Company registration number 10849490 (England and Wales)
ADVANCED MATERIAL DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ADVANCED MATERIAL DEVELOPMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ADVANCED MATERIAL DEVELOPMENT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADVANCED MATERIAL DEVELOPMENT LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Advanced Material Development Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Advanced Material Development Limited, as a body, in accordance with the terms of our engagement letter dated 6 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Advanced Material Development Limited and state those matters that we have agreed to state to the board of directors of Advanced Material Development Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Advanced Material Development Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Advanced Material Development Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Advanced Material Development Limited. You consider that Advanced Material Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Advanced Material Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
9 February 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ADVANCED MATERIAL DEVELOPMENT LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
54,213
37,099
Tangible assets
4
45,315
56,442
Investments
5
515
900
100,043
94,441
Current assets
Debtors
6
1,004,015
772,263
Cash at bank and in hand
1,421,040
686,635
2,425,055
1,458,898
Creditors: amounts falling due within one year
7
(867,243)
(687,171)
Net current assets
1,557,812
771,727
Total assets less current liabilities
1,657,855
866,168
Creditors: amounts falling due after more than one year
8
(327,796)
(433,704)
Net assets
1,330,059
432,464
Capital and reserves
Called up share capital
9
213
182
Share premium account
7,146,774
4,497,629
Profit and loss reserves
(5,816,928)
(4,065,347)
Total equity
1,330,059
432,464

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ADVANCED MATERIAL DEVELOPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
Mr J A Lee
Mr S R Nash
Director
Director
Company registration number 10849490 (England and Wales)
ADVANCED MATERIAL DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Advanced Material Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is Surrey Technology Centre, 40 Occam Road, Guildford, Surrey, GU2 7YG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

 

The company is reliant on the support of its providers of finance and is currently meeting their liabilities as they arise. The financial statements do not include any adjustment that would result from a withdrawal of their support.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Straight line basis over 5 years
ADVANCED MATERIAL DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Straight line basis over 5 years
Computers
Straight line basis over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

ADVANCED MATERIAL DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 13 (2022 - 10).

ADVANCED MATERIAL DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 August 2022
53,914
Additions - internally developed
34,096
Disposals
(1,518)
At 31 July 2023
86,492
Amortisation and impairment
At 1 August 2022
16,815
Amortisation charged for the year
15,565
Disposals
(101)
At 31 July 2023
32,279
Carrying amount
At 31 July 2023
54,213
At 31 July 2022
37,099
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 August 2022
115,847
26,476
142,323
Additions
17,982
3,920
21,902
Disposals
-
0
(898)
(898)
At 31 July 2023
133,829
29,498
163,327
Depreciation and impairment
At 1 August 2022
72,364
13,517
85,881
Depreciation charged in the year
25,090
7,939
33,029
Eliminated in respect of disposals
-
0
(898)
(898)
At 31 July 2023
97,454
20,558
118,012
Carrying amount
At 31 July 2023
36,375
8,940
45,315
At 31 July 2022
43,483
12,959
56,442
ADVANCED MATERIAL DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
515
900
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022 & 31 July 2023
900
Impairment
At 1 August 2022
-
Disposals
385
At 31 July 2023
385
Carrying amount
At 31 July 2023
515
At 31 July 2022
900
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
147,693
174,628
Other debtors
856,322
597,635
1,004,015
772,263
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
611,468
217,265
Taxation and social security
40,131
37,489
Other creditors
215,644
432,417
867,243
687,171
ADVANCED MATERIAL DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
327,796
433,704
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
211,916
181,343
212
181
Ordinary B shares of 0.1p each
995
995
1
1
212,911
182,338
213
182

On 10 October 2022, the company issued 4,242 Ordinary A £0.001 shares for £145 per share.

 

On 8 January 2023, the company issued 345 Ordinary A £0.001 shares for £145 per share.

 

On 6 July 2023, the company issued 16,057 Ordinary A £0.001 shares for £80.68 per share and the company also issued 992 Ordinary A £0.001 shares for £0.001008 per share.

 

On 24 July 2023, the company issued 8,937 Ordinary A £0.001 shares for £80.68 per share.

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
107,534
178,424
11
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors' loans
-
3,940
(1,569)
2,371
3,940
(1,569)
2,371
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