Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Riivo Anton 02/10/2019 Kasparas Jurgelionis 25/05/2022 Joan Kangro 04/07/2018 Kristjan Kangro 02/10/2019 Professor David Michael Lane 14/02/2024 Veljo Otsason 02/10/2019 20 August 2024 The principal activities of the Company during the financial year were those of the development and operation of robotic lawn care technology. SC601699 2023-12-31 SC601699 bus:Director1 2023-12-31 SC601699 bus:Director2 2023-12-31 SC601699 bus:Director3 2023-12-31 SC601699 bus:Director4 2023-12-31 SC601699 bus:Director5 2023-12-31 SC601699 bus:Director6 2023-12-31 SC601699 2022-12-31 SC601699 core:CurrentFinancialInstruments 2023-12-31 SC601699 core:CurrentFinancialInstruments 2022-12-31 SC601699 core:Non-currentFinancialInstruments 2023-12-31 SC601699 core:Non-currentFinancialInstruments 2022-12-31 SC601699 core:ShareCapital 2023-12-31 SC601699 core:ShareCapital 2022-12-31 SC601699 core:SharePremium 2023-12-31 SC601699 core:SharePremium 2022-12-31 SC601699 core:OtherCapitalReserve 2023-12-31 SC601699 core:OtherCapitalReserve 2022-12-31 SC601699 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC601699 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC601699 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 SC601699 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 SC601699 core:OtherResidualIntangibleAssets 2022-12-31 SC601699 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 SC601699 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 SC601699 core:OtherResidualIntangibleAssets 2023-12-31 SC601699 core:OtherPropertyPlantEquipment 2022-12-31 SC601699 core:OtherPropertyPlantEquipment 2023-12-31 SC601699 core:CostValuation 2022-12-31 SC601699 core:CostValuation 2023-12-31 SC601699 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC601699 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC601699 bus:OrdinaryShareClass1 2023-12-31 SC601699 2023-01-01 2023-12-31 SC601699 bus:FilletedAccounts 2023-01-01 2023-12-31 SC601699 bus:SmallEntities 2023-01-01 2023-12-31 SC601699 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC601699 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC601699 bus:Director1 2023-01-01 2023-12-31 SC601699 bus:Director2 2023-01-01 2023-12-31 SC601699 bus:Director3 2023-01-01 2023-12-31 SC601699 bus:Director4 2023-01-01 2023-12-31 SC601699 bus:Director5 2023-01-01 2023-12-31 SC601699 bus:Director6 2023-01-01 2023-12-31 SC601699 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC601699 2021-08-01 2022-12-31 SC601699 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 SC601699 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 SC601699 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC601699 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC601699 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC601699 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC601699 bus:OrdinaryShareClass1 2021-08-01 2022-12-31 SC601699 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC601699 (Scotland)

KINGDOM TECHNOLOGIES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

KINGDOM TECHNOLOGIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

KINGDOM TECHNOLOGIES LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
KINGDOM TECHNOLOGIES LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 3 1,780,752 1,210,784
Tangible assets 4 21,754 28,441
Investments 5 2,271 2,271
1,804,777 1,241,496
Current assets
Debtors 6 210,579 259,350
Cash at bank and in hand 71,814 653,317
282,393 912,667
Creditors: amounts falling due within one year 7 ( 594,235) ( 293,209)
Net current (liabilities)/assets (311,842) 619,458
Total assets less current liabilities 1,492,935 1,860,954
Creditors: amounts falling due after more than one year 8 ( 970,163) ( 919,887)
Provision for liabilities ( 13,120) ( 28,034)
Net assets 509,652 913,033
Capital and reserves
Called-up share capital 9 145 145
Share premium account 1,100,244 1,100,244
Other reserves 168,373 168,373
Profit and loss account ( 759,110 ) ( 355,729 )
Total shareholders' funds 509,652 913,033

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 Kingdom Technologies Ltd (registered number: SC601699) were approved and authorised for issue by the Board of Directors on 20 August 2024. They were signed on its behalf by:

Joan Kangro
Director
KINGDOM TECHNOLOGIES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
KINGDOM TECHNOLOGIES LTD

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 period, unless otherwise stated.

General information and basis of accounting

Kingdom Technologies Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 3.06 Kelvin Campus, West Of Scotland Science Park, Maryhill Road, Glasgow, G20 0SP, Scotland, 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 Balance Sheet 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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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

The sale of robotic lawn care products 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.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met:

•an asset is created that can be identified;
•the project from which the asset arises meets the company's criteria for assessing technical feasibility;
•it is probable that the asset created will generate future economic benefits; and
•the development cost of the asset can be measured reliably.

Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an
expense in the period in which it is incurred. The assets below are not amortised as they are not currently in use.

Development costs not amortised
Trademarks, patents and licences not amortised
Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Other reserves

Other reserves are the equity element of convertible loan notes.

2. Employees

Year ended
31.12.2023
Period from
01.08.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the period 14 7

3. Intangible assets

Development costs Trademarks, patents
and licences
Other intangible assets Total
£ £ £ £
Cost
At 01 January 2023 1,147,001 28,424 42,461 1,217,886
Additions 570,955 7,003 0 577,958
At 31 December 2023 1,717,956 35,427 42,461 1,795,844
Accumulated amortisation
At 01 January 2023 0 0 7,102 7,102
Charge for the financial year 0 0 7,990 7,990
At 31 December 2023 0 0 15,092 15,092
Net book value
At 31 December 2023 1,717,956 35,427 27,369 1,780,752
At 31 December 2022 1,147,001 28,424 35,359 1,210,784

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 36,787 36,787
Additions 2,950 2,950
At 31 December 2023 39,737 39,737
Accumulated depreciation
At 01 January 2023 8,346 8,346
Charge for the financial year 9,637 9,637
At 31 December 2023 17,983 17,983
Net book value
At 31 December 2023 21,754 21,754
At 31 December 2022 28,441 28,441

5. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 January 2023 2,271
At 31 December 2023 2,271
Carrying value at 31 December 2023 2,271
Carrying value at 31 December 2022 2,271

Investment is in subsidiary Kuningriigi Tehnoloogiad OU (100 shares held directly) based in Estonia who operate in the agricultural machinery manufacturing industry.

6. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 1 0
Corporation tax 187,864 156,939
Other debtors 22,714 102,411
210,579 259,350

7. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 24,029 8,624
Amounts owed to related parties 1,747 1,747
Accruals and deferred income 240,941 261,443
Other taxation and social security 16,248 15,005
Obligations under finance leases and hire purchase contracts 4,667 4,667
Other creditors 306,603 1,723
594,235 293,209

8. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Convertible loan notes 959,989 905,755
Obligations under finance leases and hire purchase contracts 10,174 14,132
970,163 919,887

There are no amounts included above in respect of convertible loan notes which any security has been given. Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

9. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
14,506 Ordinary A shares of £ 0.01 each 145 145

10. Events after the Balance Sheet date

In February 2024 3,749 shares were issued for a total consideration of £1,628,342. 2,596 of the shares were the conversion of existing loan notes, with the remainder settled in cash.