Company No:
Contents
DIRECTORS | M L Baumgartner |
S Emmott |
REGISTERED OFFICE | 45 Gresham Street |
London | |
EC2V 7BG | |
United Kingdom |
COMPANY NUMBER | 12189006 (England and Wales) |
ACCOUNTANT | Evelyn Partners LLP |
Portwall Place | |
Portwall Lane | |
Bristol | |
BS1 6NA |
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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3,704 | 7,225 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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177,221 | 1,847,835 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 159,128 | 299,992 | ||
Total assets less current liabilities | 162,832 | 307,217 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Scientific Technologies Limited (registered number:
S Emmott
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Scientific Technologies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, London, EC2V 7BG, United Kingdom.
The financial statements have been prepared in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Scientific Technologies Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by use of the [appropriate pricing] model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised
as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity.
Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
The financial statements for the year ended 31 December 2023 have been restated to recognise transactions in the profit and loss account that were previously treated as personal expenses. The adjustment has resulted in an increase to retained earnings deficit of £625 and a corresponding reduction in the director's loan account, leaving a balance of £nil as at 31 December 2023.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
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At 31 December 2024 |
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Accumulated depreciation | |||
At 01 January 2024 |
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Charge for the financial year |
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At 31 December 2024 |
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Net book value | |||
At 31 December 2024 |
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At 31 December 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 January 2024 |
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At 31 December 2024 |
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Carrying value at 31 December 2024 |
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Carrying value at 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by related parties |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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3 | 3 |
During the year, the company granted no share options (2023 - nil) and no share options were exercised (2023 - nil). At 31 December 2024, the total number of outstanding options of which ordinary shares are subject to a claw-back schedule as indicated in the Company’s Articles dated 4 September 2023 were 99,910 (2023 – 99,910) of which no share options were exercisable (2023 - nil).
Where share options are awarded to employees, the fair value of the options at the date of grant have not been charged to profit and loss over the vesting period as it has been deemed immaterial.