Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr T N Clarke 31/03/2023 02/06/2017 Y Le Goff 03/07/2021 Mr P Mitchell 28/06/2024 Mr G M E Pengelley 28/06/2024 01/07/2023 S B Primrose 15/09/2021 Dr A M Shaw 18/12/2008 Dr J G C Snicker 01/04/2023 Mr R J Warner 31/03/2024 01/04/2023 Mr G M Williams 01/07/2023 02/06/2017 27 July 2024 The principal activity of the company in the year under review was that of the development and supply of blood testing devices. 06550714 2023-12-31 06550714 bus:Director1 2023-12-31 06550714 bus:Director2 2023-12-31 06550714 bus:Director3 2023-12-31 06550714 bus:Director4 2023-12-31 06550714 bus:Director5 2023-12-31 06550714 bus:Director6 2023-12-31 06550714 bus:Director7 2023-12-31 06550714 bus:Director8 2023-12-31 06550714 bus:Director9 2023-12-31 06550714 2022-12-31 06550714 core:CurrentFinancialInstruments 2023-12-31 06550714 core:CurrentFinancialInstruments 2022-12-31 06550714 core:ShareCapital 2023-12-31 06550714 core:ShareCapital 2022-12-31 06550714 core:SharePremium 2023-12-31 06550714 core:SharePremium 2022-12-31 06550714 core:RetainedEarningsAccumulatedLosses 2023-12-31 06550714 core:RetainedEarningsAccumulatedLosses 2022-12-31 06550714 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06550714 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06550714 core:LeaseholdImprovements 2022-12-31 06550714 core:PlantMachinery 2022-12-31 06550714 core:FurnitureFittings 2022-12-31 06550714 core:ComputerEquipment 2022-12-31 06550714 core:LeaseholdImprovements 2023-12-31 06550714 core:PlantMachinery 2023-12-31 06550714 core:FurnitureFittings 2023-12-31 06550714 core:ComputerEquipment 2023-12-31 06550714 bus:OrdinaryShareClass1 2023-12-31 06550714 bus:OrdinaryShareClass2 2023-12-31 06550714 2023-01-01 2023-12-31 06550714 bus:FilletedAccounts 2023-01-01 2023-12-31 06550714 bus:SmallEntities 2023-01-01 2023-12-31 06550714 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06550714 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06550714 bus:Director1 2023-01-01 2023-12-31 06550714 bus:Director2 2023-01-01 2023-12-31 06550714 bus:Director3 2023-01-01 2023-12-31 06550714 bus:Director4 2023-01-01 2023-12-31 06550714 bus:Director5 2023-01-01 2023-12-31 06550714 bus:Director6 2023-01-01 2023-12-31 06550714 bus:Director7 2023-01-01 2023-12-31 06550714 bus:Director8 2023-01-01 2023-12-31 06550714 bus:Director9 2023-01-01 2023-12-31 06550714 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-01-01 2023-12-31 06550714 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06550714 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 06550714 core:FurnitureFittings 2023-01-01 2023-12-31 06550714 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 06550714 2022-01-01 2022-12-31 06550714 core:LeaseholdImprovements 2023-01-01 2023-12-31 06550714 core:PlantMachinery 2023-01-01 2023-12-31 06550714 core:ComputerEquipment 2023-01-01 2023-12-31 06550714 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06550714 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06550714 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 06550714 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06550714 (England and Wales)

ATTOMARKER LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ATTOMARKER LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ATTOMARKER LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
ATTOMARKER LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 6,067,452 5,617,343
Tangible assets 5 36,210 39,092
6,103,662 5,656,435
Current assets
Stocks 144,757 185,494
Debtors 6 113,854 190,382
Cash at bank and in hand 7 812,511 218,231
1,071,122 594,107
Creditors: amounts falling due within one year 8 ( 4,563,088) ( 3,587,641)
Net current liabilities (3,491,966) (2,993,534)
Total assets less current liabilities 2,611,696 2,662,901
Net assets 2,611,696 2,662,901
Capital and reserves
Called-up share capital 10 63 63
Share premium account 3,135,980 3,135,980
Profit and loss account ( 524,347 ) ( 473,142 )
Total shareholders' funds 2,611,696 2,662,901

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Attomarker Limited (registered number: 06550714) were approved and authorised for issue by the Board of Directors on 27 July 2024. They were signed on its behalf by:

Dr A M Shaw
Director
ATTOMARKER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ATTOMARKER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Attomarker Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1a Lamarr Building 3 Babbage Way, Exeter Science Park, Exeter, EX5 2FN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Upon completion of the project, amortisation is to be charged on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 4 years straight line
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

Government grants

Government grants are recognised based on the performance model and are measured 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.

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

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The Company issued convertible loan notes in both 2020 and 2022 of which an interest element of 8% was omitted from the prior
year accounts. Subsequently an interest accrual has been posted in respect of this interest in accordance with the convertible loan notes agreement. This has been posted as shown below.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Creditors: Convertible loan notes within 1 year (SoFP) 2,529,490 328,083 2,857,573
Interest payable and similar expenses (SoIRE) 19,623 328,083 347,706

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

4. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2023 5,617,343 5,617,343
Additions 450,109 450,109
At 31 December 2023 6,067,452 6,067,452
Accumulated amortisation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 6,067,452 6,067,452
At 31 December 2022 5,617,343 5,617,343

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 32,235 113,009 4,866 10,889 160,999
Additions 0 3,439 130 2,142 5,711
At 31 December 2023 32,235 116,448 4,996 13,031 166,710
Accumulated depreciation
At 01 January 2023 4,960 106,894 896 9,157 121,907
Charge for the financial year 4,241 2,627 601 1,124 8,593
At 31 December 2023 9,201 109,521 1,497 10,281 130,500
Net book value
At 31 December 2023 23,034 6,927 3,499 2,750 36,210
At 31 December 2022 27,275 6,115 3,970 1,732 39,092

6. Debtors

2023 2022
£ £
Trade debtors 8,983 10,158
Prepayments 18,861 16,663
VAT recoverable 0 38,080
Other debtors 86,010 125,481
113,854 190,382

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 812,511 218,231

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 438,544 154,957
Convertible loan notes 3,059,932 2,857,573
Other loans 574,189 519,623
Accruals and deferred income 388,739 50,799
Other taxation and social security 15,220 4,317
Other creditors 86,464 372
4,563,088 3,587,641

9. Convertible loans

The Company issued convertible loan notes between 04/12/2020 and 29/03/2022 of £2,529,490. The convertible loan notes are convertible into ordinary shares of the Company at any time between the date of issue of the notes and their settlement date. Interest of 8 per cent will be accrued annually up until that settlement date.

The net proceeds received from the issue of the convertible loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:

2023
£
Nominal value of convertible loan notes issued (2,529,490)
Equity component 0
Liability components at date of issue (2,529,490)
Interest charged (530,442)
Interest paid 0
Liability component at 31 December 2023 ( 3,059,932)

The liability component has been classified as basic and is consequently measured at amortised cost. The interest charged for the financial year is calculated by applying an effective interest rate of 8 per cent to the liability component.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,586 Ordinary shares of £ 0.10 each 56 56
688 Deferred ordinary shares of £ 0.10 each 7 7
63 63

11. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 194,999 232,142

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

12. Related party transactions

Other related party transactions

During the year the company had transactions with the following companies of which a Director has an interest in, these all relate to consultancy fees:
Cimelium Consulting Limited £92,622 (2022 : £84,079).
Consultant Hub Ltd £168,865
Bunberry Limited £46,350
The company also had transactions with Directors that related to consultancy fees, these totalled £3,630.