Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr B Carolin 01/06/2020 Mr A B Conjour 20/10/2021 Mr D G Gould 04/05/2011 Ms R H Gould 15/06/2017 Mr W R Hobbs 10/07/2019 Mr M L Holloway 20/07/2022 Mr M C McNabb 10/07/2019 02 November 2023 The principal activity of the Company during the financial year was the design, manufacture, installation and maintenance of vehicle imaging technology. 07621889 2023-05-31 07621889 bus:Director1 2023-05-31 07621889 bus:Director2 2023-05-31 07621889 bus:Director3 2023-05-31 07621889 bus:Director4 2023-05-31 07621889 bus:Director5 2023-05-31 07621889 bus:Director6 2023-05-31 07621889 bus:Director7 2023-05-31 07621889 2022-05-31 07621889 core:CurrentFinancialInstruments 2023-05-31 07621889 core:CurrentFinancialInstruments 2022-05-31 07621889 core:Non-currentFinancialInstruments 2023-05-31 07621889 core:Non-currentFinancialInstruments 2022-05-31 07621889 core:ShareCapital 2023-05-31 07621889 core:ShareCapital 2022-05-31 07621889 core:SharePremium 2023-05-31 07621889 core:SharePremium 2022-05-31 07621889 core:RetainedEarningsAccumulatedLosses 2023-05-31 07621889 core:RetainedEarningsAccumulatedLosses 2022-05-31 07621889 core:ComputerSoftware 2022-05-31 07621889 core:ComputerSoftware 2023-05-31 07621889 core:LeaseholdImprovements 2022-05-31 07621889 core:PlantMachinery 2022-05-31 07621889 core:Vehicles 2022-05-31 07621889 core:FurnitureFittings 2022-05-31 07621889 core:ComputerEquipment 2022-05-31 07621889 core:LeaseholdImprovements 2023-05-31 07621889 core:PlantMachinery 2023-05-31 07621889 core:Vehicles 2023-05-31 07621889 core:FurnitureFittings 2023-05-31 07621889 core:ComputerEquipment 2023-05-31 07621889 bus:OrdinaryShareClass1 2023-05-31 07621889 bus:OrdinaryShareClass2 2023-05-31 07621889 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-05-31 07621889 bus:PreferenceShareClass2 bus:Non-cumulativeShares 2023-05-31 07621889 2022-06-01 2023-05-31 07621889 bus:FullAccounts 2022-06-01 2023-05-31 07621889 bus:SmallEntities 2022-06-01 2023-05-31 07621889 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07621889 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07621889 bus:Director1 2022-06-01 2023-05-31 07621889 bus:Director2 2022-06-01 2023-05-31 07621889 bus:Director3 2022-06-01 2023-05-31 07621889 bus:Director4 2022-06-01 2023-05-31 07621889 bus:Director5 2022-06-01 2023-05-31 07621889 bus:Director6 2022-06-01 2023-05-31 07621889 bus:Director7 2022-06-01 2023-05-31 07621889 core:ComputerSoftware core:BottomRangeValue 2022-06-01 2023-05-31 07621889 core:ComputerSoftware core:TopRangeValue 2022-06-01 2023-05-31 07621889 core:LeaseholdImprovements core:BottomRangeValue 2022-06-01 2023-05-31 07621889 core:LeaseholdImprovements core:TopRangeValue 2022-06-01 2023-05-31 07621889 core:PlantMachinery core:BottomRangeValue 2022-06-01 2023-05-31 07621889 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 07621889 core:Vehicles core:TopRangeValue 2022-06-01 2023-05-31 07621889 core:FurnitureFittings core:TopRangeValue 2022-06-01 2023-05-31 07621889 core:ComputerEquipment core:TopRangeValue 2022-06-01 2023-05-31 07621889 2021-06-01 2022-05-31 07621889 core:ComputerSoftware 2022-06-01 2023-05-31 07621889 core:LeaseholdImprovements 2022-06-01 2023-05-31 07621889 core:PlantMachinery 2022-06-01 2023-05-31 07621889 core:Vehicles 2022-06-01 2023-05-31 07621889 core:FurnitureFittings 2022-06-01 2023-05-31 07621889 core:ComputerEquipment 2022-06-01 2023-05-31 07621889 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 07621889 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 07621889 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 07621889 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 07621889 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 07621889 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 07621889 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2022-06-01 2023-05-31 07621889 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2021-06-01 2022-05-31 07621889 bus:PreferenceShareClass2 bus:Non-cumulativeShares 2022-06-01 2023-05-31 07621889 bus:PreferenceShareClass2 bus:Non-cumulativeShares 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07621889 (England and Wales)

DEGOULD LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

DEGOULD LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

DEGOULD LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
DEGOULD LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS Mr B Carolin
Mr A B Conjour
Mr D G Gould
Ms R H Gould
Mr W R Hobbs
Mr M L Holloway
Mr M C McNabb
REGISTERED OFFICE 17 Apple Lane Sowton Industrial Estate
Exeter
EX2 5GL
United Kingdom
COMPANY NUMBER 07621889 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
DEGOULD LIMITED

BALANCE SHEET

As at 31 May 2023
DEGOULD LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 46,566 74,782
Tangible assets 4 251,001 312,336
297,567 387,118
Current assets
Stocks 5 2,687,638 1,729,996
Debtors 6 1,593,733 1,456,298
Cash at bank and in hand 1,333,363 3,514,311
5,614,734 6,700,605
Creditors: amounts falling due within one year 7 ( 2,090,386) ( 889,220)
Net current assets 3,524,348 5,811,385
Total assets less current liabilities 3,821,915 6,198,503
Creditors: amounts falling due after more than one year 8 ( 354,023) 0
Net assets 3,467,892 6,198,503
Capital and reserves
Called-up share capital 9 465 465
Share premium account 10,564,286 10,564,286
Profit and loss account ( 7,096,859 ) ( 4,366,248 )
Total shareholders' funds 3,467,892 6,198,503

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Degould Limited (registered number: 07621889) were approved and authorised for issue by the Board of Directors on 02 November 2023. They were signed on its behalf by:

Mr M L Holloway
Director
DEGOULD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
DEGOULD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Degould Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and the principal place of business is 17 Apple Lane, Sowton Industrial Estate, Exeter, EX2 5GL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company remains in an investment and development phase and requires additional finance to enable it to continue operating as a going concern for the foreseeable future.

The company is progressing fundraising conversations with new and existing shareholders with a view to raising additional capital which is expected, based on cash flow forecasts which management consider to be reasonable and prudent, to be sufficient to enable the company to continue operating as a going concern for a period of greater than twelve months from the date of approval of these financial statements.

The Board are confident that the company will be successful in raising the capital outlined above but recognise that this is inherently uncertain and risk remains. Absent to a significant capital injection the company would not be able to continue operating as a going concern for a period of twelve months.

Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis but recognise that the need to raise finance represents a material uncertainty that may cast significant doubt on the ability of the company to continue as a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Turnover on the sale of image capture booths is recognised on receipt of the booth by the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Separately acquired patents and licences (including software) are shown at historical costs.

Patents and licenses have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation:
Amortisation is provided on intangible assets so as to write off the cost of assets other than those under development, less any estimated residual value, over their useful life as follows:

Computer software 6 - 7 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 3 - 10 years straight line
Plant and machinery 3 - 10 years straight line
Vehicles 3 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished foods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment, If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Assets sold on contract are retained in stock and recognised over the period of the contract.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

During the year the company received grants of £284,622 (2022: £278,654) from Innovate UK in relation to innovative product development.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 51 40

3. Intangible assets

Computer software Total
£ £
Cost
At 01 June 2022 188,106 188,106
At 31 May 2023 188,106 188,106
Accumulated amortisation
At 01 June 2022 113,324 113,324
Charge for the financial year 28,216 28,216
At 31 May 2023 141,540 141,540
Net book value
At 31 May 2023 46,566 46,566
At 31 May 2022 74,782 74,782

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2022 277,824 17,511 114,149 15,489 97,823 522,796
Additions 0 1,969 0 4,390 29,434 35,793
Disposals 0 0 0 0 ( 893) ( 893)
At 31 May 2023 277,824 19,480 114,149 19,879 126,364 557,696
Accumulated depreciation
At 01 June 2022 46,648 16,421 82,441 10,569 54,381 210,460
Charge for the financial year 32,928 962 31,708 3,578 27,952 97,128
Disposals 0 0 0 0 ( 893) ( 893)
At 31 May 2023 79,576 17,383 114,149 14,147 81,440 306,695
Net book value
At 31 May 2023 198,248 2,097 0 5,732 44,924 251,001
At 31 May 2022 231,176 1,090 31,708 4,920 43,442 312,336

5. Stocks

2023 2022
£ £
Stocks 1,892,178 425,772
Work in progress 124,062 323,974
Finished goods 671,398 980,250
2,687,638 1,729,996

6. Debtors

2023 2022
£ £
Trade debtors 287,433 458,413
Prepayments 77,232 138,870
VAT recoverable 100,341 97,597
Corporation tax 967,090 731,196
Other debtors 161,637 30,222
1,593,733 1,456,298

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 329,356 153,207
Amounts owed to directors 150,000 150,000
Other loans 76,662 0
Accruals and deferred income 1,395,875 452,988
Other taxation and social security 120,913 85,345
Obligations under finance leases and hire purchase contracts (secured) 0 33,256
Other creditors 17,580 14,424
2,090,386 889,220

Hire purchase liabilities of £nil (2022 : £33,256) are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans (secured) 354,023 0

Loans are secured by charges over the company assets.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
645,555 Ordinary A shares of £ 0.0001 each 64.56 64.56
2,129,266 Ordinary shares of £ 0.0001 each 212.93 212.93
277.49 277.49
1,646,036 Preference B non-cumulative shares of £ 0.0001 each 164.60 164.60
236,584 Preference C non-cumulative shares of £ 0.0001 each 23.66 23.66
188.26 188.26
465.75 465.75

Ordinary shares:
The Ordinary and Ordinary A shares carry voting rights, rights to dividends and rank equally. In the event of an exit on or prior to 10 July 2025, the holders of the Ordinary A shares shall receive the higher of i) twice the amount paid up on their shares or ii) their proportion of the sale proceeds. In the event of an exit post 10 July 2025, the holders of the Ordinary A shares shall receive the higher of i) the amount paid up on their shares or ii) their proportion of the sale proceeds.

Preference B and Preference C Shares:
Preference B shares and Preference C shares carry voting rights, right to dividend payments or any other distribution and right to participate in a distribution arising from a winding up of the company. The shares are non-redeemable.

The company has a share option scheme in which four employees participate: The Degould Limited Enterprise Management Incentive Share Options Plan set up in October 2017. Under the EMI scheme, the company has granted an EMI option over 'Ordinary' shares in the company. Exercise is only possible should certain performance conditions be achieved. During the year the directors granted additional options to the employees. Options are granted over 249,325 shares with an exercise price of £0.0001 per share at the date of the grant and an expiry date of October 2027.

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
finance leases entered into 180,000 265,517

The above financial commitments are not included in the balance sheet is £180,000 (2022 - £265,517)