Company registration number 07025669 (England and Wales)
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,877,083
2,000,000
Tangible assets
5
33,875
45,166
Investments
6
11,268
10,970
1,922,226
2,056,136
Current assets
Debtors
7
575,252
438,176
Cash at bank and in hand
10,667
72,410
585,919
510,586
Creditors: amounts falling due within one year
8
(48,853)
(84,740)
Net current assets
537,066
425,846
Total assets less current liabilities
2,459,292
2,481,982
Creditors: amounts falling due after more than one year
9
(164,467)
(180,598)
Net assets
2,294,825
2,301,384
Capital and reserves
Called up share capital
10
166,711
162,821
Share premium account
2,583,706
2,282,725
Profit and loss reserves
(455,592)
(144,162)
Total equity
2,294,825
2,301,384
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2022
31 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2023 and are signed on its behalf by:
R M Sloman
Director
Company Registration No. 07025669
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
Advanced Blast & Ballistic Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Firs Close, St Martins, Oswestry, Shropshire, United Kingdom, SY11 3LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of patents. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared the accounts on the going concern basis as they expect that the company will have sufficient resources to meet its commitments for a period of 12 months from the date of approval of the accounts. The company is dependant upon support from one of its directors in the form of a loan advance, repayment of which has been deferred until such time as the company has the resources to enable repayment.true
1.3
Turnover
Turnover includes grant income funding of Research & Development activities and the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the goods have been despatched to the customer.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired are recognised at cost or valuation and are subsequently measured at cost or valuation less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
Patents
15 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company only has financial instruments that are classified as basic financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and subsequently carried at amortised cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price and subsequently measured at amortised cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recoverability of related party loans
The company has made loans to related parties totalling £451,273, the recoverability of which is dependant upon the ability of those related parties to exploit and commercialise the intellectual property developed over a number of years. The directors are satisfied that no provision against the recoverability of those related party loans is required as they anticipate that with the realisation of commercial income streams from that intellectual property, the loans will be recoverable in full.
Patent registrations
The company has, over a number of years, developed blast protection technology with the intention of exploiting the commercialisation of that technology. It has protected it rights in technology by the registration of patents which at 31 October 2022 had a book amount of £1,877,083 The directors have determined that this amount represents not more than the commercial value of those patents.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
4
4
Intangible fixed assets
Patents
£
Cost
At 1 November 2021
2,115,342
Additions
18,887
At 31 October 2022
2,134,229
Amortisation and impairment
At 1 November 2021
115,342
Amortisation charged for the year
141,804
At 31 October 2022
257,146
Carrying amount
At 31 October 2022
1,877,083
At 31 October 2021
2,000,000
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021 and 31 October 2022
88,087
Depreciation and impairment
At 1 November 2021
42,921
Depreciation charged in the year
11,291
At 31 October 2022
54,212
Carrying amount
At 31 October 2022
33,875
At 31 October 2021
45,166
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
11,268
10,970
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 November 2021
10,970
Additions
298
At 31 October 2022
11,268
Carrying amount
At 31 October 2022
11,268
At 31 October 2021
10,970
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 8 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,822
32,829
Corporation tax recoverable
38,210
29,699
Other debtors
528,773
359,766
Prepayments and accrued income
2,447
15,882
575,252
438,176
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Trade creditors
15,012
38,854
Taxation and social security
5,882
165
Other creditors
11,874
Accruals and deferred income
6,085
35,721
48,853
84,740
9
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
34,238
40,523
Other creditors
130,229
140,075
164,467
180,598
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,667,111
1,628,211
166,711
162,821
Shares were issued in the year for a total consideration of £304,871.
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 9 -
11
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Key management personnel
130,229
140,075
Other related parties
451,273
295,592
21,000
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