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Registration number: 10237436

Perceptual Robotics Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 July 2020 to 31 December 2021

Pages for filing with Registrar

 

Perceptual Robotics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Perceptual Robotics Limited

Company Information

Directors

D N Nikolaidis

T S Richardson

C R Day

K Karachalios

K Driscoll-Lind

R W Sykes

Y Mousmoulas

Registered office

Future Space Filton Road
North Gate
Bristol
BS34 8RB

Registered number

10237436

Accountants

Corrigan Accountants Limited
1ST Floor
25 King Street
Bristol
BS1 4PB

 

Perceptual Robotics Limited

(Registration number: 10237436)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

733,332

224,180

Tangible assets

5

28,134

15,126

Investments

6

49,239

49,239

 

810,705

288,545

Current assets

 

Debtors

7

217,414

607,422

Cash at bank and in hand

 

943,337

145,954

 

1,160,751

753,376

Creditors: Amounts falling due within one year

8

(122,814)

(85,894)

Net current assets

 

1,037,937

667,482

Total assets less current liabilities

 

1,848,642

956,027

Creditors: Amounts falling due after more than one year

8

-

(271,056)

Net assets

 

1,848,642

684,971

Capital and reserves

 

Called up share capital

153

109

Share premium reserve

2,444,394

676,142

Other reserves

-

228,944

Profit and loss account

(595,905)

(220,224)

Total equity

 

1,848,642

684,971

 

Perceptual Robotics Limited

(Registration number: 10237436)
Balance Sheet as at 31 December 2021 (continued)

For the financial period ending 31 December 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 25 August 2022 and signed on its behalf by:
 

.........................................

D N Nikolaidis
Director

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Future Space Filton Road
North Gate
Bristol
BS34 8RB
England

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Disclosure of long or short period

These financial statements have been prepared for the extended period from 1 July 2020 to 31 December 2021.

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the performance against the conditions in the grant taking due consideration of the time expected to complete the work.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Furniture, fittings, and equipment

25% on cost

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

2

Accounting policies (continued)

Research and development costs

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Compound financial instruments

Compound financial instruments consist of convertible loans that can be converted to share capital at the option of the holder.

The liability component of a compound financial instrument 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. 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, and interest expense included within interest payable and similar charges. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

2

Accounting policies (continued)

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share-based payments
The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 10 (2020 - 11).

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

4

Intangible fixed assets

Trademarks, patents and licenses
 £

Development costs
£

Total
£

Cost

At 1 July 2020

-

224,180

224,180

Additions

57,257

454,489

511,746

At 31 December 2021

57,257

678,669

735,926

Amortisation

Amortisation charge

2,594

-

2,594

At 31 December 2021

2,594

-

2,594

Carrying amount

At 31 December 2021

54,663

678,669

733,332

At 30 June 2020

-

224,180

224,180

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

5

Tangible fixed assets

Furniture, fittings and equipment
 £

Drone Equipment
 £

Plant and Machinery
£

Total
£

Cost

At 1 July 2020

20,436

3,380

-

23,816

Additions

14,896

8,936

1,030

24,862

At 31 December 2021

35,332

12,316

1,030

48,678

Depreciation

At 1 July 2020

7,845

845

-

8,690

Charge for the period

9,201

2,361

292

11,854

At 31 December 2021

17,046

3,206

292

20,544

Carrying amount

At 31 December 2021

18,286

9,110

738

28,134

At 30 June 2020

12,591

2,535

-

15,126

6

Investments

2021
£

2020
£

Investments in subsidiaries

49,239

49,239

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

7

Debtors: amounts falling due within one year

2021
£

2020
£

Trade debtors

55,024

13,697

Other debtors

3,180

3,902

Accrued income

18,280

528,000

Prepayments

-

549

Corporation tax

140,930

61,274

217,414

607,422

8

Creditors

Note

2021
£

2020
£

Trade creditors

 

3,131

5,124

Taxation and social security

 

282

4,213

Other creditors

 

936

2,359

Accruals and deferred income

 

46,617

2,350

Directors' loan accounts

10

71,848

71,848

 

122,814

85,894

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

-

271,056

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.0001 each

852,000

85.20

852,000

85.20

Preference shares of £0.0001 each

-

-

242,000

24.20

Ordinary B shares of £0.0001 (2020 - £0) each

4,999

0.50

-

-

Ordinary C shares of £0.0001 (2020 - £0) each

674,480

67.45

-

-

 

1,531,479

153.15

1,094,000

109.40

During the year 4,999 Ordinary B shares were issued for total aggregated consideration of £880. The 242,000 preference share were redesignated as 242,000 Ordinary C shares with nominal value of £0.0001. There were also 432,480 ordinary C shares issued for total aggregated consideration of £1,767,447. Included within this consideration is £499,999 relating to the conversion of a convertible loan into shares during the year.

10

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Directors' loan accounts

71,848

71,848

2021
£

2020
£

Non-current loans and borrowings

Other loans

-

271,056

During the prior period the Company entered into a loan for £500,000. The loan is convertible into equity, subject to certain conditions, and the above balance represents the debt element of these compound financial instruments.

During the year, the loan was converted into shares.

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2021
£

2020
£

Total lease commitments

2,650

20,900

12

Related party transactions

Expenditure with and payables to related parties

2021

Subsidiary
£

Rendering of services

101,872

2020

Subsidiary
£

Rendering of services

78,912

13

Share-based payments

Approved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company. The options expire ten years afrer the grant date.

The movements in the number of share options during the period were as follows:

2021
Number

Granted during the period

11,000

Outstanding, end of period

11,000

Exercisable, end of period

9,000

 

Perceptual Robotics Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2020 to 31 December 2021 (continued)

13

Share-based payments (continued)

The movements in the weighted average exercise price of share options during the period were as follows:

2021
£

Granted during the period

0.02

Exercised during the period

0.02

Outstanding, end of period

0.02

Exercisable, end of period

0.02

No expense has been recognised in the year under review, on the grounds that the expense is immaterial.

Unapproved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company. The options expire ten years after grant date.

The movements in the number of share options during the period were as follows:

2021
Number

Granted during the period

4,333

Exercised during the period

(4,333)

The movements in the weighted average exercise price of share options during the period were as follows:

2021
£

Granted during the period

0.20

Exercised during the period

0.20

Outstanding, end of period

0.20

Exercisable, end of period

0.20

No expense has been recognised in the year under review, on the grounds that the expense is immaterial.