Registration number:
Unit DX Ltd
for the 16 Month Period from 1 March 2023 to 30 June 2024
Unit DX Ltd
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Unit DX Ltd
Company Information
Directors |
K J MacDonald Dr H S Destecroix Dr A Brewer |
Registered office |
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Registered number |
09985771 |
Accountant |
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Unit DX Ltd
Directors' Report for the 16 Month Period from 1 March 2023 to 30 June 2024
The directors present their report and the financial statements for the period from 1 March 2023 to 30 June 2024.
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is the creation and rental of a high-spec laboratory space for start-ups, SMEs and industrial teams.
Grant awards and post balance sheet events
During the year, two grants were awarded to Unit DX Ltd;
(1) |
On 9 February 2024, Unit DX was awarded a grant by the West of England Combined Authority (WECA) for 30% of the cost of implementing a solar panel array on the roof of the laboratory incubator site in St. Philips, Bristol, as the company strives to become more operationally sustainable. These panels were in construction at the balance sheet date (see note 6). The final grant award was received on 10 October 2024 for £40,395. |
(2) |
In July 2024, the company secured a long term lease on the premises next door to the premises in Old Market, Bristol, to build a third incubator site for deep tech start-up ventures to rent laboratory space. The capital to build this site will be part funded by a grant from Research England of £4.5m (in partnership with the University of Bristol) alongside privately raised debt. As at 30 June 2024, architectural design, planning and associated legal costs were incurred as assets under construction (see note 6). The Research England grant money will be received by the company in the next financial year. |
As well as the grant projects above, during the year both Unit DX Limited and Science Creates Services Limited (‘SCSL’, a related party) initiated a restructuring process to move the day to day operations of the incubator premises from the company to SCSL in the following financial year. This restructure involved some exceptional legal and associated costs in 2024 and these are disclosed as exceptional administrative expenses in the profit and loss account.
Change of accounting reference date
As the company operates very closely with Science Creates Services Ltd, Unit DX Ltd has aligned its financial reporting year end date to match that of Science Creates Services Ltd to be 30 June. Consequently, the current reporting period in these accounts is for a 16 month period to 30 June 2024.
Unit DX Ltd
Directors' Report for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Unit DX Ltd
Profit and Loss Account for the 16 Month Period from 1 March 2023 to 30 June 2024
Note |
1 March 2023 to 30 June 2024 |
Year ended 28 February 2023 |
|
Turnover |
3,536,345 |
2,056,933 |
|
Cost of sales |
(83,687) |
(45,953) |
|
Gross profit |
3,452,658 |
2,010,980 |
|
Establishment costs |
(1,201,495) |
(892,468) |
|
Operating expenses |
(1,278,687) |
(790,522) |
|
Finance charges |
(1,615) |
(1,031) |
|
Depreciation costs |
(813,492) |
(599,772) |
|
Exceptional administrative expenses |
(47,106) |
- |
|
Proft/(loss) on disposal of tangible fixed assets |
(1,594) |
- |
|
Other operating income |
186,667 |
172,800 |
|
Operating profit/(loss) |
295,336 |
(100,013) |
|
Other interest receivable and similar income |
20,636 |
2,651 |
|
Interest payable and similar charges |
(11) |
(27) |
|
Profit/(loss) before tax |
315,961 |
(97,389) |
|
Taxation |
- |
- |
|
Profit/(loss) for the financial period |
315,961 |
(97,389) |
Unit DX Ltd
(Registration number: 09985771)
Balance Sheet as at 30 June 2024
Note |
30 June |
28 February |
|
Non current assets |
|||
Intangible assets |
1,999 |
7,983 |
|
Tangible fixed assets |
7,102,638 |
7,196,166 |
|
7,104,637 |
7,204,149 |
||
Current assets |
|||
Debtors |
410,508 |
474,118 |
|
Cash at bank and in hand |
536,249 |
279,649 |
|
946,757 |
753,767 |
||
Creditors: Amounts falling due within one year |
(2,285,594) |
(1,295,292) |
|
Net current liabilities |
(1,338,837) |
(541,525) |
|
Total assets less current liabilities |
5,765,800 |
6,662,624 |
|
Creditors: Amounts falling due after more than one year |
(6,465,319) |
(7,662,783) |
|
Provisions for liabilities |
- |
(15,321) |
|
Net liabilities |
(699,519) |
(1,015,480) |
|
Capital and reserves |
|||
Called up share capital |
|
80,000 |
|
Profit and loss account |
( |
(1,095,480) |
|
Total equity |
( |
(1,015,480) |
Unit DX Ltd
(Registration number: 09985771)
Balance Sheet as at 30 June 2024 (continued)
For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised for issue by the
.........................................
Director
Unit DX Ltd
Statement of Changes in Equity for the 16 Month Period from 1 March 2023 to 30 June 2024
Share capital |
Profit and loss account |
Total |
|
At 1 March 2023 |
80,000 |
(1,095,480) |
(1,015,480) |
Profit for the period |
- |
315,961 |
315,961 |
At 30 June 2024 |
80,000 |
(779,519) |
(699,519) |
Share capital |
Profit and loss account |
Total |
|
At 1 March 2022 |
80,000 |
(998,091) |
(918,091) |
Loss for the period |
- |
(97,389) |
(97,389) |
At 28 February 2023 |
80,000 |
(1,095,480) |
(1,015,480) |
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. The company’s balance sheet shows net liabilities and the company’s borrowings include amounts owed to directors and shareholders. Having made enquiries of the shareholders, and after reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources and ongoing shareholder support to continue in operational existence for the foreseeable future.
Disclosure of long or short period
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation that would have been avoided if the asset were not being constructed.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Computer equipment |
Straight-line basis over 3 years |
Fixtures and fittings |
Straight-line basis over 10 years |
Tenant improvements |
Straight-line basis over 15 years |
Lab equipment |
Straight-line basis over 3 years |
Intangible fixed assets
Intangible fixed assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Website |
Straight-line basis over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Taxation |
No liability to UK corporation tax arose on ordinary activities for the period from 1 March 2023 to 30 June 2024 nor for the year ended 28 February 2023.
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
Intangible fixed assets |
Website |
|
Cost |
|
At 1 March 2023 |
15,545 |
At 30 June 2024 |
15,545 |
Amortisation |
|
At 1 March 2023 |
7,562 |
Amortisation charge |
5,984 |
At 30 June 2024 |
13,546 |
Carrying amount |
|
At 30 June 2024 |
1,999 |
At 28 February 2023 |
7,983 |
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
Tangible fixed assets |
Tenant improvements Unit DY |
Tenant improvements Unit DX |
Fixtures & Fittings |
Lab equipment |
Computer equipment |
Total |
|
Cost |
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At 1 March 2023 |
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|
|
|
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Additions |
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|
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Disposals |
( |
- |
- |
- |
- |
( |
At 30 June 2024 |
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|
|
|
|
|
Depreciation |
||||||
At 1 March 2023 |
|
|
|
|
|
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Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
- |
- |
- |
- |
( |
At 30 June 2024 |
|
|
|
|
|
|
Carrying amount |
||||||
At 30 June 2024 |
|
|
|
|
|
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At 28 February 2023 |
|
|
|
|
|
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Assets under construction represent £534,346 relating to the third incubator site, OMX, in Bristol and £105,538 relating to the solar panels under contruction at the St. Philips site in Bristol (see Director's report).
Capitalised borrowing costs
Within 'Tenant improvements' are capitalised borrowing costs of £
Within 'Assets under construction' are capitalised borrowing costs of £
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
Debtors: amounts falling due within one year |
Note |
30 June |
28 February |
|
Trade debtors |
32,983 |
19,428 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
63,529 |
23,726 |
|
Other debtors |
156,067 |
397,263 |
|
VAT |
15,345 |
- |
|
Prepayments and accrued income |
142,584 |
33,701 |
|
410,508 |
474,118 |
Creditors |
Note |
30 June |
28 February |
|
Loans and borrowings |
587,869 |
393,630 |
|
Trade creditors |
67,429 |
64,489 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
136,112 |
- |
|
Directors' loan accounts |
1,067,635 |
337,236 |
|
VAT |
- |
51,457 |
|
Other creditors |
104,238 |
140,846 |
|
Accruals and deferred income |
322,311 |
307,634 |
|
2,285,594 |
1,295,292 |
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
8 |
Creditors (continued) |
Note |
30 June |
28 February |
|
Due after one year |
|||
Loans and borrowings |
5,566,985 |
6,577,783 |
|
Deferred income |
898,334 |
1,085,000 |
|
6,465,319 |
7,662,783 |
Deferred income is the grant received for the building of the second incubator site in Old Market, Bristol, for £1,400,000, which is being amortised over a period of 10 years. The amortisation for the year of £186,667 (2023: £140,000) is recorded as other operating income in the profit and loss account.
Loans and borrowings |
30 June |
28 February |
|
Current loans and borrowings |
||
Shareholder loans |
587,869 |
393,630 |
Directors' loan accounts |
1,067,635 |
337,236 |
1,655,504 |
730,866 |
30 June |
28 February |
|
Non-current loans and borrowings |
||
Shareholder loans |
3,513,571 |
3,542,662 |
Directors loan account |
2,053,414 |
3,035,121 |
5,566,985 |
6,577,783 |
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
9 |
Loans and borrowings (continued) |
Shareholder loans
Shareholder loans issued in prior periods are interest free and unsecured. The first of 20 equal 6-monthly repayments commenced in September 2021.
Although the shareholder loans are interest free the accounts do not contain any amendments for calculating the net present value of the obligations because all of the loans have been issued to directors or closely connected individuals.
During the year, £815,000 of further shareholder loans were advanced to the company. These loans carry interest at 8%, which accrues daily from the relevant drawdown date. These loans are unsecured.
Directors' loan accounts
The directors' loan accounts are interest free and unsecured. The first of 20 equal 6-monthly repayments commenced in September 2021.
Provisions for liabilities |
Other provisions |
|
At 1 March 2023 |
|
Provisions used |
( |
At 30 June 2024 |
- |
|
The other provision relates to anticipated business rates charges. The company received a positive valuation at a rates tribunal in the period, hence this provision was released to the to the statement of profit and loss.
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
30 June |
28 February |
|||
No. |
£ |
No. |
£ |
|
|
|
80,000 |
|
80,000 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
30 June |
28 February |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
Related party transactions |
Income and receivables from related parties
2024 |
Entities with joint control or significant influence |
Provision of services |
|
Amounts receivable from related party |
|
|
2023 |
Entities with joint control or significant influence |
Provision of services |
|
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Entities with joint control or significant influence |
Rendering of services |
|
Amounts payable to related party |
|
|
2023 |
Entities with joint control or significant influence |
Rendering of services |
|
|
Unit DX Ltd
Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)
13 |
Related party transactions (continued) |
Loans to related parties
2024 |
Entities with joint control or significant influence |
At start of period |
|
Advanced |
|
At end of period |
|
|
2023 |
Entities with joint control or significant influence |
At start of period |
|
At end of period |
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Unit DX Ltd
for the Period Ended 30 June 2024
As described on the balance sheet you are responsible for the preparation of the financial statements for the 16 month period ended 30 June 2024 as set out on pages 4 to 18. You consider that Unit DX Ltd is exempt from the statutory audit requirement for the period.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the company's accounting records and from information and explanations you have given us.
......................................
25 King Street
Bristol
BS1 4PB