REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED (REGISTERED NUMBER: 12795742) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED |
COMPANY INFORMATION |
For The Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED (REGISTERED NUMBER: 12795742) |
BALANCE SHEET |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED (REGISTERED NUMBER: 12795742) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
C3 Biotechnologies (Maritime and Aerospace) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no departures from that standard. |
The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED (REGISTERED NUMBER: 12795742) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances, are |
initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
where the transaction is measured at the present value of the future receipts discounted at a |
market rate of interest. Such assets are subsequently carried at amortised cost using the effective |
interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for |
objective evidence of impairment. If an asset is impaired the impairment loss is the difference |
between the carrying amount and the present value of the estimated cash flows discounted at the |
asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset |
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are |
transferred to another party or (c) despite having retained some significant risks and rewards of |
ownership, control of the asset has been transferred to another party who has the practical ability to |
unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities, including trade and other payables, and loans from fellow group |
companies, 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 |
receipts discounted at a market rate of interest. Debt instruments are subsequently carried at |
amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Accounts payable are classified as current liabilities if payment is |
due within one year or less. If not, they are presented as non-current liabilities. Trade payables are |
recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
obligation is discharged, cancelled or expires. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements |
when there is a legally enforceable right to set off the recognised amounts and there is an intention |
to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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. |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED (REGISTERED NUMBER: 12795742) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The directors have considered the impact the current economic environment in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
C3 BIOTECHNOLOGIES |
(MARITIME AND AEROSPACE) LIMITED (REGISTERED NUMBER: 12795742) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 30 September 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | - | 37,012 |
Accruals and deferred income |
Within accruals and deferred income, is deferred income relating to the Vermeer 3 contract that the company is undertaking of £1,044,826 (2022: £8,688,510) which will be used against future allowable expenditure. |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is C3 Biotechnologies Limited. |
The ultimate controlling party is the directors of C3 Biotechnologies Limited by virtue of their shareholdings. |
The registered office is 20 Mannin Way Lancaster Business Park, Caton Road, Lancaster, Lancashire, United Kingdom, LA1 3SW. |