Company registration number 08260223 (England and Wales)
FINSEN TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
FINSEN TECHNOLOGIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
FINSEN TECHNOLOGIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
47,273
58,892
Investments
4
750,000
750,000
797,273
808,892
Current assets
Inventories
360,648
586,132
Trade and other receivables falling due after more than one year
5
171,200
89,100
Trade and other receivables falling due within one year
5
428,707
217,799
Cash and cash equivalents
129,140
853,455
1,089,695
1,746,486
Current liabilities
6
(302,512)
(372,066)
Net current assets
787,183
1,374,420
Total assets less current liabilities
1,584,456
2,183,312
Non-current liabilities
7
(13,607)
(19,757)
Provisions for liabilities
8
(6,517)
(35,915)
Net assets
1,564,332
2,127,640
Equity
Called up share capital
10
275
264
Share premium account
1,882,350
1,881,849
Share based payment reserve
69,784
86,045
Retained earnings
(388,077)
159,482
Total equity
1,564,332
2,127,640

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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.

FINSEN TECHNOLOGIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 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:
S J Lawson
Director
Company Registration No. 08260223
FINSEN TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Share capital
Share premium account
Share based payment reserve
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2020
213
232,504
-
0
-
0
(416,299)
(183,582)
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
-
575,781
575,781
Issue of share capital
10
58
1,899,265
-
(7)
-
1,899,316
10
(7)
(249,920)
-
7
-
0
(249,920)
Share based payments
-
-
86,045
-
-
86,045
Balance at 31 March 2021
264
1,881,849
86,045
-
0
159,482
2,127,640
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
-
-
(658,440)
(658,440)
Issue of share capital
11
501
-
-
-
512
Share based payments
-
-
94,620
-
-
94,620
Exercise of share options
-
-
(110,881)
-
110,881
-
Balance at 31 March 2022
275
1,882,350
69,784
-
0
(388,077)
1,564,332
FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information

Finsen Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

During the year the company made a loss of £658,440 and at the reporting datetrue had net assets of £1,564,332.

 

The directors have considered the impact of Covid-19 on the company. The company's key market sector is decontamination and the directors feel that as the size of the markets it operates in has expanded and the opportunities available are increasing due to Covid-19, the company is in a position to continue to take advantage of the growth potential.

 

Therefore, based on the above the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Revenue

Revenue represents the sale of UVC disinfection products and is recognised when the significant risks and rewards of ownership have passed to the buyer (on the 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.

1.4
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.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -

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
20% / 100%
Fixtures, fittings & equipment
25% / 100%
Motor vehicles
25%

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 the statement of income.

1.6
Non-current investments

Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of non-current 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.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the income statement.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.10
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 statement of financial position 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
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 trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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 income statement 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.

 

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 income statement, 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.

FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 7 -
1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
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 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.

1.15
Retirement benefits

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

1.16
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 an appropriate pricing 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.

1.17
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.

1.18
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 the income statement for the period.

FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
2
Employees

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

2022
2021
Number
Number
Total
11
10
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2021
65,526
Additions
3,221
At 31 March 2022
68,747
Depreciation and impairment
At 1 April 2021
6,634
Depreciation charged in the year
14,840
At 31 March 2022
21,474
Carrying amount
At 31 March 2022
47,273
At 31 March 2021
58,892
4
Fixed asset investments
2022
2021
£
£
Investments
750,000
750,000
FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
4
Fixed asset investments
(Continued)
- 9 -
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2021 & 31 March 2022
750,000
Carrying amount
At 31 March 2022
750,000
At 31 March 2021
750,000
5
Trade and other receivables
2022
2021
£
£
Amounts falling due within one year:
Trade receivables
158,414
91,518
Corporation tax recoverable
70,443
34,510
Amounts owed by group undertakings
160,000
-
0
Other receivables
39,850
91,771
428,707
217,799
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
171,200
89,100
Total debtors
599,907
306,899
6
Current liabilities
2022
2021
£
£
Trade payables
144,980
197,225
Taxation and social security
10,435
16,862
Other payables
147,097
157,979
302,512
372,066
FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
7
Non-current liabilities
2022
2021
£
£
Other payables
13,607
19,757
8
Provisions for liabilities
2022
2021
£
£
Warranty provision
6,517
35,915
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 April 2021
2,832
-
0
2.30
-
0
Granted
10
2,832
50.00
2.30
Exercised
(1,113)
-
10.58
-
0
Outstanding at 31 March 2022
1,729
2,832
3.77
2.30
Exercisable at 31 March 2022
732
867
5.47
0.97

 

Liabilities and expenses

The company issues options to certain employees and directors.

 

These options are valid for ten years and they vest over a period of up to three years from the date of grant. However, the options can be exercised at any time at which an offer has been made to acquire a controlling interest of the company. The options are also conditional on the option holder remaining in employment, unless permitted by the board.

 

At the date of grant the directors considered the fair value per option to range between £59 and £100 per option, and a fair value adjustment has been recognised through the Share based payment reserve in equity.

 

10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
27,519
26,406
275
264
FINSEN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
11
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company wholly owns the subsidiary undertakings of the group in which it is party to the transactions.

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