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Registration number: 13537400

Ensilicated Technologies Ltd

trading as EnsiliTech

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

Pages for filing with Registrar

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Company Information

Directors

Dr A Sartbaeva

Dr J M Rogers

Mr R Haycock

Dr B T Miles

Dr A Doekhie

Hon A M Fink

Registered office

Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

Registered number

13537400

Accountants

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

 

Ensilicated Technologies Ltd

trading as EnsiliTech

(Registration number: 13537400)
Balance Sheet as at 31 July 2023

Note

2023
£

As restated
2022
£

Fixed assets

 

Tangible assets

4

71,772

-

Current assets

 

Debtors

5

81,496

114

Cash at bank and in hand

 

591,143

19,484

 

672,639

19,598

Creditors: Amounts falling due within one year

6

(10,908)

(20,022)

Net current assets/(liabilities)

 

661,731

(424)

Net assets/(liabilities)

 

733,503

(424)

Capital and reserves

 

Called up share capital

138

100

Share premium reserve

866,280

-

Profit and loss account

(132,915)

(524)

Total equity

 

733,503

(424)

 

Ensilicated Technologies Ltd

trading as EnsiliTech

(Registration number: 13537400)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 4 April 2024 and signed on its behalf by:
 

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

Dr A Sartbaeva
Director

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

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 company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements.

The company is currently loss making while it invests in product development and so the company is reliant on the ongoing support of investors to be able to meet third party liabilities as they fall due. The directors believe that this support will continue to be forthcoming for the forseeable future and so the financial statements have been prepared on a going concern basis.

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.

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible fixed assets

Tangible 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 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:

Computer equipment

50% straight line

Lab equipment

20% straight line

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 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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 1).

4

Tangible fixed assets

Computer equipment
 £

Lab equipment
£

Total
£

Cost

Additions

4,764

74,509

79,273

At 31 July 2023

4,764

74,509

79,273

Depreciation

Charge for the year

1,168

6,333

7,501

At 31 July 2023

1,168

6,333

7,501

Carrying amount

At 31 July 2023

3,596

68,176

71,772

At 31 July 2022

-

-

-

5

Debtors: amounts falling due within one year

2023
£

2022
£

Prepayments and accrued income

64,472

-

Other debtors

12,024

114

Directors' loan accounts

5,000

-

81,496

114

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

2023
£

2022
£

Amounts falling due within one year

Trade creditors

8,898

12

Accruals

2,000

20,000

Directors' loan accounts

10

10

10,908

20,022

7

Share capital

Allotted, called up and fully paid shares

 

2023

As restated
2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

13,810

138.10

10,000

100.00

         


During the year 3,810 Ordinary shares were issued for an aggregate consideration of £866,318.

Details of the prior period restatement of share capital are provided in note 11.

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors' loan accounts

10

10

 

Ensilicated Technologies Ltd

trading as EnsiliTech

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

4,042

-

10

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

-

5,000

5,000

       
     

 

11

Prior period restatement

The prior period Balance Sheet has been restated from the figures previously reported as a result of an error. The impact of the restatement is as follows:
• To increase share capital by £25
• To increase other debtors by £25