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Registration number: 10554632

Agile Spray Response Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Agile Spray Response Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Agile Spray Response Ltd

(Registration number: 10554632)
Balance Sheet as at 30 June 2024

Note

30 June
2024
£

30 June
2023
£

Fixed assets

 

Intangible assets

5

3,692,274

4,760,486

Tangible assets

6

3,361

6,870

 

3,695,635

4,767,356

Current assets

 

Stocks

7

-

150,000

Debtors

8

178,678

284,147

Cash at bank and in hand

 

109,572

336,826

 

288,250

770,973

Creditors: Amounts falling due within one year

9

(66,052)

(3,082,137)

Net current assets/(liabilities)

 

222,198

(2,311,164)

Total assets less current liabilities

 

3,917,833

2,456,192

Creditors: Amounts falling due after more than one year

9

(2,600,000)

(16,504,068)

Net assets/(liabilities)

 

1,317,833

(14,047,876)

Capital and reserves

 

Called up share capital

10

3,514

6

Share premium reserve

345,906

-

Retained earnings

968,413

(14,047,882)

Shareholders' funds/(deficit)

 

1,317,833

(14,047,876)

 

Agile Spray Response Ltd

(Registration number: 10554632)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

P R Cole
Company secretary and director

   
     
 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
C/o Milsted Langdon LLP
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
England

These financial statements were authorised for issue by the Board on 13 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The directors have considered the capital resources available to the company and it's forthcoming liabilities and have concluded that they believe that the company will have the necessary level of financial resources to enable it to meet its liabilities as they fall due accordingly have prepared the accounts on a going concern basis.

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

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;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Finance income and costs policy

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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 in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets 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, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Licences

Straight line over 4 - 8 years

Development costs

Straight line over 4 - 8 years

 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 7).

4

Other operating income

During the year The British Growth Fund agreed to waive debts of £16,877,943 and following the extinguishment and derecognition of this financial liability the company has benefitted from a one-off credit to the profit and loss account.

5

Intangible assets

Trademarks, patents and licenses
 £

Development costs
£

Total
£

Cost or valuation

At 1 July 2023

8,104,725

89,645

8,194,370

Additions acquired separately

6,750

55,785

62,535

At 30 June 2024

8,111,475

145,430

8,256,905

Amortisation

At 1 July 2023

3,422,947

10,937

3,433,884

Amortisation charge

1,102,551

28,196

1,130,747

At 30 June 2024

4,525,498

39,133

4,564,631

Carrying amount

At 30 June 2024

3,585,977

106,297

3,692,274

At 30 June 2023

4,681,778

78,708

4,760,486

 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

10,922

10,922

Disposals

(3,469)

(3,469)

At 30 June 2024

7,453

7,453

Depreciation

At 1 July 2023

4,052

4,052

Charge for the year

1,597

1,597

Eliminated on disposal

(1,557)

(1,557)

At 30 June 2024

4,092

4,092

Carrying amount

At 30 June 2024

3,361

3,361

At 30 June 2023

6,870

6,870

7

Stocks

30 June
2024
£

30 June
2023
£

Other inventories

-

150,000

8

Debtors

Note

30 June
2024
£

30 June
2023
£

Other debtors

 

74,000

218,116

Prepayments

 

13,438

51,031

Accrued income

 

11,150

15,000

Income tax asset

80,090

-

 

178,678

284,147

 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Due within one year

Note

30 June
2024
£

30 June
2023
£

 

Trade creditors

 

14,652

70,697

Social security and other taxes

 

6,060

13,729

Accruals

 

45,340

2,997,711

 

66,052

3,082,137

Due after one year

 

Loans and borrowings

11

2,600,000

16,504,068

30 June
2024
£

30 June
2023
£

Due after more than five years

After more than five years not by instalments

2,600,000

16,504,068

-

-

10

Share capital

Allotted, called up and fully paid shares

30 June
2024

30 June
2023

No.

£

No.

£

Ordinary A of £0.00 each

400

-

400

-

Ordinary B of £0.01 each

350,000

3,500

600

6

Ordinary C of £0.00 (2023 - £0) each

142,682

14

-

-

493,082

3,514

1,000

6

During the year the company issued 349,400 B shares for total consideration of £349,400 and 142,682 C shares for a total consideration of £14.
 

 

Agile Spray Response Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Loans and borrowings

Non-current loans and borrowings

30 June
2024
£

30 June
2023
£

Other borrowings

2,600,000

16,504,068

Included in the loans and borrowings are the following amounts due after more than five years:

Other loans after five years

The amount of the other loans not due by instalments after five years is £2,600,000 (2023: 16,504,068)

12

Related party transactions

Summary of transactions with other related parties

RVL Aviation Limited
(Subsidiary company of Reconnaissance Ventures Limited in which G N Cole (director and person of significant control of Agile Spray Response Ltd) is also a director and person of significant control)

During the period, Agile Spray Response Ltd made sales to RVL Aviation Limited totalling £359,037 (2023: £90,000).

As at 30 June 2024 the amount due from RVL Aviation Limited was £63,653 (2023: £197,426).

Business Growth Fund
(Shareholder of the company)
During the year Agile Spray Response Ltd has written off the secured loan notes advanced by BGF Investments LP.

As at 30 June 2023, the amount due to Business Growth Fund was £2,600,000 (2023: £19,477,943).