Registration number:
Cable Coatings Limited
trading as
for the Year Ended 30 April 2024
Pages for filing with Registrar
Cable Coatings Limited
trading as AssetCool
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cable Coatings Limited
trading as AssetCool
Company Information
Directors |
A K Kumaraswamy G P J Llewellyn Kero Limited N T Coogan |
Registered office |
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Registered number |
10096075 |
Accountant |
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Cable Coatings Limited
trading as AssetCool
(Registration number: 10096075)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
79,971 |
7,237 |
|
Investments |
1 |
- |
|
79,972 |
7,237 |
||
Current assets |
|||
Stocks |
106,144 |
88,365 |
|
Debtors |
311,901 |
142,194 |
|
Cash at bank and in hand |
932,409 |
716,795 |
|
1,350,454 |
947,354 |
||
Creditors: Amounts falling due within one year |
(196,904) |
(68,307) |
|
Net current assets |
1,153,550 |
879,047 |
|
Net assets |
1,233,522 |
886,284 |
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Capital and reserves |
|||
Called up share capital |
60 |
52 |
|
Share premium reserve |
4,300,439 |
3,050,527 |
|
Other reserves |
232,659 |
290,232 |
|
Profit and loss account |
(3,299,636) |
(2,454,527) |
|
Total equity |
1,233,522 |
886,284 |
Cable Coatings Limited
trading as AssetCool
(Registration number: 10096075)
Balance Sheet as at 30 April 2024
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
At 30 April 2024 the company had net assets of £1,201,126 and cash at bank and in hand of £932,409. The cumulative negative profit or loss reserves are a direct result of the company's investment in future trading and business development activity, and in particular reflect the time and costs necessary to secure the essential type approvals for its products. The company has secured adequate funding through a combination of equity financing and grant income, which provides sufficient liquidity to meet its operational needs for the foreseeable future. Further the company enjoys continued support from its key investors and shareholders, who remain confident in the future success of its R&D initiatives.
The forecasts prepared by the directors indicate that the company has adequate financial resources to operate the business for at least 12 months from the date of approval of the financial statements. Accordingly, the company has adopted the going concern basis in preparing these financial statements.
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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
Government grants are recognised, using the performance model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Foreign currency transactions and balances
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.
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible fixed assets
Tangible assets are stated in the statement of financial position 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 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:
Leasehold improvements |
20% straight line |
Plant and machinery |
25% straight line |
Furniture, fittings and equipment |
25% to 33% straight line |
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Research and development costs
Research and development costs are written off to profit or loss in the year incurred.
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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 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 trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 inventories 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.
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.
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible fixed assets |
Leasehold improvements |
Plant and machinery |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 May 2023 |
- |
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Additions |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
|
|
|
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At 30 April 2023 |
- |
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Investments |
2024 |
2023 |
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Investments in subsidiaries |
|
- |
Cable Coatings LImited own 100% of the issued share capital in AssetCool Limited, which is a dormant company.
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Debtors: amounts falling due within one year |
2024 |
2023 |
|
Trade debtors |
- |
46,400 |
Prepayments |
110,367 |
- |
Other debtors |
26,151 |
10,411 |
Corporation tax |
175,383 |
85,383 |
311,901 |
142,194 |
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
2024 |
2023 |
|
Amounts falling due within one year |
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Trade creditors |
152,624 |
55,754 |
Taxation and social security |
23,056 |
8,590 |
Other creditors |
2,474 |
1,673 |
Accruals |
18,750 |
2,290 |
196,904 |
68,307 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
17.50 |
|
17.50 |
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|
0.50 |
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0.50 |
|
|
42.15 |
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33.23 |
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During the year, 8,928 B Ordinary shares with an aggregate nominal value of £8.92 were issued for an aggregate consideration of £1,249,920.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Expenditure with and payables to related parties
2024 |
Entities with joint control or significant influence |
Rendering of services |
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|
2023 |
Entities with joint control or significant influence |
Rendering of services |
|
|
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Share-based payments |
Scheme details and movements
The holders the options at the year end are entitled to exercise the options on the occurrence of a sale or listing of the Company and are based on certain service conditions.
The movements in the number of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Forfeited during the period |
( |
- |
Outstanding, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Forfeited during the period |
|
- |
Outstanding, end of period |
|
|
|
Cable Coatings Limited
trading as AssetCool
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Scheme details and movements
The holders the options at the year end are entitled to exercise the options on the occurrence of a sale or listing of the Company and are based on certain service conditions.
The movements in the number of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Forfeited during the period |
- |
( |
Outstanding, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Forfeited during the period |
- |
|
Outstanding, end of period |
|
|
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Effect of share-based payments on profit or loss and financial position
The total expense/(credit) recognised in profit or loss for the year was £(56,196) (2023 - £82,780).