REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PHYSICSX LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Other reserves | 10 |
Retained earnings | 10 | ( |
) |
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. |
PHYSICSX LIMITED (REGISTERED NUMBER: 12134466) |
BALANCE SHEET - continued |
31 December 2023 |
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 |
PHYSICSX LIMITED (REGISTERED NUMBER: 12134466) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
PhysicsX Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
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 |
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 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments |
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 |
Tax |
Social security and other taxes |
VAT | - | 27,344 |
Unpaid share capital in subsid | 79 | - |
Credit card | 21,496 | - |
Directors' current accounts | - | 769,605 |
Accrued expenses |
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 |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 26,817,305 | - | 26,817,305 |
Share based payment | - | - | 1,631,147 | 1,631,147 |
At 31 December 2023 | ( |
) | 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. |