Registered number
SC524016
Robotical Ltd
Filleted Accounts
31 January 2024
Robotical Ltd
Registered number: SC524016
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 138,441 128,959
Tangible assets 5 9,821 12,217
Investments 6 73 73
148,335 141,249
Current assets
Stocks 359,695 223,376
Debtors 7 308,577 226,900
Cash at bank and in hand 95,868 933
764,140 451,209
Creditors: amounts falling due within one year 9 (513,528) (668,459)
Net current assets/(liabilities) 250,612 (217,250)
Total assets less current liabilities 398,947 (76,001)
Creditors: amounts falling due after more than one year 10 (18,362) (24,145)
Net assets/(liabilities) 380,585 (100,146)
Capital and reserves
Called up share capital 288 243
Share premium 2,371,398 1,723,481
Profit and loss account (1,991,101) (1,823,870)
Shareholders' funds 380,585 (100,146)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr AM Enoch
Director
Approved by the board on 5 February 2025
Robotical Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax

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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

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
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:
Equipment 3 years straight line
Plant and machinery 3 years straight line
Fixtures, fittings and tools 3 years straight line
Research and development
Research expenditure is written off in the period in which it is incurred

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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

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
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company’s estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.

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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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
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 9 11
4 Intangible fixed assets Development costs Patents, trademarks and licenses Total
£ £ £
Cost
At 1 February 2023 138,228 7,464 145,692
Additions 17,211 17,211
Disposals -
At 31 January 2024 155,439 7,464 162,903
Amortisation
At 1 February 2023 14,863 1,870 16,733
Provided during the year 7,355 374 7,729
On disposals -
At 31 January 2024 22,218 2,244 24,462
Net book value
At 31 January 2024 133,221 5,220 138,441
At 31 January 2023 123,365 5,594 128,959
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 - 90,934 - 90,934
Additions - 5,473 - 5,473
Surplus on revaluation - - - -
Disposals - - - -
At 31 January 2024 - 96,407 - 96,407
Depreciation
At 1 February 2023 - 78,717 - 78,717
Charge for the year - 7,869 - 7,869
Surplus on revaluation - - - -
On disposals - - - -
At 31 January 2024 - 86,586 - 86,586
Net book value
At 31 January 2024 - 9,821 - 9,821
At 31 January 2023 - 12,217 - 12,217
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 February 2023 73 - 73
Additions - - -
Impairment - - -
Disposals - - -
At 31 January 2024 73 - 73
7 Debtors 2024 2023
£ £
Trade debtors 241,459 185,194
Amounts owed by group undertakings and undertakings in which the company has a participating interest 10,568 2,845
Deferred tax asset - -
Other debtors 56,550 38,861
308,577 226,900
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 (17,689) (32,609)
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 31,542 34,600
Obligations under finance lease and hire purchase contracts - -
Trade creditors 193,023 108,949
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs 11,274 34,954
Other creditors 277,689 489,956
513,528 668,459
10 Creditors: amounts falling due after one year 2024 2023
£ £
Non-equity preference shares - -
Bank loans 18,362 24,145
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 - -
18,362 24,145
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
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:
2024 2023
£ £
Equity-settled share-based payments 1,817 1,817
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 35,000 65,000
16 Related party transactions
Included within other creditors is a loan balance with a director. During the year the director advanced £nil (2023: £250,000) to the company. As at the year end the company was due £250,000 (2023: £250,000) to the director. The loan is interest-free and repayable on demand.

The company has taken advantage of the exemption under FRS 102 Section 33.1A from disclosing transactions between wholly owned members of the group.
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
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