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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
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Strategic Report |
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Director |
Registered office: |
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England |
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Directors' Report |
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Director |
Registered office: |
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England |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Midway House |
Staverton Technology Park |
Herrick Way, Staverton |
Cheltenham, Glos. |
GL51 6TQ |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
– |
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Exceptional administration expenses |
93,097 |
71,894 |
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------------ |
------------ |
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Operating loss |
6 |
(
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(
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Interest payable and similar expenses |
9 |
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------------ |
------------ |
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Loss before taxation |
(
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(
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Tax on loss |
10 |
(
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(
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--------- |
--------- |
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Loss for the financial year and total comprehensive income |
(
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(
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--------- |
--------- |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
11 |
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Tangible assets |
12 |
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------------ |
------------ |
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Debtors |
14 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
15 |
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------------ |
------------ |
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Net current liabilities |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
– |
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Provisions |
17 |
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--------- |
------------ |
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Net assets |
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--------- |
------------ |
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Called up share capital |
22 |
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Share premium account |
23 |
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Other reserves, including the fair value reserve |
23 |
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Profit and loss account |
23 |
(
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(
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------------ |
------------ |
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Shareholders funds |
|
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------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Investments |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
|
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--------- |
--------- |
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Creditors: amounts falling due within one year |
15 |
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--------- |
--------- |
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Net current liabilities |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
– |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
22 |
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Share premium account |
23 |
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Other reserves, including the fair value reserve |
23 |
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Profit and loss account |
23 |
(
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
£ |
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At 1 October 2021 |
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(
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Loss for the year |
(
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(
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|||
---- |
------------ |
--------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
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(
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At 30 September 2022 |
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|
(
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Loss for the year |
(
|
(
|
|||
---- |
------------ |
--------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
|
(
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Equity-settled share-based payments |
– |
– |
|
– |
|
---- |
---- |
--------- |
---- |
--------- |
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Total investments by and distributions to owners |
– |
– |
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– |
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---- |
------------ |
--------- |
------------ |
--------- |
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At 30 September 2023 |
|
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(
|
520,549
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---- |
------------ |
--------- |
------------ |
--------- |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
At 1 October 2021 |
|
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Loss for the year |
(
|
(
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|||
---- |
------------ |
--------- |
--------- |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
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(
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At 30 September 2022 |
|
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Loss for the year |
(
|
(
|
|||
---- |
------------ |
--------- |
--------- |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
|
(
|
Equity-settled share-based payments |
– |
– |
|
– |
|
---- |
---- |
--------- |
---- |
--------- |
|
Total investments by and distributions to owners |
– |
– |
|
– |
|
---- |
------------ |
--------- |
-------- |
------------ |
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At 30 September 2023 |
|
|
|
(
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|
---- |
------------ |
--------- |
-------- |
------------ |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Loss for the financial year |
(
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(
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Adjustments for: |
||
Depreciation of tangible assets |
|
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Amortisation of intangible assets |
|
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Government grant income |
– |
(
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Interest payable and similar expenses |
|
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Equity-settled share-based payments |
|
– |
Tax on loss |
(
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(
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Accrued (income)/expenses |
(
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Changes in: |
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Trade and other debtors |
(
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Trade and other creditors |
|
(
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--------- |
--------- |
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Cash generated from operations |
(
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Interest paid |
(
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(
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Tax received |
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|
--------- |
--------- |
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Net cash from operating activities |
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|
--------- |
--------- |
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Purchase of tangible assets |
(
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(
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Purchase of intangible assets |
– |
(
|
--------- |
--------- |
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Net cash used in investing activities |
(
|
(
|
--------- |
--------- |
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Proceeds from borrowings |
(
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(
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Government grant income |
– |
|
--------- |
--------- |
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Net cash used in financing activities |
(
|
(
|
--------- |
--------- |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
330,116 |
297,017 |
--------- |
--------- |
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Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Financial Statements |
Goodwill |
- |
13 Years |
|
Development costs |
- |
3 Years |
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Patents, trademarks and licences |
- |
4 Years |
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Long leasehold property |
- |
|
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Fixtures and fittings |
- |
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Equipment |
- |
25
% straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Rendering of services |
|
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Government grant income |
– |
|
---- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Equity-settled share-based payments expense |
|
– |
Foreign exchange differences |
|
– |
--------- |
--------- |
|
2023 |
2022 |
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No. |
No. |
|
Production staff |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
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|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Other interest payable and similar charges |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
(
|
(
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Adjustments in respect of prior periods |
– |
|
--------- |
--------- |
|
Total current tax |
(
|
(
|
--------- |
--------- |
|
Origination and reversal of timing differences |
(
|
(
|
--------- |
--------- |
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Tax on loss |
(
|
(
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Loss on ordinary activities before taxation |
(
|
(
|
--------- |
--------- |
|
Loss on ordinary activities by rate of tax |
(
|
(
|
Adjustment to tax charge in respect of prior periods |
– |
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Timing differences |
(13,094) |
(25,674) |
R&D claim |
(202,954) |
(294,324) |
--------- |
--------- |
|
Tax on loss |
(
|
(
|
--------- |
--------- |
|
Group |
Goodwill |
Development costs |
Patents, trademarks and licences |
Total |
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 October 2022 and 30 September 2023 |
|
|
|
|
------------ |
------------ |
------- |
------------ |
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Amortisation |
||||
At 1 October 2022 |
|
|
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Charge for the year |
|
|
|
|
------------ |
------------ |
------- |
------------ |
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At 30 September 2023 |
|
|
|
|
------------ |
------------ |
------- |
------------ |
|
Carrying amount |
||||
At 30 September 2023 |
|
|
– |
|
------------ |
------------ |
------- |
------------ |
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At 30 September 2022 |
|
|
|
|
------------ |
------------ |
------- |
------------ |
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Group |
Long leasehold property |
Fixtures and fittings |
Equipment |
Total |
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 October 2022 |
|
|
156,778 |
|
Additions |
– |
|
13,069 |
|
------- |
-------- |
--------- |
--------- |
|
At 30 September 2023 |
|
|
169,847 |
|
------- |
-------- |
--------- |
--------- |
|
Depreciation |
||||
At 1 October 2022 |
|
|
130,021 |
|
Charge for the year |
|
|
12,989 |
|
------- |
-------- |
--------- |
--------- |
|
At 30 September 2023 |
|
|
143,010 |
|
------- |
-------- |
--------- |
--------- |
|
Carrying amount |
||||
At 30 September 2023 |
|
|
26,837 |
|
------- |
-------- |
--------- |
--------- |
|
At 30 September 2022 |
|
|
26,757 |
|
------- |
-------- |
--------- |
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 October 2022 and 30 September 2023 |
|
------------ |
|
Impairment |
|
At 1 October 2022 and 30 September 2023 |
– |
------------ |
|
Carrying amount |
|
At 1 October 2022 and 30 September 2023 |
|
------------ |
|
At 30 September 2022 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
– |
|
Prepayments and accrued income |
|
|
|
|
Corporation tax repayable |
|
|
– |
– |
Directors loan account |
|
|
– |
– |
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
|
|
|
Social security and other taxes |
|
|
– |
– |
Other creditors |
314,089 |
55,653 |
1,331 |
1,331 |
Santander ID facility |
625,380 |
134,417 |
– |
– |
------------ |
------------ |
--------- |
--------- |
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|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
|
---- |
--------- |
---- |
--------- |
|
Group |
Deferred tax (note 18) |
£ |
|
At 1 October 2022 |
|
Charge against provision |
(
|
-------- |
|
At 30 September 2023 |
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 17) |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Unused tax losses |
(
|
(
|
(
|
(
|
--------- |
--------- |
--------- |
--------- |
|
(164,741) |
(151,647) |
(192,623) |
(192,623) |
|
--------- |
--------- |
--------- |
--------- |
|
Group and company |
2023 |
2022 |
||
No. |
WAEP |
No. |
WAEP |
|
Outstanding at 1 October 2022 and 30 September 2023 |
2,040 |
60.34 |
2,040 |
88.00 |
------- |
------- |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Equity-settled share-based payments |
|
– |
|
– |
--------- |
---- |
--------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants released to profit or loss |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
16 |
|
16 |
|
|
11 |
|
11 |
|
|
3 |
|
3 |
-------- |
---- |
-------- |
---- |
|
|
29 |
|
29 |
|
-------- |
---- |
-------- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
16 |
|
16 |
|
|
11 |
|
11 |
|
|
3 |
|
3 |
-------- |
---- |
-------- |
---- |
|
|
29
|
|
29
|
|
-------- |
---- |
-------- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
At 1 Oct 2022 |
Cash flows |
At 30 Sep 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(145,282) |
|
Debt due within one year |
(214,286) |
(53,629) |
(267,915) |
Debt due after one year |
(267,915) |
267,915 |
– |
--------- |
--------- |
--------- |
|
(
|
|
(
|
|
--------- |
--------- |
--------- |
|
|
Notes to the Financial Statements (continued) |
Balance brought forward and outstanding |
||
2023 |
2022 |
|
£ |
£ |
|
|
|
|
|
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|