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Registration number: 04864539

Imetrum Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Imetrum Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 14

 

Imetrum Limited

Company Information

Directors

C J Setchell

L Fenney

L Hall

E C Jarvis

D G Wheeler

Registered office

The Courtyard
Wraxall Hill
Wraxall
Bristol
BS48 1NA

Registered number

04864539

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Imetrum Limited

(Registration number: 04864539)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

51,792

64,353

Tangible assets

5

155,226

186,692

 

207,018

251,045

Current assets

 

Stocks

142,977

144,970

Debtors

6

366,664

353,883

Cash at bank and in hand

 

172,707

101,895

 

682,348

600,748

Creditors: Amounts falling due within one year

7

(789,211)

(345,504)

Net current (liabilities)/assets

 

(106,863)

255,244

Total assets less current liabilities

 

100,155

506,289

Creditors: Amounts falling due after more than one year

7

(4,122,250)

(2,333,502)

Net liabilities

 

(4,022,095)

(1,827,213)

Capital and reserves

 

Called up share capital

127

127

Share premium reserve

1,263,389

1,263,389

Other reserves

26,360

9,825

Profit and loss account

(5,311,971)

(3,100,554)

Total equity

 

(4,022,095)

(1,827,213)

 

Imetrum Limited

(Registration number: 04864539)
Balance Sheet as at 31 December 2023 (continued)

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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................

L Hall
Director

 

Imetrum Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Share options reserve
£

Profit and loss account
£

Total
£

At 1 January 2023

127

1,263,389

9,825

(3,100,554)

(1,827,213)

Loss for the year

-

-

-

(2,211,417)

(2,211,417)

Total comprehensive income

-

-

-

(2,211,417)

(2,211,417)

Share based payment transactions

-

-

16,535

-

16,535

At 31 December 2023

127

1,263,389

26,360

(5,311,971)

(4,022,095)

Share capital
£

Share premium
£

Share options reserve
£

Profit and loss account
£

Total
£

At 1 January 2022

87

249,430

84,138

(1,276,157)

(942,502)

Loss for the year

-

-

-

(1,824,397)

(1,824,397)

Other comprehensive income

-

-

(75,000)

-

(75,000)

Total comprehensive income

-

-

(75,000)

(1,824,397)

(1,899,397)

New share capital subscribed

40

1,013,959

-

-

1,013,999

Share based payment transactions

-

-

687

-

687

At 31 December 2022

127

1,263,389

9,825

(3,100,554)

(1,827,213)

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

Statutory information

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

The address of its registered office is:
The Courtyard
Wraxall Hill
Wraxall
Bristol
BS48 1NA

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The company has still not yet seen the recovery of the business to pre-COVID levels but has now launched the first of its new products “Vector”. The launch was delayed due to a variety of factors including the global supply chain issues. The business is now starting to see revenue generation but not at the level needed to cover overheads. Tight cost control continues, with the focus of all expenditure being on development of Vector variants and marketing and promotional activity to boost Vector sales. Some cost reductions were made early 2024 and cashflow is being carefully managed and regularly reviewed, with Tinius Olsen continuing to provide debt finance until such time as the business is profitable. The directors are in discussion with Tinius Olsen for them to acquire 100% of the shares which they are confident will have the support of shareholders and accordingly the accounts have been prepared on the basis that the company is a going concern.

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Government grants

Government grants are recognised, using the accrual model, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Fixtures and fittings

20% on cost

Computer equipment

33% on cost

Demo equipment

33% on cost

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

Development expenditure

20% on cost

Research and development costs

Initial capitalisation of development costs is based on management's judgement that technical and economic feasibility is confirmed. In determining the amounts to be capitalised management make assumptions regarding the expected future cash generation if the asset and the expected period of benefits.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost 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 estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are recognised initially at the transaction price.

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 profit and loss account 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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

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 when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using an appropriate pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

As permitted by FRS102, these financial statements do not include any expense for those share options which were issued prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 25).

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible fixed assets

Development expenditure
 £

Cost

At 1 January 2023

244,248

Additions acquired separately

5,620

At 31 December 2023

249,868

Amortisation

At 1 January 2023

179,895

Amortisation charge

18,181

At 31 December 2023

198,076

Carrying amount

At 31 December 2023

51,792

At 31 December 2022

64,353

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible fixed assets

Fixtures and fittings
 £

Computer equipment
 £

Demo equipment
 £

Total
£

Cost

At 1 January 2023

134,256

163,068

150,660

447,984

Additions

10,520

9,443

20,659

40,622

Disposals

-

-

(2,914)

(2,914)

At 31 December 2023

144,776

172,511

168,405

485,692

Depreciation

At 1 January 2023

31,091

114,444

115,757

261,292

Charge for the year

26,301

28,359

15,728

70,388

Eliminated on disposal

-

-

(1,214)

(1,214)

At 31 December 2023

57,392

142,803

130,271

330,466

Carrying amount

At 31 December 2023

87,384

29,708

38,134

155,226

At 31 December 2022

103,165

48,624

34,903

186,692

6

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

80,186

67,745

Other debtors

-

71,838

VAT

-

57,818

Prepayments and accrued income

2,763

5,413

Corporation tax

283,715

151,069

366,664

353,883

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

2023
£

2022
£

Bank loans and overdrafts

196,953

113,915

Trade creditors

129,505

123,905

Taxation and social security

66,316

17,407

Other creditors

15,542

18,933

Accruals and deferred income

380,895

71,344

789,211

345,504

Due after one year

Loans and borrowings

4,122,250

2,333,502

Within loans are the following:

Government backed Coronavirus Business Interruption Loan Scheme, an unsecured loan with a repayment term of 5 years, charged at 2.8% interest above base rate. The balance of the loan at 31 December 2023 was £118,417 (2022 - £167,417).

£1,500,000 loan from Tinius Olsen on a variable term with interest being charged at 3.5% above base rate. During the year there was an additional loan of £1,940,000 on the same terms.

Innovate Continuity loan of £714,675 (2022 - £780,000) repayable over 7 years with an interest rate of 7.4%.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £0.00 each

1,009,500

101

1,009,500

101

B Ordinary of £0.00 each

263,400

26

263,400

26

 

1,272,900

127

1,272,900

127

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

2023
£

2022
£

Total lease commitment

74,603

92,290

The amount of non-cancellable operating lease payments recognised as an expense during the year was £27,687 (2022 - £27,687).

10

Share-based payments

EMI Scheme

Scheme details and movements

The company has issued options over its unissued shares to employees. The options vest at yearly intervals ranging from 1 to 3 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company. The term of each option is 10 years from the date of grant.

Effect of share-based payments on profit or loss and financial position

The total expense recognised in profit or loss for the year was £Nil (2022 - £687).

The movements in the number of share options during the year were as follows:

2023
Number

2022
Number

Outstanding, start of period

84,600

84,600

Outstanding, end of period

84,600

84,600

Exercisable, end of period

84,600

84,600

 

Imetrum Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10

Share-based payments (continued)

The movements in the weighted average exercise price of share options during the year were as follows:

2023
£

2022
£

Outstanding, start of period

0.31

0.31

Outstanding, end of period

0.31

0.31

Exercisable, end of period

0.31

0.31

EMI Scheme 2

Scheme details and movements

The company has issued options over its unissued shares to employees. The options vest at yearly intervals ranging from 1 to 3 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company. The term of each option is 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

2023
Number

Granted during the period

38,500

Forfeited during the period

(5,500)

Outstanding, end of period

33,000

The movements in the weighted average exercise price of share options during the year were as follows:

2023
£

Granted during the period

0.50

Outstanding, end of period

0.50

Effect of share-based payments on profit or loss and financial position

The total expense recognised in profit or loss for the year was £16,535 (2022 - £Nil).