwill
2023-05-31
11026072
core:FurnitureFittingsToolsEquipment
2022-05-31
11026072
core:FurnitureFittingsToolsEquipment
2022-06-01
2023-05-31
11026072
core:FurnitureFittingsToolsEquipment
2023-05-31
COMPANY REGISTRATION NUMBER:
11026072
Unaudited financial statements |
|
Statement of financial position |
|
31 May 2023
|
2023 |
2022 |
|
|
|
(restated) |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Fixed assets
Intangible assets |
5 |
|
400,872 |
|
441,002 |
Tangible assets |
6 |
|
29,777 |
|
53,825 |
|
|
--------- |
|
--------- |
|
|
430,649 |
|
494,827 |
|
|
|
|
|
|
Current assets
Stocks |
111,697 |
|
158,792 |
|
Debtors |
7 |
54,474 |
|
226,124 |
|
Cash at bank and in hand |
13,526 |
|
16,552 |
|
|
--------- |
|
--------- |
|
|
179,697 |
|
401,468 |
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
8 |
(
494,253) |
|
(
597,790) |
|
|
--------- |
|
--------- |
|
Net current liabilities |
|
(
314,556) |
|
(
196,322) |
|
|
--------- |
|
--------- |
Total assets less current liabilities |
|
116,093 |
|
298,505 |
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year |
9 |
|
(
375,992) |
|
(
339,624) |
|
|
|
|
|
|
Accruals and deferred income |
|
(
93,359) |
|
(
112,618) |
|
|
--------- |
|
--------- |
Net liabilities |
|
(
353,258) |
|
(
153,737) |
|
|
--------- |
|
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
119 |
|
119 |
Share premium account |
|
441,874 |
|
441,874 |
Convertible debt option reserve |
|
53,066 |
|
53,066 |
Profit and loss account |
|
(
848,317) |
|
(
648,796) |
|
|
--------- |
|
--------- |
Shareholders deficit |
|
(
353,258) |
|
(
153,737) |
|
|
--------- |
|
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of financial position (continued) |
|
31 May 2023
These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2024
, and are signed on behalf of the board by:
Company registration number:
11026072
Notes to the financial statements |
|
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 16 Hethel Innovation Centre, Hethel, Norwich, NR14 8FB, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis as the directors believe that adequate resources are available to enable the company to meet its liabilities as they fall through the support of a connected company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements Convertible debt The directors have assessed the nature of the convertible loan issued during the year ended 31 May 2021 and the required treatment under FRS102. They have determined that, despite the variable number of shares into which the loan may be converted, the convertible loan should be allocated between liability and equity elements as detailed below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of useful life cannot be made, the useful life shall not exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Products |
- |
16% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
33% on cost, 20% on cost and 10% on cost |
|
Equipment |
- |
10% on cost |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Convertible debt
The proceeds received on issue of the company's convertible debt are allocated into their liability and equity components.
The liability component is initially recognised at the fair value of a similar liability that does not have an equity conversion option.
The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. This is shown in the "Convertible debt option reserve" within shareholders' equity.
Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.
Interest related to the financial liability is recognised in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.
4.
Employee numbers
The average number of employees during the year was
8
(2022:
8
).
5.
Intangible assets
|
Patents, trademarks and licences |
Products |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 June 2022 (as restated) |
48,220 |
464,695 |
512,915 |
Additions |
– |
– |
– |
Additions from internal developments |
– |
37,518 |
37,518 |
|
------- |
--------- |
--------- |
At 31 May 2023 |
48,220 |
502,213 |
550,433 |
|
------- |
--------- |
--------- |
Amortisation |
|
|
|
At 1 June 2022 |
– |
71,913 |
71,913 |
Charge for the year |
– |
77,648 |
77,648 |
|
------- |
--------- |
--------- |
At 31 May 2023 |
– |
149,561 |
149,561 |
|
------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 May 2023 |
48,220 |
352,652 |
400,872 |
|
------- |
--------- |
--------- |
At 31 May 2022 |
48,220 |
392,782 |
441,002 |
|
------- |
--------- |
--------- |
|
|
|
|
6.
Tangible assets
|
Plant and machinery |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 June 2022 (as restated) |
102,600 |
6,898 |
109,498 |
Additions |
1,058 |
357 |
1,415 |
|
--------- |
------ |
--------- |
At 31 May 2023 |
103,658 |
7,255 |
110,913 |
|
--------- |
------ |
--------- |
Depreciation |
|
|
|
At 1 June 2022 |
54,677 |
996 |
55,673 |
Charge for the year |
24,715 |
748 |
25,463 |
|
--------- |
------ |
--------- |
At 31 May 2023 |
79,392 |
1,744 |
81,136 |
|
--------- |
------ |
--------- |
Carrying amount |
|
|
|
At 31 May 2023 |
24,266 |
5,511 |
29,777 |
|
--------- |
------ |
--------- |
At 31 May 2022 |
47,923 |
5,902 |
53,825 |
|
--------- |
------ |
--------- |
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Trade debtors |
26,116 |
21,175 |
Other debtors |
28,358 |
204,949 |
|
------- |
--------- |
|
54,474 |
226,124 |
|
------- |
--------- |
|
|
|
8.
Creditors:
Amounts falling due within one year
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
86,217 |
107,928 |
Social security and other taxes |
22,789 |
16,377 |
Other creditors |
375,247 |
463,485 |
|
--------- |
--------- |
|
494,253 |
597,790 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
Amounts falling due after more than one year
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Bank loans and overdrafts |
20,127 |
30,000 |
Convertible loan |
355,865 |
309,624 |
|
--------- |
--------- |
|
375,992 |
339,624 |
|
--------- |
--------- |
|
|
|
The convertible loan note was issued on 6th April 2021.
The loan is convertible into ordinary shares of the company at any time between the date of issue of the loan and the final repayment date of 5th April 2024, dependent on the occurrence of a specified conversion event.
The conversion price will be determined by the price per share paid in the company's most recent equity financing prior to conversion.
Interest is charged at 8% per annum.
The fair value of the liability component at inception has been calculated using a market interest rate for an equivalent instrument without conversion option. The discount rate applied was 14%.
10.
Prior period errors
A prior year adjustment has been made to the financial statements relating to the accounting period ended 31 May 2022. Shares issued in 2019, together with associated costs, were not previously accounted for correctly such that the share premium account, income and expenses recorded were understated and liabilities were overstated. These financial statements have been restated to introduce expenses totalling £11,941 and income of £642 that were omitted from the previous accounts. The share premium on the issue of the shares totalled £121,886. Professional fees in connection with the issue of the shares totalling £68,568 have been deducted from the share premium account, resulting in a net increase of £53,318. Trade creditors and other creditors have been reduced by £2,034 and £39,985 respectively. The adjustments made have all been reflected as at 1 June 2021.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
|
(restated) |
|
£ |
£ |
Not later than 1 year |
15,241 |
14,400 |
|
------- |
------- |
|
|
|