Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Dr R J Clement 25/01/2021 Dr T C Hill 25/01/2021 Dr R H Mitchell 25/01/2021 19 September 2024 The principal activity of the Company during the financial year was providing services to monitor ecosystems. 13157033 2023-12-31 13157033 bus:Director1 2023-12-31 13157033 bus:Director2 2023-12-31 13157033 bus:Director3 2023-12-31 13157033 2022-12-31 13157033 core:CurrentFinancialInstruments 2023-12-31 13157033 core:CurrentFinancialInstruments 2022-12-31 13157033 core:Non-currentFinancialInstruments 2023-12-31 13157033 core:Non-currentFinancialInstruments 2022-12-31 13157033 core:ShareCapital 2023-12-31 13157033 core:ShareCapital 2022-12-31 13157033 core:RetainedEarningsAccumulatedLosses 2023-12-31 13157033 core:RetainedEarningsAccumulatedLosses 2022-12-31 13157033 core:OtherResidualIntangibleAssets 2022-12-31 13157033 core:OtherResidualIntangibleAssets 2023-12-31 13157033 core:PlantMachinery 2022-12-31 13157033 core:OfficeEquipment 2022-12-31 13157033 core:ComputerEquipment 2022-12-31 13157033 core:PlantMachinery 2023-12-31 13157033 core:OfficeEquipment 2023-12-31 13157033 core:ComputerEquipment 2023-12-31 13157033 core:CostValuation 2022-12-31 13157033 core:CostValuation 2023-12-31 13157033 bus:OrdinaryShareClass1 2023-12-31 13157033 2023-01-01 2023-12-31 13157033 bus:FilletedAccounts 2023-01-01 2023-12-31 13157033 bus:SmallEntities 2023-01-01 2023-12-31 13157033 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13157033 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13157033 bus:Director1 2023-01-01 2023-12-31 13157033 bus:Director2 2023-01-01 2023-12-31 13157033 bus:Director3 2023-01-01 2023-12-31 13157033 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 13157033 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 13157033 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 13157033 core:OfficeEquipment core:BottomRangeValue 2023-01-01 2023-12-31 13157033 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 13157033 core:ComputerEquipment core:BottomRangeValue 2023-01-01 2023-12-31 13157033 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 13157033 2022-01-01 2022-12-31 13157033 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13157033 core:PlantMachinery 2023-01-01 2023-12-31 13157033 core:OfficeEquipment 2023-01-01 2023-12-31 13157033 core:ComputerEquipment 2023-01-01 2023-12-31 13157033 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13157033 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13157033 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13157033 (England and Wales)

QUANTERRA SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

QUANTERRA SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

QUANTERRA SYSTEMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
QUANTERRA SYSTEMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Dr R J Clement
Dr T C Hill
Dr R H Mitchell
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
England
United Kingdom
COMPANY NUMBER 13157033 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
QUANTERRA SYSTEMS LIMITED

BALANCE SHEET

As at 31 December 2023
QUANTERRA SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 104 117
Tangible assets 4 285,965 53,541
Investments 5 7 7
286,076 53,665
Current assets
Stocks 407,191 249,158
Debtors 6 78,833 271,955
Cash at bank and in hand 806,206 424,595
1,292,230 945,708
Creditors: amounts falling due within one year 7 ( 1,353,677) ( 1,001,555)
Net current liabilities (61,447) (55,847)
Total assets less current liabilities 224,629 (2,182)
Creditors: amounts falling due after more than one year 8 ( 103,156) ( 108,466)
Provision for liabilities ( 57,500) 0
Net assets/(liabilities) 63,973 ( 110,648)
Capital and reserves
Called-up share capital 9 1,150 1,150
Profit and loss account 62,823 ( 111,798 )
Total shareholders' funds/(deficit) 63,973 ( 110,648)

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 Quanterra Systems Limited (registered number: 13157033) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Dr R H Mitchell
Director
QUANTERRA SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
QUANTERRA SYSTEMS LIMITED

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 year, unless otherwise stated.

General information and basis of accounting

Quanterra Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE, England, United Kingdom. The principal place of business is Streatham Court, Rennes Drive, Exeter, EX4 4PU.

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. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

For projects which span across the end of the financial period, revenue is either deferred or accrued based on the proportion of the project that relates to the relevant financial period.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
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 3 - 5 years straight line
Office equipment 2 - 3 years straight line
Computer equipment 2 - 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

The convertible loan notes are non-basic financial instruments and as such are accounted for at fair value which is the balance repayable plus an additional amount reflecting the value of the discount on the shares expected to be issued on conversion.

Warrants

The warrants are non-basic financial instruments and as such are accounted for at fair value and calculated based on the expected likelihood and magnitude of the payment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 8

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 130 130
At 31 December 2023 130 130
Accumulated amortisation
At 01 January 2023 13 13
Charge for the financial year 13 13
At 31 December 2023 26 26
Net book value
At 31 December 2023 104 104
At 31 December 2022 117 117

4. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 52,727 8,962 13,634 75,323
Additions 257,493 40 1,112 258,645
At 31 December 2023 310,220 9,002 14,746 333,968
Accumulated depreciation
At 01 January 2023 11,599 3,973 6,210 21,782
Charge for the financial year 18,742 2,563 4,916 26,221
At 31 December 2023 30,341 6,536 11,126 48,003
Net book value
At 31 December 2023 279,879 2,466 3,620 285,965
At 31 December 2022 41,128 4,989 7,424 53,541

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 7
At 31 December 2023 7
Carrying value at 31 December 2023 7
Carrying value at 31 December 2022 7

6. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 0 230,154
Prepayments and accrued income 53,413 38,216
VAT recoverable 25,420 3,585
78,833 271,955

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 31 0
Amounts owed to directors 0 60,000
Other loans 760,011 799,205
Accruals and deferred income 583,079 133,150
Other taxation and social security 8,843 7,769
Other creditors 1,713 1,431
1,353,677 1,001,555

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

2023 2022
£ £
Other creditors 103,156 108,466

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
115,000 Ordinary Shares shares of £ 0.01 each 1,150 1,150