Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 | ||||||
Tangible assets | 5 | ||||||
Investments | 6 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 7 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 9 | ( |
( |
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Net current assets/(liabilities) | ( |
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Total assets less current liabilities | ( |
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Creditors: amounts falling due after more than one year | 10 | ( |
( |
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Net assets/(liabilities) | ( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
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Dr AM Enoch | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Consolidation | ||||||||
Turnover | ||||||||
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probably that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Intangible assets | ||||||||
Amortisation | ||||||||
Development costs - Amortised over 20 years Patents, trademarks and licenses - Amortised over 20 years Development costs will be amortised once the project has been completed |
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Tangible assets | ||||||||
Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
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Equipment | 3 years straight line | |||||||
Plant and machinery | 3 years straight line | |||||||
Fixtures, fittings and tools | 3 years straight line | |||||||
Research and development | ||||||||
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred. |
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Investments | ||||||||
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
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Investments in subsidiaries | ||||||||
Investments in subsidiaries are accounted for in accordance with the cost model and are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary arising before or after the date of acquisition. |
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Impairment of fixed assets | ||||||||
Stocks | ||||||||
Government grants | ||||||||
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to the revenue are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants are received prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
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Operating leases | ||||||||
Financial Instruments | ||||||||
Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are intially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately as a profit or loss. |
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Taxation | ||||||||
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference |
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Provisions | ||||||||
Foreign currency translation | ||||||||
Share-based payments | ||||||||
Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vestine conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period. |
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Defined contribution plans | ||||||||
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a financial cost in profit or loss in the period in which it arises |
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2 | Loss before taxation | 2024 | 2023 | |||||
Loss before taxation is stated after charging | £ | £ | ||||||
Amortisation of intangible assets | 7,729 | 8,111 | ||||||
Depreciation of tangible assets | 7,869 | 8,227 | ||||||
15,598 | 16,338 | |||||||
3 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Intangible fixed assets | Development costs | Patents, trademarks and licenses | Total | ||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 February 2023 | 138,228 | 7,464 | ||||||
Additions | 17,211 | |||||||
Disposals | - | |||||||
At 31 January 2024 | 155,439 | 7,464 | ||||||
Amortisation | ||||||||
At 1 February 2023 | 14,863 | 1,870 | ||||||
Provided during the year | 7,355 | 374 | ||||||
On disposals | - | |||||||
At 31 January 2024 | 22,218 | 2,244 | ||||||
Net book value | ||||||||
At 31 January 2024 | 133,221 | 5,220 | ||||||
At 31 January 2023 | 123,365 | 5,594 | ||||||
5 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 February 2023 | - | - | ||||||
Additions | - | - | ||||||
Surplus on revaluation | - | - | - | - | ||||
Disposals | - | - | - | - | ||||
At 31 January 2024 | - | - | ||||||
Depreciation | ||||||||
At 1 February 2023 | - | - | ||||||
Charge for the year | - | - | ||||||
Surplus on revaluation | - | - | - | - | ||||
On disposals | - | - | - | - | ||||
At 31 January 2024 | - | - | ||||||
Net book value | ||||||||
At 31 January 2024 | - | - | ||||||
At 31 January 2023 | - | - | ||||||
6 | Investments | |||||||
Investments in | ||||||||
subsidiary | Other | |||||||
undertakings | investments | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 February 2023 | - | |||||||
Additions | - | - | - | |||||
Impairment | - | - | - | |||||
Disposals | - | - | - | |||||
At 31 January 2024 | - | |||||||
7 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||||||
Deferred tax asset | - | - | ||||||
Other debtors | ||||||||
Amounts due after more than one year included above | - | - | ||||||
8 | Tax on loss | 2024 | 2023 | |||||
Major components of tax income | £ | £ | ||||||
Current tax | ||||||||
Adjustments in respect of prior periods | - | (19,732) | ||||||
Corporation tax - R&D credits | (17,689) | (12,877) | ||||||
Total current tax | ( |
( |
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Tax on loss | (17,689) | (32,609) | ||||||
9 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Non-equity preference shares | - | - | ||||||
Bank loans and overdrafts | ||||||||
Obligations under finance lease and hire purchase contracts | - | - | ||||||
Trade creditors | ||||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | - | - | ||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
10 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Non-equity preference shares | - | - | ||||||
Bank loans | ||||||||
Obligations under finance lease and hire purchase contracts | - | - | ||||||
Trade creditors | - | - | ||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | - | - | ||||||
Other creditors | - | - | ||||||
The Bounce Back loan of £28,960 (2023: £34,741) was originally repayable over a period of 59 monthly installments of £882.95 (inclusive of capital and interest). A capital repayment holiday was taken for six months during the year, and monthly payments are now increased to £883.18. Fixed interest of 2.5% per annum is raised on the outstanding principal amount of the loan and is applicable until the final payment date. | ||||||||
11 | Deferred tax | |||||||
The company has an unrecognised deferred tax asset of £471,471 (2023: £438,682). This arises as a result of trading losses and timing differences. Its recoverability is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty. | ||||||||
12 | Share-based payments | |||||||
Certain employees had been granted options to subscribe for shares in the company under share option schemes as follows: The remaining approved options outstanding, granted on 05 March 2018 and 14 January 2020 at an option price of £0.01 and £31.44 are shown below |
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Number of shares | ||||||||
Option exercise period March 2018 to March 2026 | 272 | |||||||
Option exercise period January 2020 to January 2028 | 632 | |||||||
904 | ||||||||
The estimated fair value of each share option granted is as follows: | ||||||||
Option | Number | Exercise Price | Fair Value | |||||
Approved | 272 | £ 0.01 | £ 0.01 | |||||
Approved | 632 | £ 31.44 | £ 24.28 | |||||
The total expense recognised in profit or loss for the year is as follows: | ||||||||
£ | £ | |||||||
Equity-settled share-based payments | ||||||||
The estimated fair values were calculated by applying the Black-Scholes option pricing model. The model inputs were: | ||||||||
Share price at grant date | £0.01 - £34.59 | |||||||
Exercise price | £0.01 - £31.44 | |||||||
Expected volatility | 70% | |||||||
Risk free interest rate | 1.498% - 0.723% | |||||||
Dividend yield | 0% | |||||||
13 | Called up share capital | |||||||
Issued, called up and fully paid | 2024 | 2023 | ||||||
No. | £ | No. | £ | |||||
Ordinary shares of £0.01 each | 28,749 | 287 | 24,258 | 243 | ||||
15 | Other financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Not later than 1 year | 30,000 | 30,000 | ||||||
Later than 1 year and not later than 5 years | 5,000 | 35,000 | ||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
16 | Related party transactions | |||||||
The company has taken advantage of the exemption under FRS 102 Section 33.1A from disclosing transactions between wholly owned members of the group. |
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23 | General information | |||||||
Robotical Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: | ||||||||
19 (Upper) Arthur Street | ||||||||
Edinburgh | ||||||||
EH6 5DA |