Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Dr Mohammad Ziad Alalyan 01/06/2023 Fatema Yama Alawadi 01/06/2023 Anthony Gerald Martin 01/06/2023 Erik Alistair Smyth 01/08/2018 17 September 2024 The principal activity of the Company during the financial year was the production and sale of environmentally friendly cleaning products. SC604102 2023-12-31 SC604102 bus:Director1 2023-12-31 SC604102 bus:Director2 2023-12-31 SC604102 bus:Director3 2023-12-31 SC604102 bus:Director4 2023-12-31 SC604102 2022-12-31 SC604102 core:CurrentFinancialInstruments 2023-12-31 SC604102 core:CurrentFinancialInstruments 2022-12-31 SC604102 core:Non-currentFinancialInstruments 2023-12-31 SC604102 core:Non-currentFinancialInstruments 2022-12-31 SC604102 core:ShareCapital 2023-12-31 SC604102 core:ShareCapital 2022-12-31 SC604102 core:SharePremium 2023-12-31 SC604102 core:SharePremium 2022-12-31 SC604102 core:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 SC604102 core:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 SC604102 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC604102 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC604102 core:OtherResidualIntangibleAssets 2022-12-31 SC604102 core:OtherResidualIntangibleAssets 2023-12-31 SC604102 core:LandBuildings 2022-12-31 SC604102 core:OtherPropertyPlantEquipment 2022-12-31 SC604102 core:LandBuildings 2023-12-31 SC604102 core:OtherPropertyPlantEquipment 2023-12-31 SC604102 core:CostValuation 2022-12-31 SC604102 core:CostValuation 2023-12-31 SC604102 core:CurrentFinancialInstruments core:Secured 2023-12-31 SC604102 bus:OrdinaryShareClass1 2023-12-31 SC604102 2023-01-01 2023-12-31 SC604102 bus:FilletedAccounts 2023-01-01 2023-12-31 SC604102 bus:SmallEntities 2023-01-01 2023-12-31 SC604102 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC604102 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC604102 bus:Director1 2023-01-01 2023-12-31 SC604102 bus:Director2 2023-01-01 2023-12-31 SC604102 bus:Director3 2023-01-01 2023-12-31 SC604102 bus:Director4 2023-01-01 2023-12-31 SC604102 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 SC604102 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC604102 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 SC604102 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC604102 2021-08-01 2022-12-31 SC604102 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC604102 core:LandBuildings 2023-01-01 2023-12-31 SC604102 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC604102 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC604102 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC604102 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC604102 bus:OrdinaryShareClass1 2021-08-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC604102 (Scotland)

ECOANOLYTES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

ECOANOLYTES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

ECOANOLYTES LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
ECOANOLYTES LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 3 11,387 21,016
Tangible assets 4 208,162 240,464
Investments 5 789 789
220,338 262,269
Current assets
Stocks 93,274 95,188
Debtors 6 194,168 162,441
Cash at bank and in hand 15,500 43,211
302,942 300,840
Creditors: amounts falling due within one year 7 ( 262,536) ( 250,786)
Net current assets 40,406 50,054
Total assets less current liabilities 260,744 312,323
Creditors: amounts falling due after more than one year 8 ( 191,062) ( 260,270)
Net assets 69,682 52,053
Capital and reserves
Called-up share capital 9 2 1
Share premium account 475,040 400,001
Equity reserve 110,000 0
Profit and loss account ( 515,360 ) ( 347,949 )
Total shareholders' funds 69,682 52,053

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 Ecoanolytes Ltd (registered number: SC604102) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

Erik Alistair Smyth
Director
ECOANOLYTES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
ECOANOLYTES LTD

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 period, unless otherwise stated.

General information and basis of accounting

Ecoanolytes Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 6 Lawside Road, Dundee, DD3 6BQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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.

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

Going concern

The Director is pleased with the progress the company has made in this period. The company has made a loss for the financial year which is in line with the expectations of the directors and shareholders owing to the company's decision to increase its investment in the manufacturing and marketing of its products, continuing to develop overseas opportunities in order to create a strong and scalable base for future growth.

The director continually assesses the funding needs of the business and work closely with existing shareholders who continue to support the company.

Based on conversations with investors and a positive funding plan for the next 12 months, the director consider that the company will have adequate resources for the foreseeable future and that the financial statements should be prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The financial statements have been prepared for the12 month period to 31 December 2023. The prior period covered 17 months to 31 December 2022 and as a result, the comparatives are not directly comparable.

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.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of environmentally friendly cleaning products provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

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 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 3 - 10 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.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
31.12.2023
Period from
01.08.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 16

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 26,419 26,419
Additions 9,355 9,355
Disposals ( 17,500) ( 17,500)
At 31 December 2023 18,274 18,274
Accumulated amortisation
At 01 January 2023 5,403 5,403
Charge for the financial year 1,484 1,484
At 31 December 2023 6,887 6,887
Net book value
At 31 December 2023 11,387 11,387
At 31 December 2022 21,016 21,016

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 10,705 292,890 303,595
Additions 0 325 325
At 31 December 2023 10,705 293,215 303,920
Accumulated depreciation
At 01 January 2023 2,353 60,778 63,131
Charge for the financial year 1,071 31,556 32,627
At 31 December 2023 3,424 92,334 95,758
Net book value
At 31 December 2023 7,281 200,881 208,162
At 31 December 2022 8,352 232,112 240,464

5. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 January 2023 789
At 31 December 2023 789
Carrying value at 31 December 2023 789
Carrying value at 31 December 2022 789

6. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 176,730 26,977
Amounts owed by Group undertakings 1,347 1,159
Corporation tax 0 60,066
Other debtors 16,091 74,239
194,168 162,441

7. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Bank loans (secured) 17,200 17,200
Trade creditors 88,525 94,115
Other taxation and social security 4,786 1,590
Other creditors 152,025 137,881
262,536 250,786

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme of £7,200 (2022 - £7,200). This loan is covered by a government backed guarantee.

Also included in Bank loans are amounts secured by way of a personal guarantee from the director of £10,000 (2022 - £10,000).

Included in Other Creditors are £45,368 (2021 - £45,642) of loans which are secured by way of a personal guarantee from the director.

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

31.12.2023 31.12.2022
£ £
Bank loans (secured) 35,956 52,717
Other creditors 155,106 207,553
191,062 260,270

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme of £10,200 (2022 - £17,400). This loan is covered by a government backed guarantee.

Also included in Bank loans are amounts secured by way of a personal guarantee from the director of £25,756 (2022 - £35,317).

Included in Other Creditors are £99,198 (2022 - £144,292) of loans which are secured by way of a personal guarantee from the director.

9. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
2,076 Ordinary shares of £ 0.001 each (31.12.2022: 1,376 shares of £ 0.001 each) 2 1

10. Financial commitments

Commitments

Capital commitments are as follows:

31.12.2023 31.12.2022
£ £
Contracted for but not provided for:
Intangible fixed assets 0 17,500