22
false
false
false
false
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false
false
false
false
true
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false
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
531,293
400,824
130,469
xbrli:pure
xbrli:shares
iso4217:GBP
SC387672
2023-01-01
2023-12-31
SC387672
2023-12-31
SC387672
2022-12-31
SC387672
2022-01-01
2022-12-31
SC387672
2022-12-31
SC387672
2021-12-31
SC387672
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
SC387672
core:PlantMachinery
2023-01-01
2023-12-31
SC387672
bus:Director1
2023-01-01
2023-12-31
SC387672
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
SC387672
core:PlantMachinery
2022-12-31
SC387672
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
SC387672
core:PlantMachinery
2023-12-31
SC387672
core:ShareCapital
2022-01-01
2022-12-31
SC387672
core:SharePremium
2022-01-01
2022-12-31
SC387672
core:RetainedEarningsAccumulatedLosses
2022-01-01
2022-12-31
SC387672
core:ShareCapital
2023-01-01
2023-12-31
SC387672
core:SharePremium
2023-01-01
2023-12-31
SC387672
core:RetainedEarningsAccumulatedLosses
2023-01-01
2023-12-31
SC387672
core:WithinOneYear
2023-12-31
SC387672
core:WithinOneYear
2022-12-31
SC387672
core:ShareCapital
2023-12-31
SC387672
core:ShareCapital
2022-12-31
SC387672
core:SharePremium
2023-12-31
SC387672
core:SharePremium
2022-12-31
SC387672
core:CapitalRedemptionReserve
2023-12-31
SC387672
core:CapitalRedemptionReserve
2022-12-31
SC387672
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC387672
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC387672
core:ShareCapital
2021-12-31
SC387672
core:SharePremium
2021-12-31
SC387672
core:CapitalRedemptionReserve
2021-12-31
SC387672
core:RetainedEarningsAccumulatedLosses
2021-12-31
SC387672
core:Warranties
2023-01-01
2023-12-31
SC387672
core:PlantMachinery
2022-12-31
SC387672
core:Warranties
2022-12-31
SC387672
core:Warranties
2023-12-31
SC387672
bus:SmallEntities
2023-01-01
2023-12-31
SC387672
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
SC387672
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
SC387672
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC387672
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC387672
Filleted Unaudited Financial Statements |
|
Year Ended 31 December 2023
Statement of Financial Position |
1 |
|
|
Statement of Changes in Equity |
3 |
|
|
Notes to the Financial Statements |
4 |
|
|
Statement of Financial Position |
|
31 December 2023
Fixed Assets
Tangible assets |
6 |
27,459 |
56,049 |
|
|
|
|
Current Assets
Stocks |
439,930 |
127,017 |
Debtors |
7 |
5,238,474 |
442,105 |
Cash at bank and in hand |
67,977 |
155,209 |
|
------------ |
--------- |
|
5,746,381 |
724,331 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
2,311,389 |
2,426,659 |
|
------------ |
------------ |
Net Current Assets/(Liabilities) |
3,434,992 |
(
1,702,328) |
|
------------ |
------------ |
Total Assets Less Current Liabilities |
3,462,451 |
(
1,646,279) |
|
|
|
|
Provisions
Other provisions |
9 |
130,469 |
531,293 |
|
------------ |
------------ |
Net Assets/(Liabilities) |
3,331,982 |
(
2,177,572) |
|
------------ |
------------ |
|
|
|
|
Capital and Reserves
Called up share capital |
15,510,928 |
15,281,010 |
Share premium account |
28,436,225 |
20,583,937 |
Capital redemption reserve |
199 |
199 |
Profit and loss account |
(
40,615,370) |
(
38,042,718) |
|
------------- |
------------- |
Shareholders Funds/(Deficit) |
3,331,982 |
(
2,177,572) |
|
------------- |
------------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
10 October 2024
, and are signed on behalf of the board by:
Company registration number:
SC387672
Statement of Changes in Equity |
|
Year Ended 31 December 2023
|
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
£ |
At 1 January 2022 |
15,026,338 |
17,269,595 |
199 |
(
33,979,174) |
(
1,683,042) |
|
|
|
|
|
|
Loss for the year |
|
|
|
(
4,063,544) |
(
4,063,544) |
|
------------- |
------------- |
---- |
------------- |
------------ |
Total Comprehensive Income for the Year |
– |
– |
– |
(
4,063,544) |
(
4,063,544) |
|
|
|
|
|
|
Issue of shares |
254,672 |
3,314,342 |
– |
– |
3,569,014 |
|
------------- |
------------- |
---- |
------------- |
------------ |
Total Investments by and Distributions to Owners |
254,672 |
3,314,342 |
– |
– |
3,569,014 |
|
|
|
|
|
|
At 31 December 2022 |
15,281,010 |
20,583,937 |
199 |
(
38,042,718) |
(
2,177,572) |
|
|
|
|
|
|
Loss for the year |
|
|
|
(
2,572,652) |
(
2,572,652) |
|
------------- |
------------- |
---- |
------------- |
------------ |
Total Comprehensive Income for the Year |
– |
– |
– |
(
2,572,652) |
(
2,572,652) |
|
|
|
|
|
|
Issue of shares |
229,918 |
7,852,288 |
– |
– |
8,082,206 |
|
--------- |
------------ |
---- |
---- |
------------ |
Total Investments by and Distributions to Owners |
229,918 |
7,852,288 |
– |
– |
8,082,206 |
|
|
|
|
|
|
|
------------- |
------------- |
---- |
------------- |
------------ |
At 31 December 2023 |
15,510,928 |
28,436,225 |
199 |
(
40,615,370) |
3,331,982 |
|
------------- |
------------- |
---- |
------------- |
------------ |
|
|
|
|
|
|
Notes to the Financial Statements |
|
Year Ended 31 December 2023
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Kelvin Building, Bramah Avenue, East Kilbride, Glasgow, G75 0RD.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The directors have reviewed cash flows and trading forecasts to ensure the Company has sufficient resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date of signing the financial statements. The directors have considered a number of potential scenarios over the coming twelve months, including significant reductions in sales from those originally forecast. The company has a strong pipeline of sales opportunities. In the coming months, it is anticipated that further sales orders will be generated creating further cash inflows for the business and although most of these orders are not yet contracted, the directors are satisfied, based on discussions with customer regarding the progress of specific projects that the required demand exists for the product and these sales orders will be concluded which will create further cash inflow to the business. The Company showed its ability to grow during the 2023 financial year and despite the uncertainty and challenges of the current economic climate, the directors believe that the Company will continue on an upward trajectory. Ultimately, therefore the directors are satisfied that with the shareholders support and the sales generation that they expect as per the sensitised forecasts, this will create adequate cash levels to allow the business to trade as a going concern for the foreseeable future.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Improvements |
- |
20% straight line |
|
Plant and machinery |
- |
20% straight line |
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
22
(2022:
21
).
5.
Share Based Payments
At the balance sheet date the following Ordinary Share options were in issue:
Share Class
A Ordinary Shares
Number
56,091
Date Issued
18/03/2023
Exercise Price
£3.00
Type
EMI Approved Share Options
The option periods of the EMI Approved Share Option schemes are 10 years from their date of issue and are only exercisable if the company is or its assets are sold, or the company's shares are listed on a stock exchange, or at the Directors discretion. The Ordinary Share Options have a further vesting period condition relating to the value of the sale or listing. The options are settled in equity on exercise. All options expire at the end of the option period and lapse in certain circumstances if the employee leaves the company.
6.
Tangible Assets
|
Land and buildings |
Plant and machinery etc |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
396,759 |
1,571,923 |
1,968,682 |
Additions |
– |
5,743 |
5,743 |
Disposals |
– |
(
4,525) |
(
4,525) |
|
--------- |
------------ |
------------ |
At 31 December 2023 |
396,759 |
1,573,141 |
1,969,900 |
|
--------- |
------------ |
------------ |
Depreciation |
|
|
|
At 1 January 2023 |
396,759 |
1,515,874 |
1,912,633 |
Charge for the year |
– |
29,808 |
29,808 |
|
--------- |
------------ |
------------ |
At 31 December 2023 |
396,759 |
1,545,682 |
1,942,441 |
|
--------- |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 December 2023 |
– |
27,459 |
27,459 |
|
--------- |
------------ |
------------ |
At 31 December 2022 |
– |
56,049 |
56,049 |
|
--------- |
------------ |
------------ |
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
312,247 |
230,097 |
Other debtors |
4,926,227 |
212,008 |
|
------------ |
--------- |
|
5,238,474 |
442,105 |
|
------------ |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
926,229 |
755,002 |
Social security and other taxes |
109,264 |
35,680 |
Other borrowings |
|
|
Other creditors |
595,896 |
1,055,977 |
|
------------ |
------------ |
|
2,311,389 |
2,426,659 |
|
------------ |
------------ |
|
|
|
9.
Provisions
|
Warranties |
|
£ |
At 1 January 2023 |
531,293 |
Charge against provision |
(
400,824) |
|
--------- |
At 31 December 2023 |
130,469 |
|
--------- |
|
|
10.
Events after the Balance Sheet Date
In December 2023, the Company entered into an investment agreement for a total of £5,000,000. Of this amount, the allotment of shares for £4,500,000 occurred in two stages. The first stage, representing a share allotment for £2,500,000, took place in January 2024, and the second stage for £2,000,000 was completed in April 2024, with the associated investment funds received accordingly. These transactions represent significant post-balance sheet events that will enhance the Company's financial position.
As a result of this agreement being reached in December 2023, management has adjusted the current year’s financial statements to reflect the impact of this investment. This adjustment has been made in accordance with relevant accounting standards, which require the recognition of significant post-balance sheet events that provide additional evidence of conditions that existed at the balance sheet date. These adjustments ensure that the Company’s financial position as of the balance sheet date accurately reflects the agreed investment deal and its anticipated impact on liquidity and financial resources.