Registration number:
Interface Polymers Ltd
for the Year Ended 30 April 2024
Interface Polymers Ltd (Registration number: 10013620)
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
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 |
|
Auditors |
|
Interface Polymers Ltd (Registration number: 10013620)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
- |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
|
Interface Polymers Ltd (Registration number: 10013620)
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Interface Polymers Ltd (Registration number: 10013620)
Notes to the Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
||
At 1 May 2023 |
|
|
Additions acquired separately |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
|
|
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
- |
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
- |
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
- |
|
|
|
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
Debtors |
Current |
2024 |
2023 |
Trade debtors |
- |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Loans and borrowings |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
2024 |
2023 |
|
Due after one year |
||
Loans and borrowings |
|
|
2024 |
2023 |
|
Due after more than five years |
||
After more than five years by instalments |
- |
|
- |
- |
Interface Polymers Ltd (Registration number: 10013620)
Notes to the Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up (fully and not fully paid shares)
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
943.74 |
|
923.56 |
|
|
321.51 |
|
321.51 |
|
|
|
|
Allotted, called up and not fully paid shares (included above)
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
166.65 |
|
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
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 |
|
|
Expenditure with and payables to related parties
2024 |
Key management |
Amounts payable to related party |
|
|
2023 |
Key management |
Amounts payable to related party |
|
|
Share based payments |
|