IRIS Accounts Production v24.3.2.46 02873072 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028730722023-07-31028730722024-07-31028730722023-08-012024-07-31028730722022-07-31028730722022-08-012023-07-31028730722023-07-3102873072ns15:EnglandWales2023-08-012024-07-3102873072ns14:PoundSterling2023-08-012024-07-3102873072ns10:Director12023-08-012024-07-3102873072ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3102873072ns10:SmallEntities2023-08-012024-07-3102873072ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3102873072ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3102873072ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3102873072ns10:FullAccounts2023-08-012024-07-310287307212023-08-012024-07-3102873072ns5:CurrentFinancialInstruments2024-07-3102873072ns5:CurrentFinancialInstruments2023-07-3102873072ns5:Non-currentFinancialInstruments2024-07-3102873072ns5:Non-currentFinancialInstruments2023-07-3102873072ns5:ShareCapital2024-07-3102873072ns5:ShareCapital2023-07-3102873072ns5:RetainedEarningsAccumulatedLosses2024-07-3102873072ns5:RetainedEarningsAccumulatedLosses2023-07-3102873072ns10:RegisteredOffice2023-08-012024-07-310287307212023-08-012024-07-3102873072ns5:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3102873072ns5:ComputerSoftware2023-08-012024-07-3102873072ns5:LandBuildingsns5:ShortLeaseholdAssets2023-08-012024-07-3102873072ns5:PlantMachinery2023-08-012024-07-3102873072ns5:ComputerEquipment2023-08-012024-07-3102873072ns5:ComputerSoftware2023-07-3102873072ns5:ComputerSoftware2024-07-3102873072ns5:ComputerSoftware2023-07-3102873072ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-3102873072ns5:PlantMachinery2023-07-3102873072ns5:ComputerEquipment2023-07-3102873072ns5:LandBuildingsns5:ShortLeaseholdAssets2024-07-3102873072ns5:PlantMachinery2024-07-3102873072ns5:ComputerEquipment2024-07-3102873072ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-3102873072ns5:PlantMachinery2023-07-3102873072ns5:ComputerEquipment2023-07-3102873072ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-07-3102873072ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-08-012024-07-3102873072ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-07-3102873072ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-07-3102873072ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3102873072ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3102873072ns5:WithinOneYearns5:HirePurchaseContracts2024-07-3102873072ns5:WithinOneYearns5:HirePurchaseContracts2023-07-3102873072ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-07-3102873072ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-07-3102873072ns5:HirePurchaseContracts2024-07-3102873072ns5:HirePurchaseContracts2023-07-3102873072ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-07-3102873072ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-07-3102873072ns5:WithinOneYear2024-07-3102873072ns5:WithinOneYear2023-07-3102873072ns5:BetweenOneFiveYears2024-07-3102873072ns5:BetweenOneFiveYears2023-07-3102873072ns5:MoreThanFiveYears2024-07-3102873072ns5:MoreThanFiveYears2023-07-3102873072ns5:AllPeriods2024-07-3102873072ns5:AllPeriods2023-07-3102873072ns5:Secured2024-07-3102873072ns5:Secured2023-07-3102873072ns5:RetainedEarningsAccumulatedLosses2023-07-3102873072ns5:RetainedEarningsAccumulatedLosses2023-08-012024-07-31
REGISTERED NUMBER: 02873072 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Advanced Thermosets Limited

Advanced Thermosets Limited (Registered number: 02873072)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Advanced Thermosets Limited (Registered number: 02873072)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £ £
Fixed assets
Intangible assets 5 30,052 37,764
Tangible assets 6 703,004 710,443
733,056 748,207

Current assets
Stocks 468,010 399,364
Debtors 7 436,272 297,343
Cash at bank 32,826 8,372
937,108 705,079
Creditors
Amounts falling due within one year 8 (3,691,382 ) (3,367,388 )
Net current liabilities (2,754,274 ) (2,662,309 )
Total assets less current liabilities (2,021,218 ) (1,914,102 )

Creditors
Amounts falling due after more than one year 9 (35,125 ) (65,536 )
Net liabilities (2,056,343 ) (1,979,638 )

Capital and reserves
Called up share capital 100 100
Retained earnings 12 (2,056,443 ) (1,979,738 )
(2,056,343 ) (1,979,638 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Advanced Thermosets Limited (Registered number: 02873072)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





Dr B G Colvin - Director


Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. Statutory information

Advanced Thermosets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02873072

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the financial statements are those in respect of the determination of applicable rates of amortisation and depreciation, as described below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised at the point product is despatched to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 10% p.a. reducing balance
Computer equipment - 25% on cost

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

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 instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. Accounting policies - continued

Going concern
As at 31 July 2024, the company's liabilities exceeded its assets and the balance sheet at that date showed net liabilities of £2,056,343 (2023: £1,979,638). The company is reliant upon the continuing financial support of its directors. Included within other creditors at 31 July 2024 are funds advanced by the directors totalling £3,037,401 (2023: £2,968,140). These financial statements have been prepared on the going concern basis, since the directors have confirmed that they will continue to support the company for the foreseeable future.

4. Employees and directors

The average number of employees during the year was 13 (2023 - 13 ) .

5. Intangible fixed assets
Computer
software
£
Cost
At 1 August 2023
and 31 July 2024 77,117
Amortisation
At 1 August 2023 39,353
Amortisation for year 7,712
At 31 July 2024 47,065
Net book value
At 31 July 2024 30,052
At 31 July 2023 37,764

Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


6. Tangible fixed assets
Short Plant and Computer
leasehold machinery equipment Totals
£ £ £ £
Cost
At 1 August 2023 90,136 1,008,726 18,348 1,117,210
Additions - 76,411 3,078 79,489
At 31 July 2024 90,136 1,085,137 21,426 1,196,699
Depreciation
At 1 August 2023 44,648 350,626 11,493 406,767
Charge for year 9,014 73,886 4,028 86,928
At 31 July 2024 53,662 424,512 15,521 493,695
Net book value
At 31 July 2024 36,474 660,625 5,905 703,004
At 31 July 2023 45,488 658,100 6,855 710,443

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
Cost
At 1 August 2023 211,745
Additions 52,200
At 31 July 2024 263,945
Depreciation
At 1 August 2023 23,965
Charge for year 23,999
At 31 July 2024 47,964
Net book value
At 31 July 2024 215,981
At 31 July 2023 187,780

Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


7. Debtors: amounts falling due within one year
31.7.24 31.7.23
£ £
Trade debtors 293,618 181,822
Other debtors 142,654 115,521
436,272 297,343

8. Creditors: amounts falling due within one year
31.7.24 31.7.23
£ £
Bank loans and overdrafts 178,037 94,259
Hire purchase contracts (see note 10) 66,952 55,167
Trade creditors 278,286 176,790
Taxation and social security 22,608 24,769
Other creditors 3,145,499 3,016,403
3,691,382 3,367,388

9. Creditors: amounts falling due after more than one year
31.7.24 31.7.23
£ £
Hire purchase contracts (see note 10) 35,125 65,536

Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.24 31.7.23
£ £
Gross obligations repayable:
Within one year 78,399 64,400
Between one and five years 41,312 76,534
119,711 140,934

Finance charges repayable:
Within one year 11,447 9,233
Between one and five years 6,187 10,998
17,634 20,231

Net obligations repayable:
Within one year 66,952 55,167
Between one and five years 35,125 65,536
102,077 120,703

Non-cancellable
operating leases
31.7.24 31.7.23
£ £
Within one year 65,000 65,000
Between one and five years 238,333 260,000
In more than five years - 43,333
303,333 368,333

Advanced Thermosets Limited (Registered number: 02873072)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


11. Secured debts

The following secured debts are included within creditors:

31.7.24 31.7.23
£ £
Bank overdrafts 178,037 94,259
Hire purchase contracts 102,077 120,703
280,114 214,962

The invoice discounting facility is secured by a fixed and floating charge over the company's assets and intellectual property.
The hire purchase obligations are secured on the plant financed.

12. Reserves
Retained
earnings
£

At 1 August 2023 (1,979,738 )
Deficit for the year (76,705 )
At 31 July 2024 (2,056,443 )

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

13. Contingent assets

The company is currently collating data in respect of its various research and development (R&D) projects, with a view to the submission of R&D Tax Credit claims to H M Revenue & Customs for the years ended 31 July 2023 and 31 July 2024. At the present time, it is not practicable to quantify the amounts of Corporation Tax receipts which may arise and accordingly no credits have been accrued in the financial statements.

14. Related party disclosures

No transactions were undertaken with the directors or other related parties, such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.