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Registration number: 10616124

WASE Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

WASE Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 13

 

WASE Limited

Company Information

Directors

J A W Astor

T P Fudge

C Chalbaud Testamarck

L Anwyl

Registered office

Bay Lodge
36 Harefield Road
Uxbridge
Middlesex
UB8 1PH

Registered number

10616124

Auditors

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

WASE Limited

(Registration number: 10616124)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)
31 March
2023
£

Fixed assets

 

Intangible assets

6

23,298

21,307

Tangible assets

7

161,692

101,598

 

184,990

122,905

Current assets

 

Debtors

8

207,750

91,774

Cash at bank and in hand

 

5,101,979

151,272

 

5,309,729

243,046

Creditors: Amounts falling due within one year

9

(157,664)

(50,837)

Net current assets

 

5,152,065

192,209

Total assets less current liabilities

 

5,337,055

315,114

Creditors: Amounts falling due after more than one year

9

(17,171)

(20,809)

Provisions for liabilities

(7,776)

(7,776)

Net assets

 

5,312,108

286,529

Capital and reserves

 

Called up share capital

10

315

192

Share premium reserve

7,502,303

1,161,753

Other equity reserve

-

190,945

Share options reserve

40,987

-

Profit and loss account

(2,231,497)

(1,066,361)

Total equity

 

5,312,108

286,529

 

WASE Limited

(Registration number: 10616124)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................

T P Fudge
Director

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bay Lodge
36 Harefield Road
Uxbridge
Middlesex
UB8 1PH

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. Note 4 explains the restatement of the results for the year ended 31 March 2023.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared forecasts covering a period of 12 months from the approval of these financial statements. Those forecasts show the company will continue to be able to meets it liabilities as they fall due in that period. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grant income will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grant income is presented within other operating income in the profit and loss account.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible fixed assets

Tangible assets are stated in the balance at cost, less any subsequent accumulated depreciation.

Assets under construction are not depreciated.

Depreciation is charged so as to write off the cost of assets, other than assets under construction over their estimated useful lives, as follows:

Plant and equipment other than assets under construction

Straight-line over 3 years

Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Patents

Straight-line over 10 years

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

Convertible debt

The net proceeds received from the issue of convertible debt instruments are split between a liability element and an equity component at the date of issue. The fair value of the liability component is estimated using the prevailing market interest rate for similar nonconvertible debt. The difference between the proceeds of issue of the convertible bonds and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the company, is included in equity and is not remeasured. The liability component is carried at amortised cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as an expense in the period in which the employees' services are received.

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments with will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss accounts, with corresponding entry in equity.

3

Key estimates and significant judgements

The directors make estimates and assumptions concerning the future of the Company. The resulting accounting estimates will, by definition, often differ to actual results. The company's directors are of the opinion that there are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying value of assets and liabilities for the company within the next financial year due to the nature of the business. There are no other significant judgements or key sources of estimation uncertainty in the accounting policies.

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Prior year adjustments

The results for year ended 31 March 2023 have been restated from those previously reported.

Assets which were classified as stock in the financial statements for the year ended 31 March 2023 should have been classified as fixed assets, reflecting their continuing use within the business. The restatement this year therefore also takes into account the depreciation expense which should have been recognised in the previous year for those same assets.

In addition, there have been other restatements for:
• presenting grant income as 'other operating income' rather than turnover, to reflect more accurately the nature of the income
• reclassifying all cost of sales as administrative expenses, since the restated 2023 profit and loss account includes no sales
• increasing grant income (now presented as other operating income) by £32,126, with a corresponding increase to debtors. The income had been omitted despite the company having earned the income as at 31 March 2023.

The financial impacts of the above restatements are:
• to reduce by £13,176 the loss after tax for the year ended 31 March 2023. The main components of this reduction are the £32,126 increase to grant income and a £18,328 increase to fixed asset depreciation (within administrative expenses)
• a £13,176 decrease to accumulated losses brought forward as at 1 April 2023
• a reduction in stocks of £89,454, to leave a nil balance as at 31 March 2023. Tangible fixed assets have increased by £70,494 at the same date
• an increase of £32,126 to debtors as at 31 March 2023.

The presentational restatements described above relating to turnover, cost of sales, and other operating income have had no effect on net profits.

5

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 14).

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Intangible fixed assets

Patents
£

Cost

At 1 April 2023

23,674

Additions

4,843

At 31 March 2024

28,517

Amortisation

At 1 April 2023

2,367

Amortisation charge

2,852

At 31 March 2024

5,219

Carrying amount

At 31 March 2024

23,298

At 31 March 2023

21,307

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Tangible fixed assets

Assets under construction
£

Other tangible assets
£

(As restated)
Total
£

Cost

At 1 April 2023

-

155,511

155,511

Additions

82,951

30,997

113,948

Disposals

-

(2,366)

(2,366)

At 31 March 2024

82,951

184,142

267,093

Depreciation

At 1 April 2023

-

53,913

53,913

Charge for the year

-

53,197

53,197

Eliminated on disposal

-

(1,709)

(1,709)

At 31 March 2024

-

105,401

105,401

Carrying amount

At 31 March 2024

82,951

78,741

161,692

At 31 March 2023

-

101,598

101,598

8

Debtors: amounts falling due within one year

2024
£

(As restated)
2023
£

Prepayments

16,663

8,441

Other debtors

143,719

83,333

Corporation tax

47,368

-

207,750

91,774

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Creditors

2024
£

2023
£

Amounts falling due within one year

Bank borrowings

3,695

3,190

Trade creditors

43,972

-

Taxation and social security

15,890

1,265

Other creditors

16,065

6,820

Accruals

58,359

19,879

Directors' loan accounts

19,683

19,683

157,664

50,837

2024
£

2023
£

Due after one year

Bank borrowings

17,171

20,809

The bank loan is a government-backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 10 years, charged at 2.5% interest.

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

15,824

158

19,185

192

Ordinary A shares shares of £0.01 (2023 - £0) each

4,112

41

-

-

Series seed shares shares of £0.01 (2023 - £0) each

11,545

115

-

-

 

31,481

315

19,185

192

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024


During the year, 1,168 ordinary shares and 11,128 Series Seed shares were issued for £6,149,728, a premium of £6,149,615. Of these shares, 1,035 related to the conversion of loan notes in April 2023. The remaining shares were issued for cash between November 2023 and February 2024.

On 7 November 2023 3,494 ordinary shares were redesignated as 3,077 A Ordinary shares and 417 Series Seed shares. On 16 February 2024 a further 1,035 ordinary shares were redesignated as A Ordinary shares.

11

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

506,765

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £61,444 (2023 - £80,431).

 

WASE Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Share-based payments

Scheme details and movements

Share options were granted to certain employees under the company's share option schemes. The options are exercisable provided criteria are met regarding continued employment and achievement of certain targets.

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

372

136

Granted during the period

101

236

Outstanding, end of period

473

372

Exercisable, end of period

136

-

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

1.36

0.01

Granted during the period

63.74

1.36

Outstanding, end of period

45.42

1.36

Exercisable, end of period

0.01

-

13

Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information is in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The Independent Auditor's Report was unqualified.
The name of the Senior Statutory Auditor who signed the audit report 24 October 2024 was Stuart Crisp BSc FCA.
• The auditor was Corrigan Accountants Limited.