Company registration number 14671174 (England and Wales)
SCI SEMICONDUCTOR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SCI SEMICONDUCTOR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SCI SEMICONDUCTOR LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
3,930
Cash at bank and in hand
34,329
38,259
Creditors: amounts falling due within one year
4
(12,461)
Net current assets
25,798
Capital and reserves
Called up share capital
5
55
Share premium account
54,161
Profit and loss reserves
(28,418)
Total equity
25,798
For the financial Period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
H N Povey
Director
Company registration number 14671174 (England and Wales)
SCI SEMICONDUCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
SCI Semiconductor Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm Main Street, Caldecote, Cambridge, CB23 7NU.
1.1
Reporting period
The company was incorporated on 17 February 2023. The first accounting period is from 17 February to 31 December 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks, other short-term liquid investments with original maturities of three months or less,
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
SCI SEMICONDUCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Where equity instruments have been sold at greater than its nominal value, the excess is reflected in share premium.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
SCI SEMICONDUCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
1
3
Debtors
2023
Amounts falling due within one year:
£
Other debtors
3,930
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
2,395
Other creditors
10,066
12,461
5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
A1 Ordinary shares of 0.00001 each
4,000,000
40
A2 Ordinary shares of 0.00001 each
1,000,000
10
B Ordinary shares of 0.00001 each
541,667
5
5,541,667
55
SCI SEMICONDUCTOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
5
Called up share capital
(Continued)
- 5 -
Upon incorporation 1,000,000 0.00001p Ordinary shares were issued at par.
On the 23rd June 2023 1,000,000 0.00001p Ordinary shares were redesignated to A1 Ordinary shares.
On the 23rd June 2023 3,000,000 0.00001p A1 Ordinary shares and 1,000,000 0.00001p A2 Ordinary shares were issued at par.
On the 26th June 2023 541,667 0.00001p B Ordinary shares were issued at 0.1p per share. The premium paid above the nominal value is reflected within share premium.
6
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2023
Number
£
Outstanding at 17 February 2023
Granted
443,333
0.06
Outstanding at 31 December 2023
443,333
0.06
Exercisable at 31 December 2023
The options outstanding at 31 December 2023 had an exercise price ranging from £0.05 to £0.10, and a remaining contractual life of up to 9.5 years.
The grant of options was valued using a Black-Scholes model, based on the estimated price of the company at each grant date. Expected lives were varied based on staged vesting rights in the model, using a period from 1-4 years for contractual entitlement to tranches of the award.
Inputs were as follows:
2023
Weighted average share price
0.10
Weighted average exercise price
0.01
Expected volatility
34.10
Expected life
4.00
Risk free rate
4.32
Liabilities and expenses
During the Period, the company recognised total share-based payment expenses of £124,251 which related to equity settled share based payment transactions.