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REGISTERED NUMBER: 05570023 (England and Wales)















REDLUX LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023






REDLUX LIMITED (REGISTERED NUMBER: 05570023)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


REDLUX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: K Henderson
C Maul
M A Tuke
T R Maund





REGISTERED OFFICE: Unit 5, The Quadrangle
Premier Way
Romsey
Hampshire
SO51 9DL





REGISTERED NUMBER: 05570023 (England and Wales)





ACCOUNTANTS: Rothmans LLP
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
REDLUX LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redlux Limited for the year ended 30 September 2023 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Redlux Limited, as a body, in accordance with the terms of our engagement letter dated 8 December 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Redlux Limited and state those matters that we have agreed to state to the Board of Directors of Redlux Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redlux Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Redlux 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 profit of Redlux Limited. You consider that Redlux 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 Redlux 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.






Rothmans LLP
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


28 March 2024

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 1,759,356 1,985,628
Tangible assets 5 65,797 39,471
1,825,153 2,025,099

CURRENT ASSETS
Stocks 96,508 116,585
Debtors 6 127,835 352,357
Cash at bank and in hand 240,155 190,440
464,498 659,382
CREDITORS
Amounts falling due within one year 7 266,861 609,549
NET CURRENT ASSETS 197,637 49,833
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,022,790

2,074,932

CREDITORS
Amounts falling due after more than one year 8 (985,294 ) (1,297,134 )

PROVISIONS FOR LIABILITIES 11 (46,732 ) (44,488 )
NET ASSETS 990,764 733,310

CAPITAL AND RESERVES
Called up share capital 12 1 1
Share premium 2,072,655 2,072,655
Retained earnings (1,081,892 ) (1,339,346 )
SHAREHOLDERS' FUNDS 990,764 733,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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

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 28 March 2024 and were signed on its behalf by:





C Maul - Director


REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

RedLux Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05570023 and its registered office address is Unit 5, The Quadrangle, Abbey Park Industrial Estate, Romsey, Hampshire, SO51 9DL. The company's principal activity is in the delivery of high precision, data-rich, non-contact measuring solutions.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going concern
The Directors believe that the company has sufficient resources to continue to operate in the foreseeable future with orders continuing to increase and ongoing careful cost management and consider the going concern basis is appropriate in preparing the financial statements.

Revenue
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 and is recognised on despatch of goods.Rental income is recognised on a straight line basis over the life of the sublease.

Intangible assets
Intangible 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 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.

The estimated useful lives range as follows:

Patents- 10 years once the patent application is approved
Development expenditure- 7 years once useable in the manner intended by management

Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated losses. Historic 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 is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Leasehold improvements- Over the term of the lease of ten years
Plant and machinery- 5-10 years straight line
Fixtures and fittings- 2-10 years straight line
Office equipment- 3-7 years straight line
Computer equipment- 2 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on intangible fixed assets are credited to the income statement at the same rate as the amortisation on the assets to which the grant relates. The deferred elements 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.

Stocks
Work in progress includes labour costs and attributable overheads net of any turnover invoiced in advance and is valued on a project by project basis. Where the amount of the turnover invoiced in advance exceeds the costs incurred to date, this amount is included within deferred income.

Finished goods are stated at the lower of cost and net of any amounts invoiced in advance; being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet 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 income statement.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly to equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred.

Intangible assets are recognised from the development phase of a project, if and only if, a certain range of specific criteria are met. An element of judgement is required in assessing these criteria (note 3).

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Amortisation of a development project begins when the asset has been assessed to be useable in the manner intended by management. An element of judgement is required in making the assessment (note 3).

Where development costs are capitalised, this is stated at cost less accumulated amoritsation and impairment losses.

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currency translation
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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

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.

Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown as a liability in the balance sheet.

The assets of the plan are held separately from the company in independently administered funds.

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

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 expenses to the income statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet 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 balance sheet.

Share premium
The share premium account represents the amount received on the issue of ordinary shares in excess of their nominal value, and is non-distributable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 10 ) .

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. INTANGIBLE FIXED ASSETS
Patents and Development
licences costs Totals
£ £ £
COST
At 1 October 2022 25,970 2,202,229 2,228,199
Additions 1,973 125,481 127,454
Impairments - (253,707 ) (253,707 )
At 30 September 2023 27,943 2,074,003 2,101,946
AMORTISATION
At 1 October 2022 5,758 236,813 242,571
Amortisation for year 2,630 97,389 100,019
At 30 September 2023 8,388 334,202 342,590
NET BOOK VALUE
At 30 September 2023 19,555 1,739,801 1,759,356
At 30 September 2022 20,212 1,965,416 1,985,628

5. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
COST
At 1 October 2022 60,526 21,155 5,661
Additions 17,527 16,236 -
At 30 September 2023 78,053 37,391 5,661
DEPRECIATION
At 1 October 2022 28,375 13,970 5,661
Charge for year 7,739 3,334 -
At 30 September 2023 36,114 17,304 5,661
NET BOOK VALUE
At 30 September 2023 41,939 20,087 -
At 30 September 2022 32,151 7,185 -

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Office Computer
Equipment equipment Totals
£ £ £
COST
At 1 October 2022 10,226 15,632 113,200
Additions 2,122 3,330 39,215
At 30 September 2023 12,348 18,962 152,415
DEPRECIATION
At 1 October 2022 10,194 15,529 73,729
Charge for year 188 1,628 12,889
At 30 September 2023 10,382 17,157 86,618
NET BOOK VALUE
At 30 September 2023 1,966 1,805 65,797
At 30 September 2022 32 103 39,471

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 18,687 182,177
Other debtors 44,640 90,608
Prepayments and accrued income 64,508 79,572
127,835 352,357

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other loans 139,681 -
Shareholder loan - 101,545
Trade creditors 52,792 44,627
Social security and other taxes 10,003 9,408
Other creditors 22,088 6,974
Accruals and deferred income 42,297 446,995
266,861 609,549



REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Trade creditors - 21,664
Shareholder loan 115,423 106,833
Other loan - due 2 to 5 years 814,529 739,376
Other loan due after 5 years 55,342 270,007
Accruals and deferred income - 159,254
985,294 1,297,134

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 84,672 84,672
Between one and five years 338,688 101,606
In more than five years 101,606 -
524,966 186,278

10. SECURED DEBTS

The other loan is secured by a fixed and floating charge over the assets of the company.

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Other provisions 46,732 44,488

Dilapidat-
ion
provision
£
Balance at 1 October 2022 44,488
Provided during year 2,244
Balance at 30 September 2023 46,732

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
140,359 Ordinary shares £0.00001 1 1

13. RELATED PARTY DISCLOSURES

M Tuke is a director of, and shareholder in, the company. M Tuke has loaned the company £75,000 (2022: £175,000). Interest is charged on the loan at 1% above the National Westminster Bank plc base rate, and the interest charge for the year was £8,589 (2022: £8,088).
At the year end the capital and interest outstanding was £115,423 (2022: £208,378).

REDLUX LIMITED (REGISTERED NUMBER: 05570023)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


14. SHARE BASED PAYMENTS

The company operates an equity-settled share based remuneration scheme for some of the employees of the company.





Weighted
average
exercise
price
(pence




)








Number




Weighted
average
exercise
price
(pence




)








Number
2023202320222022
Outstanding at the beginning of the year4413,3044415,204
Voided during the year----
Granted during the year----
Expired during the year--(441)(1,900)
Outstanding at the end of the year4413,3044413,304

There were no conditions related to the exercise of the share options.

The number of share options exercised during the year was Nil (2022: Nil).