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Registration number: 10013620

Interface Polymers Ltd

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Interface Polymers Ltd (Registration number: 10013620)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Interface Polymers Ltd (Registration number: 10013620)

Company Information

Directors

R A Baglin

J Busse

S Hulme

C J Kay

J L G L C Rihon

S E Royall

P Scott

S Waddington

R Welling

Registered office

Advanced Technology Innovation Centre
Loughborough University Science and Enterprise Park
5 Oakwood Drive
Loughborough
Leicestershire
LE11 3QF

Auditors

PKF Smith Cooper Audit Limited
Chartered Accountants and Statutory Auditors
1 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

 

Interface Polymers Ltd (Registration number: 10013620)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

201,775

178,754

Tangible assets

5

1,786,319

161,591

 

1,988,094

340,345

Current assets

 

Stocks

20,600

-

Debtors

6

82,496

1,124,040

Cash at bank and in hand

 

3,495,678

5,188,026

 

3,598,774

6,312,066

Creditors: Amounts falling due within one year

7

(1,117,689)

(469,757)

Net current assets

 

2,481,085

5,842,309

Total assets less current liabilities

 

4,469,179

6,182,654

Creditors: Amounts falling due after more than one year

7

(244,404)

(14,396)

Net assets

 

4,224,775

6,168,258

Capital and reserves

 

Called up share capital

8

1,265

1,245

Share premium reserve

11,700,170

11,700,170

Retained earnings

(7,476,660)

(5,533,157)

Shareholders' funds

 

4,224,775

6,168,258

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 and in accordance with the provisions of FRS102 Section 1A - small entities.

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 30 August 2024 and signed on its behalf by:
 

R A Baglin
Director

   
     
 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Advanced Technology Innovation Centre
Loughborough University Science and Enterprise Park
5 Oakwood Drive
Loughborough
Leicestershire
LE11 3QF
England

These financial statements were authorised for issue by the Board on 30 August 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.

Going concern

The Directors believe that the Company's financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these financial statements.

The Company is reliant on the ongoing support of its investors whilst it continues to work towards bringing the product to market. Following significant investment in a production facility, the Company is expected to begin generating revenues within the next 12 months.

After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that the Company will show increased profitability going forward, which will allow the Company to continue in operational existence for the foreseeable future. These forecasts however also show the Company has a short-term funding requirement that will need to be met by further support from either existing or new investors.

Based on this the Directors continue to adopt the going concern basis in preparing the Company's financial statements, however acknowledging there is material uncertainty around this relating to the reliance to obtain further funding.

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 September 2024 was James Delve, who signed for and on behalf of PKF Smith Cooper Audit Limited.

We draw attention to note 2 in the financial statements, which indicates that the Directors' assessment of going concern is based on the requirement for further support from the Company's current or new investors. As stated in note 2, these circumstances indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. There are no key areas of judgemental or estimation uncertainty.

Expenditure on research and development is recognised as an expense when incurred, until such time as it can be demonstrated that it is probable that future economic benefits will flow to the company, at which time an intangible asset would be recognised.

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 sales/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.

Government grants

Grants are recognised when any contractual obligations have been fulfilled and matched to related expenditure.

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 rates prevailing on
the initial transaction dates.

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

The companies functional and presentational currency is GBP. The accounts are rounded to the nearest £.

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.

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

27 months straight line

Plant and machinery

1 to 5 years straight line

Furniture, fittings and equipment

3 to 4 years straight line

Intangible assets

Intellectual property, patents and trademarks are amortised over the life of the asset.

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

Trademarks

Over the life of the trademark, typically 10 years from filing

Patents

Over the life of the patent, typically 20 years from initial application

Research and Development costs

Expenditure on research and development is written off to the profit and loss account, in the year in which it is incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade 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. 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price.

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Share based payments

The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period. Further detail is provided in note 10.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 13).

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

208,746

208,746

Additions acquired separately

35,105

35,105

At 30 April 2024

243,851

243,851

Amortisation

At 1 May 2023

29,992

29,992

Amortisation charge

12,084

12,084

At 30 April 2024

42,076

42,076

Carrying amount

At 30 April 2024

201,775

201,775

At 30 April 2023

178,754

178,754

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

-

26,871

423,339

450,210

Additions

1,687,890

19,051

476,382

2,183,323

Disposals

-

(1,478)

(5,937)

(7,415)

At 30 April 2024

1,687,890

44,444

893,784

2,626,118

Depreciation

At 1 May 2023

-

22,673

265,946

288,619

Charge for the year

437,601

5,342

110,952

553,895

Eliminated on disposal

-

(1,478)

(1,237)

(2,715)

At 30 April 2024

437,601

26,537

375,661

839,799

Carrying amount

At 30 April 2024

1,250,289

17,907

518,123

1,786,319

At 30 April 2023

-

4,199

157,392

161,591

Included within the net book value of land and buildings above is £1,250,289 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

540

Prepayments

36,933

205,229

Other debtors

45,563

918,271

 

82,496

1,124,040

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

469,600

2,157

Trade creditors

165,763

220,466

Taxation and social security

13,849

10,760

Accruals and deferred income

463,098

231,748

Other creditors

5,379

4,626

1,117,689

469,757

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

244,404

14,396

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

5,177

-

-

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up (fully and not fully paid shares)

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £0.01 each

94,374

943.74

92,356

923.56

Series A preference share capital of £0.01 each

32,151

321.51

32,151

321.51

 

126,525

1,265

124,507

1,245

Allotted, called up and not fully paid shares (included above)

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £0.01 each

16,665

166.65

16,665

166.65

         

On 18/12/23, 2,018 ordinary shares with aggregate nominal value of £20.18 were allotted for cash of £20.18.

 

 

Interface Polymers Ltd (Registration number: 10013620)

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

The amounts paid to key management, which only comprise the directors, in respect of their services for the year were:

Key management compensation

2024
£

2023
£

Remuneration

288,618

217,068

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

296,000

2023

Key management
£

Amounts payable to related party

236,000

10

Share based payments

During the period the company received services from certain external consultants whose services were only partially paid for through cash based payment. The remaining services were paid via the granting of share options at an exercise price of £0.01 per option share for a total of 385 option shares (2023: 320 option shares).

Share options were also granted at an exercise price of £0.01 per option share for a total of 1,810 option shares to thirteen employees of the company during the year (2023: 710 option shares in total).

The vesting conditions in respect of the shares are as set out in the individual share option agreements of the participants and are dependent on the company reaching certain specified milestones. The maximum period of the options is 10 years from the date of grant. No options were exercised or lapsed during the period.

No expense was recognised by the company during the period in respect of share based payments as the fair value of services received in respect of these cannot be reliably measured and the total costs of the options in place is considered to be immaterial based on the value of the equity instruments granted. There were no liabilities at the period end arising from share based payments transactions.