REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNIVERSAL QUANTUM LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNIVERSAL QUANTUM LTD |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
UNIVERSAL QUANTUM LTD |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Other reserves | 11 |
Retained earnings | 11 | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
BALANCE SHEET - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Universal Quantum Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months and one day from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost and subsequently measured at cost, net of amortisation and any impairment losses. Intangible assets are amortised over their useful economic lives using a straight-line method as follows: |
Computer software | Straight line over 10 years |
Patents & licences | Not yet brought into use therefore no amortisation charged |
Development costs | Amortisation will begin when the development costs capitalised are in the condition necessary for it to be usable in the manner intended by management and able to generate economic benefits. This has not yet occurred. |
Tangible fixed assets |
Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment | Straight line over 3 years |
Fixtures & fittings | Reducing balance 25% |
Plant & machinery | Not depreciated until brought into use |
Leasehold improvements | Not depreciated until completion of the improvements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairments. |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Grant income in relation to research and development in recognised in the year for which the expenditure is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Intercompany interest |
The intercompany loan balance is subject to interest at a rate of 7% per annum. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: The registered office is located in Germany. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The registered office is located in the USA. |
Nature of business: |
% |
Class of shares: | holding |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors & accruals |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £0.00001 | 155 | 106 |
4,829,000 Ordinary shares of £0.00001 each were allotted as fully paid |
During the year, some of the company's Advanced Subscription Agreements reached maturity, and were converted into share capital. |
11. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | ( |
) | 2,350,691 |
Profit for the year |
ASAs redeemed | - | 7,039,359 | - | 7,039,359 |
ASAs redeemed | - | - | (7,039,407 | ) | (7,039,407 | ) |
ASAs issued | - | - | 2,302,909 | 2,302,909 |
At 31 December 2023 | 14,684,025 |
Other reserves related to advance subscription agreements. These are subsequently converted into ordinary share capital at the longstop date. |
12. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party |
UNIVERSAL QUANTUM LTD (REGISTERED NUMBER: 11710367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
13. | SHARE-BASED PAYMENT TRANSACTIONS |
The Company has issued equity settled share options to its employees in request of equity in the Company. These options all vest over a period of 4 years, and expire after 10 years from the vesting commencement date. |
The following table summarises the equity settled share options with employees in the period: |
Item | Number |
Outstanding at the beginning of the period | 813,000 |
Granted during the year | - |
Forfeited/cancelled during the period | (10,000 | ) |
Exercised during the period | (33,000 | ) |
Expired during the period | - |
Outstanding at the end of the period | 770,000 |
Exercisable at the end of the period | 474,583 |
No share based payment expense was recognised during the period (2022: nil). |
14. | SECURED LIABILITIES |
The company is subject to a fixed charge over the assets of the business, with the charge held by the company's banking provider, HSBC Innovation Banking. |