Company Registration No. 07591421 (England and Wales)
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
5,897,181
5,448,689
Tangible assets
4
59,089
105,862
5,956,270
5,554,551
Current assets
Debtors
6
158,849
177,867
Cash at bank and in hand
289,700
465,930
448,549
643,797
Creditors: amounts falling due within one year
7
(857,492)
(605,655)
Net current (liabilities)/assets
(408,943)
38,142
Total assets less current liabilities
5,547,327
5,592,693
Creditors: amounts falling due after more than one year
8
(1,165,060)
(1,673,886)
Net assets
4,382,267
3,918,807
Capital and reserves
Called up share capital
390
368
Share premium account
7,799,958
6,799,913
Profit and loss reserves
(3,418,081)
(2,881,474)
Total equity
4,382,267
3,918,807
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
S L Cloran
A G Newman
Director
Director
Company registration number 07591421 (England and Wales)
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Fergusson's Advanced Composite Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Going concern
The company is dependent upon financial support fromtrue related parties who have confirmed that support will continue in the foreseeable future and that the loans will not be repaid until such time as the company has sufficient funds.
On that basis the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of discounts and VAT. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets comprise capitalised development expenditure and are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Development expenditure are costs incurred in the application of research findings or other knowledge to a plan or design for the production of substantially improved materials and processes prior to commercial production or use. Having met all the criteria under FRS102, the directors have opted to defer the development expenditure and carry it forward as an intangible asset.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
over 20 years
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over 5 years
Fixtures, fittings & equipment
over 3-4 years
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.
1.7
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.
1.8
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
Short-term employee benefits and contributions to employees' personal pensions are recognised as an expense in the period in which they are incurred.
1.12
Retirement benefits
The company operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
29,981
850,853
880,834
Additions
23,271
23,271
At 30 June 2024
29,981
874,124
904,105
Depreciation and impairment
At 1 July 2023
20,740
754,232
774,972
Depreciation charged in the year
2,132
67,912
70,044
At 30 June 2024
22,872
822,144
845,016
Carrying amount
At 30 June 2024
7,109
51,980
59,089
At 30 June 2023
9,241
96,621
105,862
5
Intangible fixed assets
Development Costs
£
Cost
At 1 July 2023
6,604,874
Additions
801,105
At 30 June 2024
7,405,979
Amortisation and impairment
At 1 July 2023
1,156,185
Amortisation charged for the year
352,613
At 30 June 2024
1,508,798
Carrying amount
At 30 June 2024
5,897,181
At 30 June 2023
5,448,689
FERGUSSON'S ADVANCED COMPOSITE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,402
41,654
Prepayments and accrued income
141,447
136,213
158,849
177,867
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,433
88,981
Taxation and social security
87,895
40,101
Other creditors
739,164
476,573
857,492
605,655
Other creditors includes £328,262 (2023: 447,761) loans owing to a director and £397,052 (2023: Nil) to a related party. Both are interest free loans and payable on demand.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,165,060
1,673,886
9
Events after the reporting date
After the yearend, further 10,842 ordinary shares of £0.001 each were issued fully paid for cash at £46.12.