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Registration number: 11415741

Actuation Lab Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Pages for filing with Registrar

 

Actuation Lab Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

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

Unit 3a Princess Street
Bedminster
Bristol
BS3 4AG

Registered number

11415741

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Actuation Lab Ltd

(Registration number: 11415741)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,701

9,308

Current assets

 

Debtors

5

412,320

20,956

Cash at bank and in hand

 

437,060

131,751

 

849,380

152,707

Creditors: Amounts falling due within one year

6

(90,963)

(19,772)

Net current assets

 

758,417

132,935

Net assets

 

776,118

142,243

Capital and reserves

 

Called up share capital

7

5

4

Share premium reserve

996,448

244,631

Profit and loss account

(220,335)

(102,392)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 3 November 2023 and signed on its behalf by:
 

.........................................

Dr S R G Bates
Director

 

Actuation Lab Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3a Princess Street
Bedminster
Bristol
BS3 4AG

2

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 6).

4

Tangible fixed assets

           

Office equipment
 £

Computer equipment
 £

Bicycles
£

Plant and machinery
£

Total
£

Cost

At 1 July 2022

2,871

4,123

-

3,804

10,798

Additions

-

9,387

1,174

1,374

11,935

At 30 June 2023

2,871

13,510

1,174

5,178

22,733

Depreciation

At 1 July 2022

194

836

-

460

1,490

Charge for the year

338

2,140

489

575

3,542

At 30 June 2023

532

2,976

489

1,035

5,032

Carrying amount

At 30 June 2023

2,339

10,534

685

4,143

17,701

At 30 June 2022

2,677

3,287

-

3,344

9,308

 

Actuation Lab Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors: amounts falling due within one year

2023
£

2022
£

Other debtors

14,941

136

Prepayments and accrued income

277,215

20,820

Corporation tax

120,164

-

412,320

20,956

6

Creditors

2023
£

2022
£

Amounts falling due within one year

Trade creditors

71,449

2,650

Taxation and social security

11,353

14,894

Other creditors

2,215

378

Accruals and deferred income

5,946

1,850

90,963

19,772

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

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

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

39,140

20,150

The amount of non-cancellable operating lease payments recognised as an expense during the year was £46,622 (2022 - £10,075).

9

Share-based payments

Warrants

Scheme details and movements

The company has issued warrants over its unissued shares to an investor.

The movements in the number of warrants during the year were as follows:

2023
Number

2022
Number

Outstanding, start of period

1,706

1,706

Outstanding, end of period

1,706

1,706

Exercisable, end of period

1,706

1,706

The movements in the weighted average exercise price of warrants during the year were as follows:

2023
£

2022
£

Outstanding, start of period

4.24

4.24

Granted during the period

-

-

Outstanding, end of period

4.24

4.24

Exercisable, end of period

4.24

4.24

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.