IRIS Accounts Production v23.3.0.418 SC501215 director 1.3.22 28.2.23 28.2.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC5012152022-02-28SC5012152023-02-28SC5012152022-03-012023-02-28SC5012152021-02-28SC5012152021-03-012022-02-28SC5012152022-02-28SC501215ns16:Scotland2022-03-012023-02-28SC501215ns15:PoundSterling2022-03-012023-02-28SC501215ns11:Director12022-03-012023-02-28SC501215ns11:PrivateLimitedCompanyLtd2022-03-012023-02-28SC501215ns11:SmallEntities2022-03-012023-02-28SC501215ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-28SC501215ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-28SC501215ns11:FullAccounts2022-03-012023-02-28SC50121512022-03-012023-02-28SC501215ns11:RegisteredOffice2022-03-012023-02-28SC501215ns6:CurrentFinancialInstruments2023-02-28SC501215ns6:CurrentFinancialInstruments2022-02-28SC501215ns6:Non-currentFinancialInstruments2023-02-28SC501215ns6:Non-currentFinancialInstruments2022-02-28SC501215ns6:ShareCapital2023-02-28SC501215ns6:ShareCapital2022-02-28SC501215ns6:RetainedEarningsAccumulatedLosses2023-02-28SC501215ns6:RetainedEarningsAccumulatedLosses2022-02-28SC501215ns6:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-28SC501215ns6:PatentsTrademarksLicencesConcessionsSimilar2022-03-012023-02-28SC501215ns6:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-03-012023-02-28SC501215ns6:PlantMachinery2022-03-012023-02-28SC501215ns6:IntangibleAssetsOtherThanGoodwill2022-02-28SC501215ns6:IntangibleAssetsOtherThanGoodwill2023-02-28SC501215ns6:IntangibleAssetsOtherThanGoodwill2022-02-28SC501215ns6:PlantMachinery2022-02-28SC501215ns6:PlantMachinery2023-02-28SC501215ns6:PlantMachinery2022-02-28SC501215ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-28SC501215ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-28
REGISTERED NUMBER: SC501215 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

PHOTON FORCE LTD

PHOTON FORCE LTD (REGISTERED NUMBER: SC501215)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHOTON FORCE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Dr R J Walker





REGISTERED OFFICE: Murchison House
10 Max Born Crescent
Edinburgh
EH9 3BF





REGISTERED NUMBER: SC501215 (Scotland)





ACCOUNTANTS: Cornerstone Accountants
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

PHOTON FORCE LTD (REGISTERED NUMBER: SC501215)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 209,817 254,449
Tangible assets 5 4,281 7,199
214,098 261,648

CURRENT ASSETS
Stocks 126,367 172,016
Debtors 6 230,121 106,777
Cash at bank 200,460 550,086
556,948 828,879
CREDITORS
Amounts falling due within one year 7 137,567 117,515
NET CURRENT ASSETS 419,381 711,364
TOTAL ASSETS LESS CURRENT
LIABILITIES

633,479

973,012

CREDITORS
Amounts falling due after more than one
year

8

(25,000

)

(125,000

)

PROVISIONS FOR LIABILITIES (813 ) (1,368 )
NET ASSETS 607,666 846,644

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 607,566 846,544
SHAREHOLDERS' FUNDS 607,666 846,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PHOTON FORCE LTD (REGISTERED NUMBER: SC501215)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 September 2023 and were signed by:





Dr R J Walker - Director


PHOTON FORCE LTD (REGISTERED NUMBER: SC501215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Photon Force Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of two years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on a straight line basis and 25% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PHOTON FORCE LTD (REGISTERED NUMBER: SC501215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is capitalised and amortised over the period from which the company is expected to benefit.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022 517,017
Additions 72,030
At 28 February 2023 589,047
AMORTISATION
At 1 March 2022 262,568
Charge for year 116,662
At 28 February 2023 379,230
NET BOOK VALUE
At 28 February 2023 209,817
At 28 February 2022 254,449

PHOTON FORCE LTD (REGISTERED NUMBER: SC501215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 29,004
Additions 924
At 28 February 2023 29,928
DEPRECIATION
At 1 March 2022 21,805
Charge for year 3,842
At 28 February 2023 25,647
NET BOOK VALUE
At 28 February 2023 4,281
At 28 February 2022 7,199

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 52,500 -
Other debtors 177,621 106,777
230,121 106,777

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 100,000 75,000
Trade creditors 8,790 17,498
Taxation and social security 19,252 13,057
Other creditors 9,525 11,960
137,567 117,515

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,000 125,000