Registration number:
WASE Limited
for the Year Ended 31 March 2024
Pages for filing with Registrar
WASE Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
WASE Limited
Company Information
Directors |
J A W Astor T P Fudge C Chalbaud Testamarck |
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L Anwyl |
Registered office |
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Registered number |
10616124 |
Auditors |
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WASE Limited
(Registration number: 10616124)
Balance Sheet as at 31 March 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Other equity reserve |
- |
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Share options reserve |
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- |
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Profit and loss account |
( |
( |
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Total equity |
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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
.........................................
Director
WASE Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WASE Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible fixed assets |
Patents |
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Cost |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Amortisation charge |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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WASE Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Assets under construction |
Other tangible assets |
(As restated) |
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Cost |
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At 1 April 2023 |
- |
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Additions |
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Disposals |
- |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
- |
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Debtors: amounts falling due within one year |
2024 |
(As restated) |
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Prepayments |
16,663 |
8,441 |
Other debtors |
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Corporation tax |
47,368 |
- |
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WASE Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
2024 |
2023 |
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Amounts falling due within one year |
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Bank borrowings |
3,695 |
3,190 |
Trade creditors |
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- |
Taxation and social security |
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Other creditors |
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Accruals |
58,359 |
19,879 |
Directors' loan accounts |
19,683 |
19,683 |
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2024 |
2023 |
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Due after one year |
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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158 |
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192 |
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41 |
- |
- |
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115 |
- |
- |
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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.
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
WASE Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Share-based payments |
Scheme details and movements
The movements in the number of share options during the year were as follows:
2024 |
2023 |
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Outstanding, start of period |
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Granted during the period |
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Outstanding, end of period |
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Exercisable, end of period |
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- |
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The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
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Outstanding, start of period |
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Granted during the period |
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Outstanding, end of period |
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Exercisable, end of period |
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- |
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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.
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• The auditor was