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REGISTERED NUMBER: 12134466 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PHYSICSX LIMITED

PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)






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


PHYSICSX LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Dr. R Tuluie
J Corbo
J P Baum





REGISTERED OFFICE: 2nd Floor
67-71 Shoreditch High Street
London
E1 6JJ





REGISTERED NUMBER: 12134466 (England and Wales)





ACCOUNTANTS: Dafferns LLP
Chartered Accountants
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 241,991 181,778
Investments 6 79 -
242,070 181,778

CURRENT ASSETS
Debtors 7 3,598,078 1,003,262
Cash at bank 21,460,854 733,484
25,058,932 1,736,746
CREDITORS
Amounts falling due within one year 8 741,501 1,712,820
NET CURRENT ASSETS 24,317,431 23,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,559,501

205,704

CAPITAL AND RESERVES
Called up share capital 9 312 100
Share premium 10 26,817,305 -
Other reserves 10 1,631,147 -
Retained earnings 10 (3,889,263 ) 205,604
SHAREHOLDERS' FUNDS 24,559,501 205,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)

BALANCE SHEET - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





J Corbo - Director


PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

PhysicsX Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis

The directors have considered the going concern of the Company for the year ended 31 December 2023 and deemed that the Company has sufficient cash reserves and working capital to continue to trade from 12 months from the signing on these financial statements.

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
Tangible fixed assets are recognised at costs and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulate impairment losses. Historical cost includes any direct expenditure incurred to being the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:

Short leasehold- over lease term
Plant and machinery- 25% straight line
Fixtures and fittings- 20% straight line
Computer equipment- 33.3% straight line

Any gains and losses on the disposal of tangible assets are recognised in the Income Statement in the year that the disposal takes place.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 13 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 12,046 29,817 4,306 192,069 238,238
Additions - - 16,680 141,647 158,327
At 31 December 2023 12,046 29,817 20,986 333,716 396,565
DEPRECIATION
At 1 January 2023 - 14,839 1,793 39,828 56,460
Charge for year 5,159 7,454 2,237 83,264 98,114
At 31 December 2023 5,159 22,293 4,030 123,092 154,574
NET BOOK VALUE
At 31 December 2023 6,887 7,524 16,956 210,624 241,991
At 31 December 2022 12,046 14,978 2,513 152,241 181,778

PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 79
At 31 December 2023 79
NET BOOK VALUE
At 31 December 2023 79

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 503,976 895,737
Other debtors 2,713,958 54,125
Tax 141,000 -
VAT 112,697 -
Prepayments 126,447 53,400
3,598,078 1,003,262

Included in other debtors is £2,599,209 (2022: £nil) for unpaid share capital.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Convertible Loan notes - 660,095
Trade creditors 375,829 35,649
Tax - 185,849
Social security and other taxes 208,534 28,278
VAT - 27,344
Unpaid share capital in subsid 79 -
Credit card 21,496 -
Directors' current accounts - 769,605
Accrued expenses 135,563 6,000
741,501 1,712,820

In the prior year, convertible loan notes totalling £660,095 were recognised. These loan notes were fully drawn down in this financial year and were subsequently converted to Preferred shares.

PHYSICSX LIMITED (REGISTERED NUMBER: 12134466)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted Issued Nominal 2023 2022
Number: Class: Value: £    £   

83,812 (2022: 65,000) A Ordinary 0.001p 84 65
10,000 (2022: 10,000) B Ordinary 0.001p 10 10
82,103 (2022: 25,000) C Ordinary 0.001p 82 25
97,376 (2022: Nil) Series A2 Preferred 0.001p 97 -
38,944 (2022: Nil) Series A3 Preferred 0.001p 39 -
312 100

The A Ordinary, C Ordinary and Preferred shares are entitled to equal voting rights and equal rights to dividends. B Ordinary shares do not carry voting rights. In the event of a sale or liquidation, the Preferred shares have preferential rights to distributions.

10. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 January 2023 205,604 - - 205,604
Deficit for the year (4,094,867 ) (4,094,867 )
Cash share issue - 26,817,305 - 26,817,305
Share based payment - - 1,631,147 1,631,147
At 31 December 2023 (3,889,263 ) 26,817,305 1,631,147 24,559,189

Other reserves comprise of a share-based payment reserve in relation to the Company's Enterprise Management Incentive scheme

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments and guarantees which are not included in the balance sheet amount to £721,950 (2022: £848,086).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year, the Company owed a director £769,605 (2022: £37,759), total repayments of £23,395 (2022: £1,102,403) and total advances of £793,000 (2022: £370,557) were seen during the financial year. At the end of the year, the Company owed a director £nil (2022: £769,605). No interest has been charged on this loan.