3
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-03-01
Sage Accounts Production Advanced 2020 - FRS102_2019
632,499
118,342
750,841
134,152
69,011
203,163
547,678
498,347
xbrli:pure
xbrli:shares
iso4217:GBP
SC496532
2020-03-01
2021-02-28
SC496532
2021-02-28
SC496532
2020-02-29
SC496532
2019-03-01
2020-02-29
SC496532
2020-02-29
SC496532
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2020-03-01
2021-02-28
SC496532
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2020-03-01
2021-02-28
SC496532
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-02-29
SC496532
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2021-02-28
SC496532
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2020-02-29
SC496532
core:LandBuildings
2021-02-28
SC496532
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-03-01
2021-02-28
SC496532
core:WithinOneYear
2021-02-28
SC496532
core:WithinOneYear
2020-02-29
SC496532
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2021-02-28
SC496532
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2020-02-29
SC496532
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2020-03-01
2021-02-28
SC496532
core:ShareCapital
2021-02-28
SC496532
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2020-02-29
SC496532
core:SharePremium
2021-02-28
SC496532
core:SharePremium
2020-02-29
SC496532
core:RetainedEarningsAccumulatedLosses
2021-02-28
SC496532
core:RetainedEarningsAccumulatedLosses
2020-02-29
SC496532
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2020-02-29
SC496532
core:LandBuildings
2020-02-29
SC496532
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2020-03-01
2021-02-28
SC496532
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2020-03-01
2021-02-28
SC496532
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2020-03-01
2021-02-28
SC496532
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2020-03-01
2021-02-28
SC496532
bus:PrivateLimitedCompanyLtd
2020-03-01
2021-02-28
SC496532
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2020-03-01
2021-02-28
SC496532
core:ComputerEquipment
2020-02-29
SC496532
core:ComputerEquipment
2021-02-28
SC496532
1
2020-03-01
2021-02-28
COMPANY REGISTRATION NUMBER:
SC496532
Particle Analytics Limited
|
|
Filleted Unaudited Financial Statements
|
|
Particle Analytics Limited
|
|
Statement of Financial Position
|
|
28 February 2021
Fixed assets
Intangible assets
|
5
|
|
547,678
|
498,347
|
Tangible assets
|
6
|
|
2,226
|
4,204
|
|
|
---------
|
---------
|
|
|
549,904
|
502,551
|
|
|
|
|
|
Current assets
Debtors
|
7
|
50,632
|
|
46,567
|
Cash at bank and in hand
|
304,282
|
|
366,469
|
|
---------
|
|
---------
|
|
354,914
|
|
413,036
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
247,842
|
|
63,547
|
|
---------
|
|
---------
|
Net current assets
|
|
107,072
|
349,489
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
656,976
|
852,040
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
90,166
|
106,032
|
|
|
---------
|
---------
|
Net assets
|
|
566,810
|
746,008
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
36
|
36
|
Share premium account
|
|
1,940,080
|
1,940,080
|
Profit and loss account
|
|
(
1,373,306)
|
(
1,194,108)
|
|
|
------------
|
------------
|
Shareholders funds
|
|
566,810
|
746,008
|
|
|
------------
|
------------
|
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 28 February 2021 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
.
Particle Analytics Limited
|
|
Statement of Financial Position (continued)
|
|
28 February 2021
These financial statements were approved by the
board of directors
and authorised for issue on
1 April 2021
, and are signed on behalf of the board by:
Michael Stewart McGregor
|
Director
|
|
Company registration number:
SC496532
Particle Analytics Limited
|
|
Notes to the Financial Statements
|
|
Year ended 28 February 2021
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Enterprise Hub, 2nd Floor Murchison House, 10 Max Burn Crescent, Edinburgh, EH9 3BF.
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 and are prepared in sterling, which is the financial currency of the entity. The financial statements have been prepared on a going concern basis. As detailed in note 12, the company raised further equity investment during the year from its shareholders. The directors consider that the company has sufficient cash reserves to meets its obligations for a period of 12 months from the date of approving these financial statements. On this basis they continue to adopt the going concern basis in preparing these financial statements.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets consist of the development of intellectual property and a licence. Intellectual property is not amortised during its development. Intangible assets undergo an annual impairment review.
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:
|
Development costs
|
-
|
10 years 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.
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:
|
Office Equipment
|
-
|
25% straight line
|
|
Computer Equipment
|
-
|
25% straight line
|
|
|
|
|
Government grants
Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include prepaid expenses and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade payables and other creditors and accruals, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
3
).
5.
Intangible assets
Cost
|
|
At 1 March 2020
|
632,499
|
Additions
|
118,342
|
|
---------
|
At 28 February 2021
|
750,841
|
|
---------
|
Amortisation
|
|
At 1 March 2020
|
134,152
|
Charge for the year
|
69,011
|
|
---------
|
At 28 February 2021
|
203,163
|
|
---------
|
Carrying amount
|
|
At 28 February 2021
|
547,678
|
|
---------
|
At 29 February 2020
|
498,347
|
|
---------
|
|
|
6.
Tangible assets
|
Office equipment
|
Computer equipment
|
Total
|
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
At 1 March 2020
|
287
|
16,938
|
17,225
|
Disposals
|
–
|
(
1,291)
|
(
1,291)
|
|
----
|
--------
|
--------
|
At 28 February 2021
|
287
|
15,647
|
15,934
|
|
----
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 March 2020
|
122
|
12,899
|
13,021
|
Charge for the year
|
72
|
1,906
|
1,978
|
Disposals
|
–
|
(
1,291)
|
(
1,291)
|
|
----
|
--------
|
--------
|
At 28 February 2021
|
194
|
13,514
|
13,708
|
|
----
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 28 February 2021
|
93
|
2,133
|
2,226
|
|
----
|
--------
|
--------
|
At 29 February 2020
|
165
|
4,039
|
4,204
|
|
----
|
--------
|
--------
|
|
|
|
|
7.
Debtors
Other debtors
|
50,632
|
46,567
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
Trade creditors
|
14,636
|
32,049
|
Social security and other taxes
|
3,047
|
4,225
|
Other creditors
|
230,159
|
27,273
|
|
---------
|
--------
|
|
247,842
|
63,547
|
|
---------
|
--------
|
|
|
|
Included within Other creditors is a balance of £201,648 (2020: £nil) relating to a convertible loan agreement. This agreement sets out a loan facility with Scottish Enterprise (the lender). The loan is unsecured and is interest free for the first twelve months, with an interest rate of 8% per annum thereafter. The loan and accrued interest is convertible into shares in the company at the lender's discretion at any point on or before the third anniversary of the date of drawdown, subject to various criteria. Given the fixed-for-fixed criteria is not met, i.e. the exchange is not of a fixed amount of cash for a fixed number of the company's own equity instruments, the loan has been recognised as a liability.
9.
Creditors:
amounts falling due after more than one year
Other creditors
|
90,166
|
106,032
|
|
--------
|
---------
|
|
|
|
10.
Deferred tax
The company has an unrecognised deferred tax asset of £220,664 (2019: £166,817). This arises as a result of trading losses and timing differences. Its recoverability is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
11.
Events after the end of the reporting period
In March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the directors believe at this point in time, the financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding from the directors will be adequate to meet the company's needs for the period of at least 12 months from the date of approval of these financial statements.