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Registration number: 11435792

WAAM3D Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

WAAM3D Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 13

 

WAAM3D Limited

(Registration number: 11435792)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

405,107

703,948

Tangible assets

5

1,323,581

1,119,863

Investments

6

341,184

341,184

 

2,069,872

2,164,995

Current assets

 

Stocks

7

86,449

205,811

Debtors

8

1,152,474

1,126,963

Cash at bank and in hand

 

254,276

390,701

 

1,493,199

1,723,475

Creditors: Amounts falling due within one year

9

(1,617,018)

(2,216,252)

Net current liabilities

 

(123,819)

(492,777)

Total assets less current liabilities

 

1,946,053

1,672,218

Deferred tax liabilities

-

(68,133)

Net assets

 

1,946,053

1,604,085

Capital and reserves

 

Called up share capital

11

18

14

Share premium reserve

2,995,995

1,497,996

Retained earnings

(1,049,960)

106,075

Shareholders' funds

 

1,946,053

1,604,085

 

WAAM3D Limited

(Registration number: 11435792)
Statement of Financial Position as at 31 March 2023

For the financial year ending 31 March 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 March 2024 and signed on its behalf by:
 

.........................................
Dr Filomeno Martina
Director

 

WAAM3D Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Company registration number 11435792.

The address of its registered office is:
Unit 5, Integra Park
Thornton Chase
Linford Wood
Milton Keynes
MK14 6FD

The principal activity of the Company is to provide all the necessary tools and technical solutions needed for widespread adoption and exploitation of wire-based additive manufacturing through a coherent ecosystem that responds to every users needs for the implementation of wire-based additive manufacturing.

These financial statements have been presented in Pounds Sterling (£), this being the functional currency of the Company and currency of its primary economic enviroment.

These financial statements were authorised for issue by the Board on 20 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

 

WAAM3D Limited

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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Foreign currency transactions and balances

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'foreign exchanges gains/losses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Comprehensive Income, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item directly recognised in equity is also recognised directly in other comprehensive income or directly in equity respectively.

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.

 

WAAM3D Limited

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at historical cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation

Depreciation is charged so as to allocate the cost of assets less their residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short-term leasehold property

Over the period of the lease

Plant and machinery

3 years

Computer equipment

3 years

Hardware development

3 years

Intangible assets

Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible fixed assets are considered to have a finite useful life. If a reliable estimate of the useful
life cannot be made, the useful life shall not exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangibles

3 years straight line

Software development

3 years straight line

Development systems

Nil

There is no amortisation recognised within development systems as the projects are still under construction. The fixed asset is then amortised/depreciated once transferred to their relevant asset class upon completion of the project.

Investments

Investments in joint ventures are measured at cost less accumulated impairment

 

WAAM3D Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price 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.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

WAAM3D Limited

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

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 in the Statement of Comprehesive Income when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Amounts not paid are shown in accruals as liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 

WAAM3D Limited

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

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 23).

4

Intangible assets

Development systems
 £

Software development
 £

Intangibles
 £

Total
£

Cost or valuation

At 1 April 2022

660,160

68,770

17,930

746,860

Additions acquired separately

381,657

-

-

381,657

Transfers between classes

(914,478)

373,331

-

(541,147)

At 31 March 2023

127,339

442,101

17,930

587,370

Amortisation

At 1 April 2022

-

31,261

11,651

42,912

Amortisation charge

-

134,134

5,217

139,351

At 31 March 2023

-

165,395

16,868

182,263

Carrying amount

At 31 March 2023

127,339

276,706

1,062

405,107

At 31 March 2022

660,160

37,509

6,279

703,948

 

WAAM3D Limited

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

5

Tangible assets

Short term leasehold property
£

Hardware development
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

356,816

34,400

855,522

31,405

1,278,143

Additions

9,584

-

8,863

18,712

37,159

Transfers between classes

-

-

541,147

-

541,147

Disposals

-

-

(2,914)

-

(2,914)

At 31 March 2023

366,400

34,400

1,402,618

50,117

1,853,535

Depreciation

At 1 April 2022

21,595

24,856

99,507

12,322

158,280

Charge for the year

97,833

9,544

253,506

13,374

374,257

Eliminated on disposal

-

-

(2,583)

-

(2,583)

At 31 March 2023

119,428

34,400

350,430

25,696

529,954

Carrying amount

At 31 March 2023

246,972

-

1,052,188

24,421

1,323,581

At 31 March 2022

335,221

9,544

756,015

19,083

1,119,863

The company transferred costs previously included within intangible assets to tangible plant and machinery, where these assets are now used within the business.

Where costs and depreciation have been transferred between asset classes, some amounts have been charged to the Statement of Comprehensive Income, where the Company deemed it appropriate.

 

WAAM3D Limited

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

6

Investments

2023
£

2022
£

Investments in joint ventures

341,184

341,184

Joint ventures

£

Cost

At 1 April 2022

341,184

Carrying amount

At 31 March 2022 and 31 March 2023

341,184

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Joint ventures

Addept3D Pte Ltd

51 Corporation Road, Singapore, 649806

Ordinary

20%

20%

 

Singapore

     

7

Stocks

2023
£

2022
£

Raw materials

86,449

205,811

 

WAAM3D Limited

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

8

Debtors

Current

2023
£

2022
£

Trade debtors

443,829

449,093

Prepayments and accrued income

665,744

443,096

Other debtors

42,901

234,774

 

1,152,474

1,126,963

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

498,404

1,100,000

Trade creditors

 

519,900

559,185

Taxation and social security

 

30,242

26,550

Accruals and deferred income

 

206,110

179,024

Other creditors

 

362,362

351,493

 

1,617,018

2,216,252

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

498,404

1,100,000

The borrowings relate to an intercompnay loan with Accuron Technologies Limited. During the year, the company had a further draw-down of £397,999 under the convertible loan agreement dated 1 September 2021 and the outstanding amount of £1,497,999 was fully converted to equity as at 31 March 2023. During the year, the company entered into a second convertible loan agreement dated 22 September 2022 for £1,000,000 loan facility with Accuron Technologies Limited and £498,404 has been drawn down as at 31 March 2023.

 

WAAM3D Limited

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

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10

1,000

10

Preference shares of £0.01 each

804

8

428

4

 

1,804

18

1,428

14

Ordinary shares carry full voting rights to dividends.
Preference shares carry full voting rights and rights to dividends ahead of the issued ordinary shares.

12

Reserves

Share premium

Share premium includes consideration received on allotment of share capital above par value.

Retained earnings

Retained earnings includes all current and prior period retained profits and losses, less dividends.

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

2023
£

2022
£

Land & buildings:

-

-

Not later than 1 year

154,384

99,084

Later than 1 year and not later than 5 years

282,670

340,279

437,054

439,363

2023
£

2022
£

Fixtures & fittings:

-

-

Not later than 1 year

1,264

1,399

Later than 1 year and not later than 5 years

1,560

4,452

2,824

5,851

14

Related party transactions

The Company has taken advantage of the exemption offered in FRS 102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent entity.

 

WAAM3D Limited

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

15

Immediate and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Accuron Technologies Limited, a company registered in Singapore.

  The Company's registered office is 51 Corporation Road, Singapore, 649806.

16

Non adjusting events after the financial period

Subsequent to financial year end, the company had a further draw-down of £501,596 on 24 May 2023 under the second convertible loan agreement with Accuron Technologies Limited ("Accuron"). The total outstanding loan amount of £1,000,000 was converted to equity on 27 November 2023. In conjunction with the loan conversion, Accuron injected additional £2,000,000 capital in cash and acquired 100,000 shares from founders. As a result of this, Accuron is now the majority shareholder with 57% shareholdings.