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Company No: 12189006 (England and Wales)

SCIENTIFIC TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SCIENTIFIC TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SCIENTIFIC TECHNOLOGIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
SCIENTIFIC TECHNOLOGIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
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
SCIENTIFIC TECHNOLOGIES LIMITED

BALANCE SHEET

As at 31 December 2024
SCIENTIFIC TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 3,702 7,223
Investments 5 2 2
3,704 7,225
Current assets
Debtors 6 14,839 272,043
Cash at bank and in hand 162,382 1,575,792
177,221 1,847,835
Creditors: amounts falling due within one year 7 ( 18,093) ( 1,547,843)
Net current assets 159,128 299,992
Total assets less current liabilities 162,832 307,217
Net assets 162,832 307,217
Capital and reserves
Called-up share capital 8 3 3
Share premium account 3,340,001 3,340,001
Profit and loss account ( 3,177,172 ) ( 3,032,787 )
Total shareholders' funds 162,832 307,217

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 12189006) were approved and authorised for issue by the Board of Directors on 25 February 2025. They were signed on its behalf by:

S Emmott
Director
SCIENTIFIC TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SCIENTIFIC TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Share-based payment

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

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Research and development

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.

Pensions

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.

2. Prior year adjustment

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.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 5

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2024 17,607 17,607
At 31 December 2024 17,607 17,607
Accumulated depreciation
At 01 January 2024 10,384 10,384
Charge for the financial year 3,521 3,521
At 31 December 2024 13,905 13,905
Net book value
At 31 December 2024 3,702 3,702
At 31 December 2023 7,223 7,223

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 2
At 31 December 2024 2
Carrying value at 31 December 2024 2
Carrying value at 31 December 2023 2

6. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 2,426 7,428
Amounts owed by related parties 540 0
Other debtors 11,873 264,615
14,839 272,043

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 1,500,000
Trade creditors 1,397 0
Other creditors 16,696 47,843
18,093 1,547,843

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
178,160 Ordinary shares of £ 0.00001 each 2 2
100 Class V ordinary shares of £ 0.01 each 1 1
3 3

9. Share based payments

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.