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Company Registration number: SC080167

Aardvark Clear Mine Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Aardvark Clear Mine Limited

Contents

Pages

Company information

1

Directors' report

2

Chartered accountants' report

3

Statement of income and retained earnings

4

Balance sheet

5 to 6

Notes to the financial statements

7 to 12

 

Aardvark Clear Mine Limited

Company information

Directors

Mr D St John-Claire

Mr A Al-Suwayed

Company secretary

Mr E G Fenwick

Registered office


51 Newall Terrace
Dumfries
DG1 1LN

Accountants

David Allen
Chartered Accountants
51 Newall Terrace
Dumfries
DG1 1LN

Bankers


Santander UK plc
Bridle Road
Bootle
Merseyside
L30 1PH

 

Aardvark Clear Mine Limited

Directors' report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr D St John-Claire

Mr A Al-Suwayed

Principal activity

The principal activity of the company is the development of technical and innovative defence and security solutions.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr D St John-Claire
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Aardvark Clear Mine 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 accounts of Aardvark Clear Mine Limited for the year ended 31 December 2023 as set out on pages 4 to 12 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
 

This report is made solely to the Board of Directors of Aardvark Clear Mine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Aardvark Clear Mine Limited and state those matters that we have agreed to state to the Board of Directors of Aardvark Clear Mine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aardvark Clear Mine Limited and its Board of Directors as a body for our work or for this report.
 

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

We have not been instructed to carry out an audit or a review of the accounts of Aardvark Clear Mine 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 accounts.



David Allen
Chartered Accountants
51 Newall Terrace
Dumfries
DG1 1LN

 

1 October 2024

 

Aardvark Clear Mine Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

325,275

1,667,810

Cost of sales

 

(20,257)

(780,025)

Gross profit

 

305,018

887,785

Administrative expenses

 

(570,786)

(709,492)

Operating (loss)/profit

 

(265,768)

178,293

Interest payable and similar charges

 

(396,625)

2,849

 

(396,625)

2,849

(Loss)/profit before tax

4

(662,393)

181,142

Taxation

 

141,883

97,500

(Loss)/profit for the financial year

 

(520,510)

278,642

Retained earnings brought forward

 

813,797

535,155

Retained earnings carried forward

 

293,287

813,797

 

Aardvark Clear Mine Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

10,025,587

13,152

Tangible assets

6

39,404

48,811

 

10,064,991

61,963

Current assets

 

Stocks

7

3,437,317

2,293,905

Debtors

8

226,040

147,087

Cash at bank and in hand

 

2,351

39,587

 

3,665,708

2,480,579

Creditors: Amounts falling due within one year

9

(490,662)

(190,045)

Net current assets

 

3,175,046

2,290,534

Total assets less current liabilities

 

13,240,037

2,352,497

Creditors: Amounts falling due after more than one year

9

(2,663,204)

(1,404,506)

Net assets

 

10,576,833

947,991

Capital and reserves

 

Called up share capital

2,931

2,550

Share premium reserve

280,615

131,644

Revaluation reserve

10,000,000

-

Retained earnings

293,287

813,797

Shareholders' funds

 

10,576,833

947,991

 

Aardvark Clear Mine Limited

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.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr D St John-Claire
Director

Company registration number: SC080167

 

Aardvark Clear Mine Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
51 Newall Terrace
Dumfries
DG1 1LN

These financial statements were authorised for issue by the Board on 1 October 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

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

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.

 

Aardvark Clear Mine Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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 the respective functional currency of the entity 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 rate on the date when the fair value is re-measured.

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

Tax

The tax expense for the period comprises current and deferred tax. 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 corporation 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Amortisation

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

Asset class

Amortisation method and rate

Software

20% straight line

 

Aardvark Clear Mine Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Aardvark Clear Mine Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 5).

4

LOSS/PROFIT BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation

11,386

14,441

Amortisation

6,940

5,156

5

INTANGIBLE ASSETS

Intellectual property
 £

Software
 £

Total
£

Cost or valuation

At 1 January 2023

-

25,780

25,780

Additions internally developed

10,000,000

-

10,000,000

Additions acquired separately

-

19,375

19,375

At 31 December 2023

10,000,000

45,155

10,045,155

Amortisation

At 1 January 2023

-

12,628

12,628

Amortisation charge

-

6,940

6,940

At 31 December 2023

-

19,568

19,568

Carrying amount

At 31 December 2023

10,000,000

25,587

10,025,587

At 31 December 2022

-

13,152

13,152

During the year the directors revalued intellectual property. In their opinion this is the fair value of the intellectual property.

 

Aardvark Clear Mine Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

6

TANGIBLE ASSETS

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

15,653

34,007

29,430

79,090

Additions

1,979

-

-

1,979

At 31 December 2023

17,632

34,007

29,430

81,069

Depreciation

At 1 January 2023

7,928

14,878

7,473

30,279

Charge for the year

2,212

4,782

4,392

11,386

At 31 December 2023

10,140

19,660

11,865

41,665

Carrying amount

At 31 December 2023

7,492

14,347

17,565

39,404

At 31 December 2022

7,725

19,129

21,957

48,811

7

STOCKS

2023
£

2022
£

Stock and work in progress

3,437,317

2,293,905

8

DEBTORS

Current

2023
£

2022
£

Trade debtors

9,312

8,278

Prepayments

162,833

73,523

Other debtors

53,895

65,286

 

226,040

147,087

The total amount of contingent assets not included in the balance sheet is £6,600,000 (2022 - £Nil). The company entered into a contract for the issue of new shares in January 2023 to an external investor for £6,600,000. The investor subsequently failed to invest in the company. There is a legally binding agreement and there are ongoing legal proceedings to recover these funds due under contract.

 

Aardvark Clear Mine Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

9

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

5,485

5,210

Trade creditors

 

300,344

49,932

Taxation and social security

 

44,083

12,102

Other creditors

 

140,750

122,801

 

490,662

190,045

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10,513

16,273

Other non-current financial liabilities

 

2,652,691

1,388,233

 

2,663,204

1,404,506