Registration number:
Imetrum Limited
for the Year Ended 31 December 2023
Pages for filing with Registrar
Imetrum Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Imetrum Limited
Company Information
Directors |
C J Setchell L Fenney L Hall E C Jarvis D G Wheeler |
Registered office |
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Registered number |
04864539 |
Accountants |
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Imetrum Limited
(Registration number: 04864539)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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127 |
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Share premium reserve |
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1,263,389 |
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Other reserves |
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|
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Profit and loss account |
( |
(3,100,554) |
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Total equity |
( |
(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:
• |
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• |
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
.........................................
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 |
|
|
|
( |
( |
Loss for the year |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
Share based payment transactions |
- |
- |
16,535 |
- |
16,535 |
At 31 December 2023 |
|
|
|
( |
( |
Share capital |
Share premium |
Share options reserve |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
|
( |
( |
Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
- |
( |
- |
( |
Total comprehensive income |
- |
- |
( |
( |
( |
New share capital subscribed |
|
|
- |
- |
|
Share based payment transactions |
- |
- |
687 |
- |
687 |
At 31 December 2022 |
|
|
|
( |
( |
Imetrum Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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).
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Imetrum Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Intangible fixed assets |
Development expenditure |
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Cost |
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At 1 January 2023 |
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Additions acquired separately |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Imetrum Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible fixed assets |
Fixtures and fittings |
Computer equipment |
Demo equipment |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
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Disposals |
- |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors: amounts falling due within one year |
2023 |
2022 |
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Trade debtors |
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Other debtors |
- |
71,838 |
VAT |
- |
57,818 |
Prepayments and accrued income |
2,763 |
5,413 |
Corporation tax |
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|
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Imetrum Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
66,316 |
17,407 |
Other creditors |
15,542 |
18,933 |
Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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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%.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
101 |
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101 |
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|
26 |
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26 |
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|
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Imetrum Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Obligations under leases and hire purchase contracts |
Operating leases
2023 |
2022 |
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Total lease commitment |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Share-based payments |
Scheme details and movements
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 |
2022 |
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Outstanding, start of period |
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Outstanding, end of period |
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Exercisable, end of period |
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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 |
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Outstanding, start of period |
|
|
Outstanding, end of period |
|
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Exercisable, end of period |
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|
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Scheme details and movements
The movements in the number of share options during the year were as follows:
2023 |
|
Granted during the period |
|
Forfeited during the period |
( |
Outstanding, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2023 |
|
Granted during the period |
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Outstanding, end of period |
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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).