Company Registration No. 07025669 (England and Wales)
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
512,715
512,542
Tangible assets
4
54,631
7,045
Investments
5
13,470
13,470
580,816
533,057
Current assets
Debtors
6
376,493
343,921
Cash at bank and in hand
237,780
286,906
614,273
630,827
Creditors: amounts falling due within one year
7
(53,883)
(96,463)
Net current assets
560,390
534,364
Total assets less current liabilities
1,141,206
1,067,421
Creditors: amounts falling due after more than one year
8
(184,876)
(250,923)
Net assets
956,330
816,498
Capital and reserves
Called up share capital
9
158,476
151,825
Share premium account
1,999,151
1,566,147
Profit and loss reserves
(1,201,297)
(901,474)
Total equity
956,330
816,498
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 2020 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.
T
he 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 2020
31 October 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2021 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 2020
- 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
3 Dale View Court, Fulford, Stoke-on-Trent, ST11 9BA.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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.
true
1.3
Turnover
Turnover i
ncludes 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 separately from a business are recognised at cost and are subsequently measured at cost 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 2020
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 2020
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
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
3
Intangible fixed assets
Patents
£
Cost
At 1 November 2019
549,142
Additions
39,373
At 31 October 2020
588,515
Amortisation and impairment
At 1 November 2019
36,600
Amortisation charged for the year
39,200
At 31 October 2020
75,800
Carrying amount
At 31 October 2020
512,715
At 31 October 2019
512,542
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2019
16,700
Additions
65,797
At 31 October 2020
82,497
Depreciation and impairment
At 1 November 2019
9,655
Depreciation charged in the year
18,211
At 31 October 2020
27,866
Carrying amount
At 31 October 2020
54,631
At 31 October 2019
7,045
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
13,470
13,470
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 November 2019 & 31 October 2020
13,470
Carrying amount
At 31 October 2020
13,470
At 31 October 2019
13,470
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 7 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
39,407
Corporation tax recoverable
29,699
Other debtors
346,794
304,514
376,493
343,921
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
5,000
50,000
Trade creditors
38,223
6,200
Taxation and social security
27
20,784
Other creditors
5,611
6,611
Accruals and deferred income
5,022
12,868
53,883
96,463
8
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
45,000
Other creditors
139,876
250,923
184,876
250,923
Other creditors represents a loan from a director upon which no interest is charged.
9
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,584,756
151,825
158,476
151,825
During the year £1 Ordinary shares were re-designated as £0.10 Ordinary shares. Shares were issued in the year for a total consideration of £439,655.
ADVANCED BLAST & BALLISTIC SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 8 -
10
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
2020
2019
2020
2019
£
£
£
£
Key management personnel
-
-
139,876
250,923
Other related parties
267,300
270,913
-
-