Company registration number 06501929 (England and Wales)
CLARESYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CLARESYS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CLARESYS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
329,034
134,567
Tangible assets
4
60,665
87,885
Current assets
Stocks
798,792
975,443
Debtors
5
341,426
416,478
Cash at bank and in hand
1,009,021
605,787
2,149,239
1,997,708
Creditors: amounts falling due within one year
6
(359,224)
(331,402)
Net current assets
1,790,015
1,666,306
Total assets less current liabilities
2,179,714
1,888,758
Provisions for liabilities
7
(30,270)
(40,423)
Net assets
2,149,444
1,848,335
Capital and reserves
Called up share capital
8
128,108
128,108
Share premium account
1,128,083
1,128,083
Profit and loss reserves
893,253
592,144
Total equity
2,149,444
1,848,335
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 September 2024 and are signed on its behalf by:
M C Reynolds
Director
Company Registration No. 06501929
CLARESYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Claresys Limited is a private company limited by shares incorporated in England and Wales. The registered office is 154E Brook Drive, Milton Park, Abingdon, Oxon, OX14 4SD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
Straight line over 3 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Laboratory equipment
Straight line over 3 years
Fixtures and fittings
15% on reducing balance
Computer equipment
Straight line over 3 years
Demo equipment
Straight line over 3 years
CLARESYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
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 current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CLARESYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
At the balance sheet date there was a potential deferred tax asset of £nil (2023 - £nil) arising from accumulated tax losses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
12
3
Intangible fixed assets
Development costs
£
Cost
At 1 July 2023
144,313
Additions
205,098
At 30 June 2024
349,411
Amortisation and impairment
At 1 July 2023
9,746
Amortisation charged for the year
10,631
At 30 June 2024
20,377
Carrying amount
At 30 June 2024
329,034
At 30 June 2023
134,567
CLARESYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Tangible fixed assets
Laboratory equipment
Fixtures and fittings
Computer equipment
Demo equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
19,779
6,769
8,822
273,221
308,591
Additions
13,830
1,703
12,162
27,695
At 30 June 2024
33,609
6,769
10,525
285,383
336,286
Depreciation and impairment
At 1 July 2023
16,223
6,141
5,142
193,200
220,706
Depreciation charged in the year
5,174
351
1,982
47,408
54,915
At 30 June 2024
21,397
6,492
7,124
240,608
275,621
Carrying amount
At 30 June 2024
12,212
277
3,401
44,775
60,665
At 30 June 2023
3,556
628
3,680
80,021
87,885
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
244,441
325,579
Other debtors
42,623
34,527
Prepayments and accrued income
54,362
56,372
341,426
416,478
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
38,041
88,191
Taxation and social security
227,458
141,943
Other creditors
4,814
2,927
Accruals and deferred income
88,911
98,341
359,224
331,402
7
Provisions for liabilities
2024
2023
£
£
Other provisions
30,270
40,423
CLARESYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3,257,956 Ordinary of 0.1p each
3,258
3,258
Preference share capital
Issued and fully paid
124,850,000 B Preferred of 0.1p each
124,850
124,850
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
56,210
56,210