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Registration number: 09985771

Unit DX Ltd

Annual Report and Unaudited Financial Statements

for the 16 Month Period from 1 March 2023 to 30 June 2024

 

Unit DX Ltd

Contents

Company Information

1

Directors' Report

2 to 3

Profit and Loss Account

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 18

Accountants' Report

19

 

Unit DX Ltd

Company Information

Directors

K J MacDonald

Dr H S Destecroix

Dr A Brewer

Registered office

Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

Registered number

09985771

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

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:

K J MacDonald

Dr H S Destecroix

M E Rampuri (ceased 15 November 2023)

Dr A Brewer

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 Board on 30 January 2025 and signed on its behalf by:
 

.........................................
K J MacDonald
Director

 

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

8

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

4

-

-

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
2024
£

28 February
2023
£

Non current assets

 

Intangible assets

5

1,999

7,983

Tangible fixed assets

6

7,102,638

7,196,166

 

7,104,637

7,204,149

Current assets

 

Debtors

7

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

8

(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

8

(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

11

80,000

80,000

Profit and loss account

(779,519)

(1,095,480)

Total equity

 

(699,519)

(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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 30 January 2025 and signed on its behalf by:
 

.........................................

K J MacDonald
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

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

2

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

These financial statements have been prepared for the longer 16 month period from 1 March 2023 to 30 June 2024, to align the year end with that of companies with joint control. Therefore, these financial statements are not directly comparable to the financial statements 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)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2023 - 4).

4

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)

5

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)

6

Tangible fixed assets

Tenant improvements Unit DY
£

Tenant improvements Unit DX
£

Fixtures & Fittings
£

Lab equipment
£

Computer equipment
£

Total
£

Cost

At 1 March 2023

5,815,375

2,869,732

131,845

10,954

24,546

8,852,452

Additions

668,192

12,878

21,364

5,333

8,760

716,527

Disposals

(2,830)

-

-

-

-

(2,830)

At 30 June 2024

6,480,737

2,882,610

153,209

16,287

33,306

9,566,149

Depreciation

At 1 March 2023

478,443

1,098,252

54,505

9,001

16,085

1,656,286

Charge for the year

522,436

255,554

19,899

2,265

7,354

807,508

Eliminated on disposal

(283)

-

-

-

-

(283)

At 30 June 2024

1,000,596

1,353,806

74,404

11,266

23,439

2,463,511

Carrying amount

At 30 June 2024

5,480,141

1,528,804

78,805

5,021

9,867

7,102,638

At 28 February 2023

5,336,932

1,771,480

77,340

1,953

8,461

7,196,166

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 £21,256 (2023 - £24,953).

Within 'Assets under construction' are capitalised borrowing costs of £14,333 (2023 - £Nil).

 

Unit DX Ltd

Notes to the Unaudited Financial Statements for the 16 Month Period from 1 March 2023 to 30 June 2024 (continued)

7

Debtors: amounts falling due within one year

Note

30 June
2024
£

28 February
2023
£

Trade debtors

 

32,983

19,428

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13

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

8

Creditors

Note

30 June
2024
£

28 February
2023
£

Loans and borrowings

9

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

13

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
2024
£

28 February
2023
£

Due after one year

 

Loans and borrowings

9

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.

9

Loans and borrowings

30 June
2024
£

28 February
2023
£

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
2024
£

28 February
2023
£

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.

10

Provisions for liabilities

Other provisions
£

At 1 March 2023

15,321

Provisions used

(15,321)

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)

11

Share capital

Allotted, called up and fully paid shares

 

30 June
2024

28 February
2023

 

No.

£

No.

£

Ordinary shares of £1 each

80,000

80,000

80,000

80,000

         


 

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

30 June
2024
£

28 February
2023
£

4,322,286

4,653,028

The amount of non-cancellable operating lease payments recognised as an expense during the period was £455,471 (2023 - £327,333).

 

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

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Provision of services

208,652

Amounts receivable from related party

63,529

2023

Entities with joint control or significant influence
£

Provision of services

33,343

Amounts receivable from related party

23,726

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Rendering of services

948,869

Amounts payable to related party

136,112

2023

Entities with joint control or significant influence
£

Rendering of services

484,026

 

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

460,350

Advanced

115,000

At end of period

575,350

2023

Entities with joint control or significant influence
£

At start of period

460,350

At end of period

460,350

 

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.

......................................

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

30 January 2025