REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CAMBRIDGE FUTURE TECH LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CAMBRIDGE FUTURE TECH LTD |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CAMBRIDGE FUTURE TECH LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Building 1000 |
Cambridge Research Park |
Waterbeach |
Cambridgeshire |
CB25 9PD |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | Statutory information |
Cambridge Future Tech Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The company make judgements and estimates in relation to the value of investments. The Company follows the guidance issued by the British Venture Capitalist Association when determining the fair value, specifically in relation to using the price of recent investment to estimate and calibrate the fair value. Adequate consideration is also given to the current circumstances of the Company, including but not limited to, changes in the market of key performance indicators of the investee company. |
The values assigned to the investments are based upon available information and do not necessarily represent amounts which will ultimately be realised. Due to the inherent uncertainty of the valuation, the estimated fair value may differ significantly from the values that would have been determined has the investments been liquidated. |
The carrying value of investments at the end of the period is £1,942,071 (2022: £20). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Valuation of investments |
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Statement of Financial Position. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic costs less impairment. |
Realised fair value gains and losses are recognised within revenue in the Statement of Comprehensive Income. Unrealised fair value gains and losses are recognised within fair value movements within the Statement of Comprehensive Income. |
3. | Employees and directors |
The average number of employees during the year was |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost or valuation |
At 1 January 2023 |
Additions |
Revaluations |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Unlisted |
investments |
£ |
Valuation in 2023 | 1,938,364 |
Cost | 3,707 |
1,942,071 |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to associates | 3,644 | - |
Taxation and social security |
Other creditors |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.0001 | 18 | 17 |
14,619 Ordinary shares of £0.0001 each were allotted as fully paid |
After the year end the following share transactions were made: |
On 14/02/2024 the company issued 3,287 of £0.0001 Ordinary shares at £127.54 premium each. |
On 08/04/2024 the company issued 638 of £0.0001 Ordinary shares at £127.54 premium each. |
On 22/04/2024 the company issued 3,125 of £0.0001 Ordinary shares at £127.54 premium each. |
On 30/04/2024 the company issued 1,176 of £0.0001 Ordinary shares at £127.54 premium each. |
On 10/06/2024 the company issued 626 of £0.0001 Ordinary shares at £127.54 premium each. |
On 26/06/2024 the company issued 784 of £0.0001 Ordinary shares at £127.54 premium each. |
On 25/07/2024 the company issued 2,352 of £0.0001 Ordinary shares at £127.54 premium each. |
CAMBRIDGE FUTURE TECH LTD (REGISTERED NUMBER: 13079097) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | Share-based payment transactions |
Share Options | 31.12.2023 | 31.12.2022 |
Number | Number |
Outstanding at the beginning of the year | 8,821 | - |
Granted during the year | - | 8,821 |
Exercised during the year | - | - |
Cancelled during the year | - | - |
Outstanding at the end of the year | 8,821 | 8,821 |
The total charge for the year relating to employee share based payment plans was £Nil (2022: £Nil) in accordance with the provisions of FRS 102 (Section 1A). |
On 1 March 2022, the Company commenced the operation of an Enterprise Management Incentive scheme (EMI). At 31 December 2023, 8,821 (2022: 8,821) EMI options remained in issue. These options have an exercise price of £0.89 per share. |