Registered number: 03502794
Trulife Optics Limited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2024
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Trulife Optics Limited
Company Information
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M Kawauchi (appointed 8 July 2024)
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A Penman (appointed 8 July 2024)
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Acuity Professional Partnership LLP
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Chartered Accountants and Statutory Auditors
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Unit 2.02, High Weald House
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Trulife Optics Limited
Contents
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Trulife Optics Limited
Registered number: 03502794
Statement of financial position
As at 30 June 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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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.
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Trulife Optics Limited
Statement of changes in equity
For the year ended 30 June 2024
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Capital redemption reserve
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Comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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The notes on pages 4 to 13 form part of these financial statements.
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
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
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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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.
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.
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (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.
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.
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:
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Short term leasehold improvements
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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.
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.
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Cash and cash equivalents
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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.
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.
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Foreign currency translation
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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.
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.
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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Provisions for liabilities
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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.
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.
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.
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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.
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The average monthly number of employees, including directors, during the year was 37 (2023 - 37).
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Charge for the year on owned assets
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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.
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
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Short term leasehold improvement
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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).
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Investments in subsidiary companies
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Charged to profit or loss
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Allotted, called up and fully paid
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21,296 (2023 - 20,646) Ordinary shares of £0.10 each
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6,370 Ordinary B shares of £0.10 each
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20 Ordinary C shares of £0.10 each
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Trulife Optics Limited
Notes to the financial statements
For the year ended 30 June 2024
15.Share capital (continued)
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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.
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During the year 650 ordinary shares of 10p each were issued for a total premium of £1,084,634.
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.
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.
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.
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