Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-011918falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10727666 2023-01-01 2023-12-31 10727666 2022-01-01 2022-12-31 10727666 2023-12-31 10727666 2022-12-31 10727666 2022-01-01 10727666 c:Director2 2023-01-01 2023-12-31 10727666 d:MotorVehicles 2023-01-01 2023-12-31 10727666 d:MotorVehicles 2023-12-31 10727666 d:MotorVehicles 2022-12-31 10727666 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10727666 d:OfficeEquipment 2023-01-01 2023-12-31 10727666 d:OfficeEquipment 2023-12-31 10727666 d:OfficeEquipment 2022-12-31 10727666 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10727666 d:ComputerEquipment 2023-01-01 2023-12-31 10727666 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10727666 d:OtherPropertyPlantEquipment 2023-12-31 10727666 d:OtherPropertyPlantEquipment 2022-12-31 10727666 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10727666 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10727666 d:CurrentFinancialInstruments 2023-12-31 10727666 d:CurrentFinancialInstruments 2022-12-31 10727666 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10727666 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10727666 d:ShareCapital 2023-12-31 10727666 d:ShareCapital 2022-12-31 10727666 d:SharePremium 2023-01-01 2023-12-31 10727666 d:SharePremium 2023-12-31 10727666 d:SharePremium 2022-12-31 10727666 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10727666 d:OtherMiscellaneousReserve 2023-12-31 10727666 d:OtherMiscellaneousReserve 2022-12-31 10727666 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10727666 d:RetainedEarningsAccumulatedLosses 2023-12-31 10727666 d:RetainedEarningsAccumulatedLosses 2022-12-31 10727666 c:OrdinaryShareClass1 2023-01-01 2023-12-31 10727666 c:OrdinaryShareClass1 2023-12-31 10727666 c:OrdinaryShareClass1 2022-12-31 10727666 c:OrdinaryShareClass2 2023-01-01 2023-12-31 10727666 c:OrdinaryShareClass2 2023-12-31 10727666 c:OrdinaryShareClass2 2022-12-31 10727666 c:OrdinaryShareClass3 2023-01-01 2023-12-31 10727666 c:OrdinaryShareClass3 2023-12-31 10727666 c:OrdinaryShareClass3 2022-12-31 10727666 c:OrdinaryShareClass4 2023-01-01 2023-12-31 10727666 c:OrdinaryShareClass4 2023-12-31 10727666 c:OrdinaryShareClass4 2022-12-31 10727666 c:FRS102 2023-01-01 2023-12-31 10727666 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10727666 c:FullAccounts 2023-01-01 2023-12-31 10727666 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10727666 1 2023-01-01 2023-12-31 10727666 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10727666 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10727666 2 2023-01-01 2023-12-31 10727666 7 2023-01-01 2023-12-31 10727666 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10727666









CORROSION RADAR LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CORROSION RADAR LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CORROSION RADAR LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Corrosion Radar Limited for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of Corrosion Radar Limited, as a body, in accordance with the terms of our engagement letter dated 13 February 2018Our work has been undertaken solely to prepare for your approval the financial statements of Corrosion Radar Limited and state those matters that we have agreed to state to the Board of Directors of Corrosion Radar Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corrosion Radar Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Corrosion Radar Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Corrosion Radar Limited. You consider that Corrosion Radar Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Corrosion Radar Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wilson Partners Limited
Chartered Accountants
 
Windsor House
Station Court
Station Road
Great Shelford
Cambridge
CB22 5NE
 
Date: 
14 September 2024
Page 1

 
CORROSION RADAR LIMITED
REGISTERED NUMBER: 10727666

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
8,868
9,449

  
8,868
9,449

Current assets
  

Stocks
 6 
235,564
132,825

Debtors: amounts falling due within one year
 7 
409,431
485,169

Cash at bank
 8 
303,843
546,288

  
948,838
1,164,282

Creditors: amounts falling due within one year
 9 
(241,874)
(259,461)

Net current assets
  
 
 
706,964
 
 
904,821

Total assets less current liabilities
  
715,832
914,270

Provisions for liabilities
  

Deferred tax
 10 
(1,685)
(1,795)

  
 
 
(1,685)
 
 
(1,795)

Net assets
  
714,147
912,475


Capital and reserves
  

Called up share capital 
 11 
5,289
4,328

Share premium account
 13 
5,982,554
4,504,767

Other reserves
 13 
385,516
277,983

Profit and loss account
 13 
(5,659,212)
(3,874,603)

  
714,147
912,475


Page 2

 
CORROSION RADAR LIMITED
REGISTERED NUMBER: 10727666
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mehrdad Silatani
Director

Date: 14 September 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is registered in England and Wales and its registration number is 10727666. It is a private limited company limited by shares.
Registered office:
1 Medway Court Cranfield Technology Park, 
Cranfield, 
Bedford, 
England, 
MK43 0FQ

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future.  Accordingly, they continue to adopt the going concern basis in preparing the director’s report and financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the income statement on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the income statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the income statement in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in the income statement using the effective interest method.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 6

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Office equipment
-
3
years
Computer equipment
-
3
years
Other fixed assets
-
3
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income statement.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the income statement.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the date of the Statement of
Financial Position and the amounts reported for revenues and expenses during the year.


4.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 18).

Page 8

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment
Office equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
26,062
6,342
-
32,404


Additions
4,949
-
1,760
6,709



At 31 December 2023

31,011
6,342
1,760
39,113



Depreciation


At 1 January 2023
18,486
4,469
-
22,955


Charge for the year
5,569
1,203
518
7,290



At 31 December 2023

24,055
5,672
518
30,245



Net book value



At 31 December 2023
6,956
670
1,242
8,868



At 31 December 2022
7,576
1,873
-
9,449


6.


Stocks

2023
2022
£
£

Stocks
235,564
132,825

235,564
132,825



7.


Debtors

2023
2022
£
£


Trade debtors
186,718
248,422

Other debtors
124,835
213,425

Prepayments and accrued income
97,878
23,322

409,431
485,169


Page 9

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank
303,843
546,288

303,843
546,288



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
102,765
129,340

Other taxation and social security
36,292
23,940

Other creditors
3,749
2,953

Accruals and deferred income
99,068
103,228

241,874
259,461



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,795)
(1,778)


Charged to profit or loss
110
(17)



At end of year
(1,685)
(1,795)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,685)
(1,795)

(1,685)
(1,795)

Page 10

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000,000 (2022: 1,000,000) Ordinary Shares @ 0.001
1,000
1,000
396,825 (2022: 396,825) A Ordinary Shares @ 0.001
397
397
386,101 (2022: 386,101) B Ordinary Shares @ 0.001
386
386
3,505,831 (2022: 2,544,910) C Ordinary Shares @ 0.001
3,506
2,545

5,289

4,328


During the year, the Company issued 960,921 C Ordinary Shares at £0.001 par for a value of £961.

Page 11

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share based payments

The company has an EMI share option scheme for all employees of the company and an unapproved share option scheme for other key individuals. Options are exercisable at a price equal to the estimated fair value of the company’s shares on the date of grant.
EMI share option scheme
In September 2023, 70,154 new approved equity-settled share-based payment arrangements were granted to 6 employees with an exercise price of £0.01 vesting over 3 years. There were no performance conditions associated with these options.
In October 2023, 3,960 approved equity-settled share-based payment arrangements lapsed.
Unapproved share option scheme
In June 2023, 30,127 new unapproved equity-settled share-based payment arrangements were granted to 1 key individual with an exercise price of £0.01 vesting over 3 years. There were no performance conditions associated with these options.
In January 2023, 9,898 unapproved equity-settled share-based payment arrangements lapsed.
Summary of the share option movements during the year are as follows:

Weighted average exercise price (pence)
2023
Number
 
Weighted average exercise price (pence)
2022
Number
 

Outstanding at the beginning of the year

0.01

620,657

0.01
 
125,704
 
Granted during the year

0.01

100,281

0.01
 
509,800
 
Lapsed during the year

0.01

(13,858)

0.01
 
(14,847)
 
Outstanding at the end of the year

0.01

707,080

0.01
 
620,657
 

The equity-settled share based payments arrangements outstanding at the year-end had a weighted average exercisable price of £0.01 (2022: £0.01). The aggregate of the estimated fair values of the equity settled share-based payment arrangements granted on the dates is £385,516 (2022: £277,983).

Page 12

 
CORROSION RADAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the
company’s shares are issued at an amount in excess of nominal value.

Other reserves

This reserve relates to the estimated fair values of the equity settled share-based payment arrangements.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £16,758 (2022: £12,919). Contributions totalling £3,749 (2022: £2,845) were payable to the fund at the reporting date and are included in creditors.


15.


Post balance sheet events

On 15 March 2024, the company issued 2,114,535 D Ordinary Shares for a total consideration of £4,799,994 and on 25 April 2024 the company issued a further 484,583 D Ordinary Shares for a total consideration of £1,100,003.
As at the signing date, the company was still in negotiations for a new lease agreement for a term of 5 years.


16.


Controlling party

There is no ultimate controlling party.

 
Page 13