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Registered number: 03502794










Trulife Optics Limited










Financial statements

Information for filing with the registrar

For the year ended 30 June 2024

 
Trulife Optics Limited
 

Company Information


Directors
M Medora 
J Lewis 
N Robiette 
C Morgan 
M Kawauchi (appointed 8 July 2024)
A Penman (appointed 8 July 2024)




Company secretary
C Morgan



Registered number
03502794



Registered office
Fitting Shop Building
79 Trinity Buoy Wharf

London

E14 0FR




Independent auditors
Acuity Professional Partnership LLP
Chartered Accountants and Statutory Auditors

Unit 2.02, High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES





 
Trulife Optics Limited
 

Contents



Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 13


 
Trulife Optics Limited
Registered number: 03502794

Statement of financial position
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
7,943,546
7,156,246

Tangible assets
 6 
16,555
46,898

Investments
 7 
7,001
7,086

  
7,967,102
7,210,230

Current assets
  

Stocks
 8 
51,874
35,105

Debtors: amounts falling due within one year
 9 
1,141,069
490,606

Cash at bank and in hand
  
938,464
569,221

  
2,131,407
1,094,932

Creditors: amounts falling due within one year
 10 
(424,501)
(569,415)

Net current assets
  
 
 
1,706,906
 
 
525,517

Total assets less current liabilities
  
9,674,008
7,735,747

Creditors: amounts falling due after more than one year
 11 
(171,587)
(92,712)

Provisions for liabilities
  

Deferred tax
 13 
(3,146)
(8,911)

Other provisions
 14 
-
(50,000)

  
 
 
(3,146)
 
 
(58,911)

Net assets
  
9,499,275
7,584,124


Capital and reserves
  

Called up share capital 
 15 
2,769
2,704

Share premium account
 16 
2,285,733
1,201,100

Capital redemption reserve
 16 
17
17

Profit and loss account
 16 
7,210,756
6,380,303

  
9,499,275
7,584,124


Page 1

 
Trulife Optics Limited
Registered number: 03502794

Statement of financial position (continued)
As at 30 June 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 August 2024.




C Morgan
Director

Page 2

 
Trulife Optics Limited
 

Statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
2,673
1,199,582
17
6,478,381
7,680,653


Comprehensive income for the period

Loss for the period
-
-
-
(98,078)
(98,078)


Contributions by and distributions to owners

Shares issued during the period
31
1,518
-
-
1,549



At 30 June 2023
2,704
1,201,100
17
6,380,303
7,584,124


Comprehensive income for the year

Profit for the year
-
-
-
830,453
830,453


Contributions by and distributions to owners

Shares issued during the year
65
1,084,633
-
-
1,084,698


At 30 June 2024
2,769
2,285,733
17
7,210,756
9,499,275


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

Trulife Optics Limited is a private limited company incorporated in the United Kingdom. The address of the registered office and registered number is given in the company information page.
The company's business consists of the research, development, production and sale of colour holographic optical elements for use in optical systems, near to eye systems such as augmented and virtual reality and car and other head up displays.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The prior period to 31 December 2023 was a short six month period and the comparative figures are therefore not comparable to the current 12 month period to 30 June 2024.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
 
Sale of goods

Revenue from the sale of goods is recognised on despatch when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
Page 4

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.3
Revenue (continued)


Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Intangible assets

All intangible assets consist of capitalised research and development costs, of which the amortisation rate and method are disclosed in note 2.17.

All intangible assets are considered to have a finite useful life.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short term leasehold improvements
-
Over the term of lease
Plant and machinery
-
4-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP, rounded to the nearest pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.13

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

 
2.17

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which has been estimated at 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 7

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management were not required to make any estimates or judgments which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, apart from the estimating the estimated useful lives of the company's tangible and intangible fixed assets.


4.


Employees

The average monthly number of employees, including directors, during the year was 37 (2023 - 37).


5.


Intangible assets




Research and development

£



Cost


At 1 July 2023
11,762,636


Additions
3,011,090



At 30 June 2024

14,773,726



Amortisation


At 1 July 2023
4,606,389


Charge for the year on owned assets
2,223,791



At 30 June 2024

6,830,180



Net book value



At 30 June 2024
7,943,546



At 30 June 2023
7,156,246

The company is continuing to develop new lines of products.
The above costs are being amortised over the expected useful economic life of 5 years commencing from the date expected revenue from the developed product is received.



Page 8

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

6.


Tangible fixed assets





Short term leasehold improvement
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 July 2023
235,466
707,555
943,021



At 30 June 2024

235,466
707,555
943,021



Depreciation


At 1 July 2023
235,466
660,657
896,123


Charge for the year
-
30,343
30,343



At 30 June 2024

235,466
691,000
926,466



Net book value



At 30 June 2024
-
16,555
16,555



At 30 June 2023
-
46,898
46,898

The net book value of plant and machinery includes an amount of £24,661 (2023 - £38,862) in respect of assets held under finance lease purchase contracts. The related depreciation charge in the year
was £14,201 (2023 - £4,318).


7.


Fixed asset investments





Trade investments
Investments in subsidiary companies
Total

£
£
£



Cost or valuation


At 1 July 2023
7,000
86
7,086


Disposals
-
(85)
(85)



At 30 June 2024
7,000
1
7,001




Page 9

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

8.


Stocks

2024
2023
£
£

Raw materials
51,874
35,105

51,874
35,105



9.


Debtors

2024
2023
£
£


Trade debtors
307,347
55,993

Amounts owed by group undertakings
-
5

Other debtors
590,958
398,345

Prepayments and accrued income
242,764
36,263

1,141,069
490,606



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
30,952
139,491

Other taxation and social security
51,932
50,480

Obligations under finance lease and hire purchase contracts
121,524
61,800

Other creditors
141,466
207,184

Accruals and deferred income
78,627
110,460

424,501
569,415



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
171,587
92,712

171,587
92,712




Page 10

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
121,524
61,800

Between 1-5 years
171,587
92,712

293,111
154,512

Page 11

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

13.


Deferred taxation




2024


£






At beginning of year
(8,911)


Charged to profit or loss
5,765



At end of year
(3,146)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,146)
(8,911)

(3,146)
(8,911)


14.


Provisions




Provisions

£





At 1 July 2023
50,000


Charged to profit or loss
(50,000)



At 30 June 2024
-


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



21,296 (2023 - 20,646) Ordinary shares of £0.10 each
2,130
2,065
6,370 Ordinary B shares of £0.10 each
637
637
20 Ordinary C shares of £0.10 each
2
2

2,769

2,704

Page 12

 
Trulife Optics Limited
 

 
Notes to the financial statements
For the year ended 30 June 2024

15.Share capital (continued)

All the shares rank pari passu and have one vote each. On return of capital, the C shares are entitled to 20% of total returns made on the B shares after a 50% return as original invested cash achieved by the B shareholders. The B shares are entitled to 80% of the gain. The ordinary shares are entitled to the remaining capital.
The company has granted 825 options to eligible employees on ordinary shares of 10p each at a price of £5 each. In 2019 170 of these options were exercised by the eligible employees. In 2024 140 of these options were exercised by the eligible employees. The remaining options have lapsed. 
The company has granted 135 options to eligible employees on ordinary shares of 10p each at a price of £20 each. The options can be exercised by June 2026. In 2021, all 135 of these options have been exercised by the eligible employees. 
The company has granted 300 options to eligible employees on ordinary shares of 10p each at a price of £80 each. In 2024 176 of these options were exercised by the eligible employees. The remaining 124 options can be exercised by July 2028.
The company has granted 650 options to eligible employees on ordinary shares of 10p each at a price of £100 each.  In 2024 34 of these options were exercised by the eligible employees.
The company has granted 4,531 non EMI options to eligible employees on ordinary shares of 10p each at a price of 10p each.

During the year 650 ordinary shares of 10p each were issued for a total premium of £1,084,634.


16.


Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit & loss account

The profit and loss account consists of cumulative undistributed reserves.


17.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £48,995 (2023 - £12,353). Contributions totaling £21,916 (2023-£17,549) were payable to the fund at the balance sheet date.


18.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 23 August 2024 by Rachel Taylor FCA FMAAT (Senior statutory auditor) on behalf of Acuity Professional Partnership LLP.


Page 13