Company registration number 09287583 (England and Wales)
ADDED SCIENTIFIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ADDED SCIENTIFIC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ADDED SCIENTIFIC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
56,804
95,372
Current assets
Debtors
5
120,601
124,530
Cash at bank and in hand
240,920
371,343
361,521
495,873
Creditors: amounts falling due within one year
6
(109,017)
(149,696)
Net current assets
252,504
346,177
Total assets less current liabilities
309,308
441,549
Creditors: amounts falling due after more than one year
7
(33,177)
(44,758)
Provisions for liabilities
-
0
(18,120)
Net assets
276,131
378,671
Capital and reserves
Called up share capital
93
91
Profit and loss reserves
276,038
378,580
Total equity
276,131
378,671

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 December 2021 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.

ADDED SCIENTIFIC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
R Hague
Director
Company Registration No. 09287583
ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Added Scientific Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 The Isaac Newton Centre, Nottingham Science And Technology Park, Nottingham, NG7 2RH.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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:

Leasehold land and buildings
20%
Plant and machinery
20%
Building fixtures
2%
Computer Equipment
33%
Laboratory Equipment
20%
Office Equipment
25%
ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Where it is considered material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the black scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
15
16
ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Building fixtures
Computer Equipment
Laboratory Equipment
Office Equipment
Total
£
£
£
£
£
£
£
Cost
At 1 January 2021
24,596
48,500
10,470
27,252
104,000
12,884
227,702
Additions
-
0
-
0
-
0
480
-
0
-
0
480
Disposals
-
0
-
0
-
0
(4,191)
(2,733)
(1,335)
(8,259)
At 31 December 2021
24,596
48,500
10,470
23,541
101,267
11,549
219,923
Depreciation and impairment
At 1 January 2021
7,074
38,800
837
21,033
54,627
9,959
132,330
Depreciation charged in the year
4,908
9,700
210
3,296
19,799
1,135
39,048
Eliminated in respect of disposals
-
0
-
0
-
0
(4,191)
(2,733)
(1,335)
(8,259)
At 31 December 2021
11,982
48,500
1,047
20,138
71,693
9,759
163,119
Carrying amount
At 31 December 2021
12,614
-
0
9,423
3,403
29,574
1,790
56,804
At 31 December 2020
17,522
9,700
9,633
6,219
49,373
2,925
95,372
ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
14,880
70,409
Corporation tax recoverable
36,612
15,586
Other debtors
53,948
31,547
105,440
117,542
2021
2020
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
15,161
6,988
Total debtors
120,601
124,530
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
7,635
11,696
Taxation and social security
5,370
43,847
Other creditors
96,012
94,153
109,017
149,696
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
33,177
44,758
8
Deferred Tax

As at 31 December 2021 there existed a potential net deferred tax asset of £24,297 (2020: liability of £16,357), comprising an asset of £38,497 (2020: £7,486) in respect of unrelieved trading losses and a liability of £14,200 (2020: £23,843) in respect of accelerated capital allowances. This has not been reflected as an asset given the uncertainty of future revenue streams and as the company is committed to significant continued investment in research and development.

ADDED SCIENTIFIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2021
2020
2021
2020
Number
Number
£
£
Outstanding at 1 January 2021
4,100
-
0
3.42
-
0
Granted
-
0
4,100
-
0
3.42
Expired
(2,900)
-
0
3.42
-
0
Outstanding at 31 December 2021
1,200
4,100
3.42
3.42
Exercisable at 31 December 2021
900
4,100
3.42
3.42

The options outstanding at 31 December 2021 had an exercise price of £3.42, and a remaining contractual life of 8 years.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £1,089 (2020 - £-) which related to equity settled share based payment transactions.

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
161,132
71,198
2021-12-312021-01-01false12 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityC TuckIan AshcroftR HagueT SetchfieldW Barton092875832021-01-012021-12-31092875832021-12-31092875832020-12-3109287583core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3109287583core:PlantMachinery2021-12-3109287583core:FurnitureFittings2021-12-3109287583core:ComputerEquipment2021-12-3109287583core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3109287583core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2021-12-3109287583core:LandBuildingscore:LeasedAssetsHeldAsLessee2020-12-3109287583core:PlantMachinery2020-12-3109287583core:FurnitureFittings2020-12-3109287583core:ComputerEquipment2020-12-3109287583core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-3109287583core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2020-12-3109287583core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3109287583core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3109287583core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3109287583core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3109287583core:CurrentFinancialInstruments2021-12-3109287583core:CurrentFinancialInstruments2020-12-3109287583core:ShareCapital2021-12-3109287583core:ShareCapital2020-12-3109287583core:RetainedEarningsAccumulatedLosses2021-12-3109287583core:RetainedEarningsAccumulatedLosses2020-12-3109287583bus:Director52021-01-012021-12-3109287583core:LandBuildingscore:LongLeaseholdAssets2021-01-012021-12-3109287583core:PlantMachinery2021-01-012021-12-3109287583core:FurnitureFittings2021-01-012021-12-3109287583core:ComputerEquipment2021-01-012021-12-3109287583core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-01-012021-12-3109287583core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2021-01-012021-12-31092875832020-01-012020-12-3109287583core:LandBuildingscore:LeasedAssetsHeldAsLessee2020-12-3109287583core:PlantMachinery2020-12-3109287583core:FurnitureFittings2020-12-3109287583core:ComputerEquipment2020-12-3109287583core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-3109287583core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2020-12-31092875832020-12-3109287583core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-01-012021-12-3109287583core:Non-currentFinancialInstruments2021-12-3109287583core:Non-currentFinancialInstruments2020-12-3109287583core:WithinOneYear2021-12-3109287583core:WithinOneYear2020-12-31092875832019-12-3109287583bus:PrivateLimitedCompanyLtd2021-01-012021-12-3109287583bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3109287583bus:FRS1022021-01-012021-12-3109287583bus:AuditExemptWithAccountantsReport2021-01-012021-12-3109287583bus:Director12021-01-012021-12-3109287583bus:Director22021-01-012021-12-3109287583bus:Director32021-01-012021-12-3109287583bus:Director42021-01-012021-12-3109287583bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP