Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Dr B Carolin 01/06/2020 Mr A B Conjour 19/01/2024 20/10/2021 Mr D G Gould 19/01/2024 04/05/2011 Mrs R H Gould 19/01/2024 15/06/2017 Mr W R Hobbs 10/07/2019 Mr M L Holloway 20/07/2022 Mr M C Mcnabb 10/07/2019 15 October 2024 The principal activity of the Company during the financial year was the design, manufacture, installation and maintenance of vehicle imaging technology. 07621889 2024-05-31 07621889 bus:Director1 2024-05-31 07621889 bus:Director2 2024-05-31 07621889 bus:Director3 2024-05-31 07621889 bus:Director4 2024-05-31 07621889 bus:Director5 2024-05-31 07621889 bus:Director6 2024-05-31 07621889 bus:Director7 2024-05-31 07621889 2023-05-31 07621889 core:CurrentFinancialInstruments 2024-05-31 07621889 core:CurrentFinancialInstruments 2023-05-31 07621889 core:Non-currentFinancialInstruments 2024-05-31 07621889 core:Non-currentFinancialInstruments 2023-05-31 07621889 core:ShareCapital 2024-05-31 07621889 core:ShareCapital 2023-05-31 07621889 core:SharePremium 2024-05-31 07621889 core:SharePremium 2023-05-31 07621889 core:RetainedEarningsAccumulatedLosses 2024-05-31 07621889 core:RetainedEarningsAccumulatedLosses 2023-05-31 07621889 core:ComputerSoftware 2023-05-31 07621889 core:ComputerSoftware 2024-05-31 07621889 core:LeaseholdImprovements 2023-05-31 07621889 core:PlantMachinery 2023-05-31 07621889 core:Vehicles 2023-05-31 07621889 core:FurnitureFittings 2023-05-31 07621889 core:ComputerEquipment 2023-05-31 07621889 core:LeaseholdImprovements 2024-05-31 07621889 core:PlantMachinery 2024-05-31 07621889 core:Vehicles 2024-05-31 07621889 core:FurnitureFittings 2024-05-31 07621889 core:ComputerEquipment 2024-05-31 07621889 bus:OrdinaryShareClass1 2024-05-31 07621889 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2024-05-31 07621889 bus:PreferenceShareClass2 bus:Non-cumulativeShares 2024-05-31 07621889 bus:PreferenceShareClass3 bus:Non-cumulativeShares 2024-05-31 07621889 bus:PreferenceShareClass4 bus:Non-cumulativeShares 2024-05-31 07621889 2023-06-01 2024-05-31 07621889 bus:FilletedAccounts 2023-06-01 2024-05-31 07621889 bus:SmallEntities 2023-06-01 2024-05-31 07621889 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07621889 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07621889 bus:Director1 2023-06-01 2024-05-31 07621889 bus:Director2 2023-06-01 2024-05-31 07621889 bus:Director3 2023-06-01 2024-05-31 07621889 bus:Director4 2023-06-01 2024-05-31 07621889 bus:Director5 2023-06-01 2024-05-31 07621889 bus:Director6 2023-06-01 2024-05-31 07621889 bus:Director7 2023-06-01 2024-05-31 07621889 core:ComputerSoftware core:BottomRangeValue 2023-06-01 2024-05-31 07621889 core:ComputerSoftware core:TopRangeValue 2023-06-01 2024-05-31 07621889 core:LeaseholdImprovements core:BottomRangeValue 2023-06-01 2024-05-31 07621889 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 07621889 core:PlantMachinery core:BottomRangeValue 2023-06-01 2024-05-31 07621889 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 07621889 core:Vehicles core:TopRangeValue 2023-06-01 2024-05-31 07621889 core:FurnitureFittings core:TopRangeValue 2023-06-01 2024-05-31 07621889 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 07621889 2022-06-01 2023-05-31 07621889 core:ComputerSoftware 2023-06-01 2024-05-31 07621889 core:LeaseholdImprovements 2023-06-01 2024-05-31 07621889 core:PlantMachinery 2023-06-01 2024-05-31 07621889 core:Vehicles 2023-06-01 2024-05-31 07621889 core:FurnitureFittings 2023-06-01 2024-05-31 07621889 core:ComputerEquipment 2023-06-01 2024-05-31 07621889 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 07621889 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 07621889 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 07621889 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 07621889 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 07621889 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2023-06-01 2024-05-31 07621889 bus:PreferenceShareClass1 bus:Non-cumulativeShares 2022-06-01 2023-05-31 07621889 bus:PreferenceShareClass2 bus:Non-cumulativeShares 2023-06-01 2024-05-31 07621889 bus:PreferenceShareClass2 bus:Non-cumulativeShares 2022-06-01 2023-05-31 07621889 bus:PreferenceShareClass3 bus:Non-cumulativeShares 2023-06-01 2024-05-31 07621889 bus:PreferenceShareClass3 bus:Non-cumulativeShares 2022-06-01 2023-05-31 07621889 bus:PreferenceShareClass4 bus:Non-cumulativeShares 2023-06-01 2024-05-31 07621889 bus:PreferenceShareClass4 bus:Non-cumulativeShares 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07621889 (England and Wales)

DEGOULD LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

DEGOULD LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

DEGOULD LIMITED

BALANCE SHEET

As at 31 May 2024
DEGOULD LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 19,243 46,566
Tangible assets 4 197,852 251,001
217,095 297,567
Current assets
Stocks 5 2,034,733 2,687,638
Debtors 6 1,449,501 1,593,733
Cash at bank and in hand 1,324,758 1,333,363
4,808,992 5,614,734
Creditors: amounts falling due within one year 7 ( 1,873,605) ( 2,090,386)
Net current assets 2,935,387 3,524,348
Total assets less current liabilities 3,152,482 3,821,915
Creditors: amounts falling due after more than one year 8 ( 1,856,125) ( 354,023)
Net assets 1,296,357 3,467,892
Capital and reserves
Called-up share capital 9 701 465
Share premium account 11,564,050 10,564,286
Profit and loss account ( 10,268,394 ) ( 7,096,859 )
Total shareholders' funds 1,296,357 3,467,892

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Degould Limited (registered number: 07621889) were approved and authorised for issue by the Board of Directors on 15 October 2024. They were signed on its behalf by:

Mr M L Holloway
Director
DEGOULD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
DEGOULD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Degould Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and the principal place of business is 17 Apple Lane, Sowton Industrial Estate, Exeter, EX2 5GL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company remains in an investment and development phase and requires additional finance to enable it to continue operating as a going concern for the foreseeable future.

The company is progressing fundraising conversations with existing shareholders with a view to raising additional capital which is expected, based on cash flow forecasts which management consider to be reasonable and prudent, to be sufficient to enable the company to continue operating as a going concern for a period of greater than twelve months from the date of approval of these financial statements.

The Board are confident that the company will be successful in raising the capital outlined above but recognise that this is inherently uncertain and risk remains. Absent to a significant capital injection the company would not be able to continue operating as a going concern for a period of twelve months.

Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis but recognise that the need to raise finance represents a material uncertainty that may cast significant doubt on the ability of the company to continue as a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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 and after eliminating sales within the company.

Turnover on the sale of image capture booths is recognised on receipt of the booth by the customer.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Separately acquired patents and licences (including software) are shown at historical costs.

Patents and licenses have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Computer software 6 - 7 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 3 - 10 years straight line
Plant and machinery 3 - 10 years straight line
Vehicles 3 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished foods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment, If stocks are 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.

Assets sold on contract are retained in stock and recognised over the period of the contract.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

During the year the company received grants of £588 (2023: £284,622) from Innovate UK in relation to innovative product development.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 51

3. Intangible assets

Computer software Total
£ £
Cost
At 01 June 2023 188,106 188,106
At 31 May 2024 188,106 188,106
Accumulated amortisation
At 01 June 2023 141,540 141,540
Charge for the financial year 27,323 27,323
At 31 May 2024 168,863 168,863
Net book value
At 31 May 2024 19,243 19,243
At 31 May 2023 46,566 46,566

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 277,824 19,480 114,149 19,879 126,364 557,696
Additions 0 0 0 0 7,766 7,766
Disposals 0 0 ( 58,186) 0 0 ( 58,186)
At 31 May 2024 277,824 19,480 55,963 19,879 134,130 507,276
Accumulated depreciation
At 01 June 2023 79,576 17,383 114,149 14,147 81,440 306,695
Charge for the financial year 29,866 1,057 0 2,907 27,085 60,915
Disposals 0 0 ( 58,186) 0 0 ( 58,186)
At 31 May 2024 109,442 18,440 55,963 17,054 108,525 309,424
Net book value
At 31 May 2024 168,382 1,040 0 2,825 25,605 197,852
At 31 May 2023 198,248 2,097 0 5,732 44,924 251,001

5. Stocks

2024 2023
£ £
Stocks 903,379 1,892,178
Work in progress 587,904 124,062
Finished goods 543,450 671,398
2,034,733 2,687,638

6. Debtors

2024 2023
£ £
Trade debtors 333,979 287,433
Prepayments and accrued income 143,858 77,232
VAT recoverable 34,305 100,341
Corporation tax 935,295 967,090
Other debtors 2,064 161,637
1,449,501 1,593,733

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 231,817 329,356
Amounts owed to directors 150,000 150,000
Other loans 0 76,662
Accruals and deferred income 1,136,640 1,395,875
Other taxation and social security 333,826 120,913
Other creditors 21,322 17,580
1,873,605 2,090,386

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans (secured) 1,496,180 354,023
Deferred income 359,945 0
1,856,125 354,023

Loans are secured by charges over the company assets.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,129,266 Ordinary shares of £ 0.0001 each 212.93 212.93
Nil Ordinary A shares (2023: 645,555 shares of £ 0.0001 each) 0 64.56
212.93 277.49
645,555 Preference A non-cumulative shares of £ 0.0001 each (2023: - shares of £ 0.0001 each) 64.56 0
1,646,036 Preference B non-cumulative shares of £ 0.0001 each 164.60 164.60
236,584 Preference C non-cumulative shares of £ 0.0001 each 23.66 23.66
2,356,240 Preference D non-cumulative shares of £ 0.0001 each (2023: - shares of £ 0.0001 each) 235.62 0
488.44 188.26
701.37 465.75

Ordinary shares:
The Ordinary and Ordinary A shares carry voting rights, rights to dividends and rank equally. In the event of an exit on or prior to 10 July 2025, the holders of the Ordinary A shares shall receive the higher of i) twice the amount paid up on their shares or ii) their proportion of the sale proceeds. In the event of an exit post 10 July 2025, the holders of the Ordinary A shares shall receive the higher of i) the amount paid up on their shares or ii) their proportion of the sale proceeds.

Preference B and Preference C Shares:
Preference B shares and Preference C shares carry voting rights, right to dividend payments or any other distribution and right to participate in a distribution arising from a winding up of the company. The shares are non-redeemable.

The company has a share option scheme in which four employees participate: The Degould Limited Enterprise Management Incentive Share Options Plan set up in October 2017. Under the EMI scheme, the company has granted an EMI option over 'Ordinary' shares in the company. Exercise is only possible should certain performance conditions be achieved. During the year the directors granted additional options to the employees. Options are granted over 249,325 shares with an exercise price of £0.0001 per share at the date of the grant and an expiry date of October 2027.

10. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 90,000 180,000

The above financial commitments are not included in the balance sheet is £90,000 (2023 - £180,000)