Registration number:
Actuation Lab Ltd
for the Year Ended 30 June 2023
Pages for filing with Registrar
Actuation Lab Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Actuation Lab Ltd
Company Information
Directors |
Dr T M Llewellyn-Jones Dr M P M Dicker Dr S R G Bates Dr S C Kitson Kero Limited |
Registered office |
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Registered number |
11415741 |
Accountants |
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Actuation Lab Ltd
(Registration number: 11415741)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
5 |
4 |
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Share premium reserve |
996,448 |
244,631 |
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Profit and loss account |
(220,335) |
(102,392) |
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Total equity |
776,118 |
142,243 |
Actuation Lab Ltd
(Registration number: 11415741)
Balance Sheet as at 30 June 2023
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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
.........................................
Director
Actuation Lab Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
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.
Actuation Lab Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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, other than land and properties under construction over their estimated useful lives, as follows:
Plant and machinery |
Straight line over 5 - 10 years |
Computer equipment |
Straight line over 3 - 5 years |
Office equipment |
Straight line over 3 - 5 years |
Bicycles |
Straight line over 1 year |
Research and development costs
Research and development costs are written off to profit or loss in the year incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables
Trade creditors
Trade creditors are recognised at the transaction price.
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.
Actuation Lab Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible fixed assets |
Office equipment |
Computer equipment |
Bicycles |
Plant and machinery |
Total |
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Cost |
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At 1 July 2022 |
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- |
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Additions |
- |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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- |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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- |
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Actuation Lab Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Debtors: amounts falling due within one year |
2023 |
2022 |
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Other debtors |
14,941 |
136 |
Prepayments and accrued income |
277,215 |
20,820 |
Corporation tax |
120,164 |
- |
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Creditors |
2023 |
2022 |
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Amounts falling due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
2,215 |
378 |
Accruals and deferred income |
5,946 |
1,850 |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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Ordinary of £0.00001 each |
505,123 |
5.05 |
410,696 |
4.11 |
During the year 94,427 Ordinary shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £751,818.
Actuation Lab Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Share-based payments |
Scheme details and movements
The movements in the number of warrants during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of warrants during the year were as follows:
2023 |
2022 |
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Outstanding, start of period |
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Granted during the period |
- |
- |
Outstanding, end of period |
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Exercisable, end of period |
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The Black Scholes model has been used to calculate the share based payments expense. The model requires assumptions relating to, amongst other factors, the timing of an exit event, the number of warrants which are expected to vest, and the volatility in the company's share price.
No expense has been recognised in the year under review, on the grounds that the expense is immaterial.