Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-302024-09-300false2023-10-01falseNo description of principal activity0falsefalse 04533319 2023-10-01 2024-09-30 04533319 2022-10-01 2023-09-30 04533319 2024-09-30 04533319 2023-09-30 04533319 2022-10-01 04533319 c:CompanySecretary1 2023-10-01 2024-09-30 04533319 c:Director1 2023-10-01 2024-09-30 04533319 c:Director3 2023-10-01 2024-09-30 04533319 c:Director4 2023-10-01 2024-09-30 04533319 c:Director5 2023-10-01 2024-09-30 04533319 c:Director6 2023-10-01 2024-09-30 04533319 c:Director6 2024-09-30 04533319 c:Director7 2023-10-01 2024-09-30 04533319 c:Director8 2023-10-01 2024-09-30 04533319 c:Director9 2023-10-01 2024-09-30 04533319 c:RegisteredOffice 2023-10-01 2024-09-30 04533319 c:Agent1 2023-10-01 2024-09-30 04533319 d:Buildings d:LongLeaseholdAssets 2023-10-01 2024-09-30 04533319 d:PlantMachinery 2023-10-01 2024-09-30 04533319 d:FurnitureFittings 2023-10-01 2024-09-30 04533319 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 04533319 d:CurrentFinancialInstruments 2024-09-30 04533319 d:CurrentFinancialInstruments 2023-09-30 04533319 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 04533319 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04533319 d:ShareCapital 2023-10-01 2024-09-30 04533319 d:ShareCapital 2024-09-30 04533319 d:ShareCapital 2022-10-01 2023-09-30 04533319 d:ShareCapital 2023-09-30 04533319 d:ShareCapital 2022-10-01 04533319 d:SharePremium 2023-10-01 2024-09-30 04533319 d:SharePremium 2024-09-30 04533319 d:SharePremium 2022-10-01 2023-09-30 04533319 d:SharePremium 2023-09-30 04533319 d:SharePremium 2022-10-01 04533319 d:ForeignCurrencyTranslationReserve 2023-10-01 2024-09-30 04533319 d:OtherMiscellaneousReserve 2023-10-01 2024-09-30 04533319 d:OtherMiscellaneousReserve 2024-09-30 04533319 d:OtherMiscellaneousReserve 2022-10-01 2023-09-30 04533319 d:OtherMiscellaneousReserve 2023-09-30 04533319 d:OtherMiscellaneousReserve 2022-10-01 04533319 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 04533319 d:RetainedEarningsAccumulatedLosses 2024-09-30 04533319 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 04533319 d:RetainedEarningsAccumulatedLosses 2023-09-30 04533319 d:RetainedEarningsAccumulatedLosses 2022-10-01 04533319 c:OrdinaryShareClass1 2023-10-01 2024-09-30 04533319 c:OrdinaryShareClass1 2024-09-30 04533319 c:OrdinaryShareClass1 2023-09-30 04533319 c:OrdinaryShareClass2 2023-10-01 2024-09-30 04533319 c:OrdinaryShareClass2 2024-09-30 04533319 c:OrdinaryShareClass2 2023-09-30 04533319 c:OrdinaryShareClass3 2023-10-01 2024-09-30 04533319 c:OrdinaryShareClass3 2024-09-30 04533319 c:OrdinaryShareClass3 2023-09-30 04533319 c:OrdinaryShareClass4 2023-10-01 2024-09-30 04533319 c:OrdinaryShareClass4 2024-09-30 04533319 c:OrdinaryShareClass4 2023-09-30 04533319 c:OrdinaryShareClass5 2023-10-01 2024-09-30 04533319 c:OrdinaryShareClass5 2024-09-30 04533319 c:OrdinaryShareClass5 2023-09-30 04533319 c:FRS102 2023-10-01 2024-09-30 04533319 c:Audited 2023-10-01 2024-09-30 04533319 c:FullAccounts 2023-10-01 2024-09-30 04533319 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04533319 d:Subsidiary1 2023-10-01 2024-09-30 04533319 d:Subsidiary1 1 2023-10-01 2024-09-30 04533319 d:Subsidiary2 2023-10-01 2024-09-30 04533319 d:Subsidiary2 1 2023-10-01 2024-09-30 04533319 c:Consolidated 2024-09-30 04533319 c:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 04533319 2 2023-10-01 2024-09-30 04533319 6 2023-10-01 2024-09-30 04533319 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 04533319







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024


SYMETRICA LIMITED










































                       

 


SYMETRICA LIMITED
 


 
COMPANY INFORMATION


Directors
I P Dale-Staples 
P R Davies 
A M H Hook 
Dr D J Price 
Dr D Ramsden (resigned 1 January 2024)
Dr J Zangardi 
Parkwalk Advisors LTD 
E F Zanin 




Company secretary
C Grindal



Registered number
04533319



Registered office
1st Floor Kenneth Dibben House Southampton Science Park Enterprise Road
Chilworth

Southampton

England

SO16 7NS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
Barclays Bank Plc
1 Churchill Place

London

E14 5HP




Solicitors
Moore Barlow LLP
Gateway House

Tollgate

Chandlers Ford

Southampton

SO53 3TG





 


SYMETRICA LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Income and Retained Earnings
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 40


 


SYMETRICA LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
Symetrica has been a leading independent supplier of radiation detection and security monitoring systems in the global security market for over 20 years. Our IP portfolio contains over 35 patents in the UK and US. Our customers include nuclear energy providers, governments, and emergency service organisations. The US and UK governments are the largest consumers of Symetrica products and services. In the US our customers include the Department of Energy, the Department of Defence, the Department of Homeland Security, local police forces and fire departments. Across the rest of the world our customers include the UK Home Office, nuclear energy facilities, port and customs authorities as well as infrastructure and security organisations

Business review
 
The year ended 30th September 2024 saw the Group build on the success of last year. Revenue was in line with last year as we completed two large government projects and some new orders were deferred. We greatly increased EBITDA by over 50% and delivered a profitable bottom line.
During the year under review, sales remained steady at £21.4m with EBITDA increased to £3.1m. Some delays in potential new orders meant our orderbook reduced but our pipeline of proposals remained strong with over £50m of submitted bids at 30th September 2024. We are confident the business will grow in profitability over the next few years. 
The Group remains committed to growth within the radiation nuclear (RADNUC) detection market, leveraging its investment in IP and product technology for handhelds and border crossing portals. The business model remains consistent with sales to global OEMs in the security market and direct sales to select government agencies in the UK and US. The Group has manufacturing and engineering sites in Southampton, Eastleigh and Westford, Massachusetts USA to manage anticipated growth in the forthcoming years.

Principal risks and uncertainties
 
The principal risks to the business are related to the large target opportunities, which have binary success decisions, and are subject to governmental budgets, extended decision timescales and political interference.
Selling to such organisations carries with it the risks of delay and uncertainty caused by long procurement cycles, changing budgetary and decision-making processes and competitive procurement processes. This can and often has resulted in uneven order intake and difficulty in forecasting.

Financial key performance indicators

Our financial key performance indicators include:

2024
2023
        £
        £
Turnover

21,371,115

21,924,690

Adjusted EBITDA (before exceptional expenses)

3,093,014

1,923,713

Profit/(Loss) before tax

1,391,347

(204,001)

Net Profit/(Loss) after Tax

1,711,523

(606,782)

Gross assets

12,601,812

14,671,177


Adjusted EBITDA is calculated after adding back share option charges, bonus payments to management and the unwinding of historical foreign exchange differences.



Page 1

 


SYMETRICA LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Risk mitigation factors
 
The current breadth of orders, across an increasingly comprehensive range of solutions and diversified customer base, is evidence of the progress Symetrica has made in reducing previous dependencies. This is demonstrated by Symetrica's own RIID, backpack, mobile and portal systems as well as its development of advanced security monitoring software. The Group has also made considerable strides establishing markets outside the United States. To this end it now is also selling
to customers across Europe, the Middle East, South America and Asia.
Future developments
To support future growth and product diversification, the Group continually reviews expansion into adjacent security applications based on its core detection technology. The Group is seeking additional sales channel expansion with global distributors in the middle east and Asia-Pacific regions.
We are continuing to invest in our Discovery software platform and are expanding the size of our inhouse software team to strategically develop our SaaS portfolio.


This report was approved by the board and signed on its behalf.



................................................
E F Zanin
Director

Date: 24 March 2025

Page 2

 


SYMETRICA LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,515,122 (2023 - loss £606,782).

Directors

The directors who served during the year were:

I P Dale-Staples 
P R Davies 
A M H Hook 
Dr D J Price 
Dr D Ramsden (resigned 1 January 2024)
Dr J Zangardi 
Parkwalk Advisors LTD 
E F Zanin 

Future developments

Please refer to the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 


SYMETRICA LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Post balance sheet events

There are no post balance sheet events to report following the year end.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
E F Zanin
Director

Date: 24 March 2025

Page 4

 


SYMETRICA LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYMETRICA LIMITED

Opinion


We have audited the financial statements of Symetrica Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


SYMETRICA LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYMETRICA LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


SYMETRICA LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYMETRICA LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; 
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


SYMETRICA LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SYMETRICA LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Hadfield FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
3000a Parkway
Whiteley
Hampshire
PO15 7FX

24 March 2025
Page 8

 


SYMETRICA LIMITED
 


 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
As restated 2023
Note
£
£

  

Turnover
 4 
21,371,115
21,924,690

Cost of sales
  
(10,512,392)
(12,148,584)

Gross profit
  
10,858,723
9,776,106

Administrative expenses
  
(9,404,283)
(9,924,604)

Other operating income
 5 
-
3,165

Operating profit/(loss)
 6 
1,454,440
(145,333)

Interest receivable and similar income
 11 
2,981
44,559

Interest payable and similar expenses
 12 
(66,074)
(103,227)

Profit/(loss) before tax
  
1,391,347
(204,001)

Tax on profit/(loss)
 13 
123,775
(402,781)

Profit/(loss) after tax
  
1,515,122
(606,782)

  

  

Retained earnings at the beginning of the year
  
(10,796,641)
(10,189,859)

  
(10,796,641)
(10,189,859)

Profit/(loss) for the year attributable to the owners of the parent
  
1,515,122
(606,782)

Retained earnings at the end of the year
  
(9,281,519)
(10,796,641)

  

The notes on pages 18 to 40 form part of these financial statements.

Page 9

 


SYMETRICA LIMITED
REGISTERED NUMBER:04533319



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
3,078,029
3,329,452

Tangible assets
 15 
279,776
38,821

  
3,357,805
3,368,273

Current assets
  

Stocks
 17 
2,200,658
2,770,783

Debtors: amounts falling due within one year
 18 
5,009,323
5,296,699

Cash at bank and in hand
 19 
1,872,889
3,235,422

  
9,082,870
11,302,904

Creditors: amounts falling due within one year
 20 
(2,865,912)
(5,722,220)

Net current assets
  
 
 
6,216,958
 
 
5,580,684

Total assets less current liabilities
  
9,574,763
8,948,957

Creditors: amounts falling due after more than one year
 21 
(69,819)
(17,566)

Provisions for liabilities
  

Other provisions
 25 
(301,620)
(521,131)

  
 
 
(301,620)
 
 
(521,131)

Net assets
  
9,203,324
8,410,260

Page 10

 


SYMETRICA LIMITED
REGISTERED NUMBER:04533319


    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
790
790

Share premium account
 27 
18,228,183
18,228,183

Foreign exchange reserve
 27 
(644,523)
77,535

Share option reserve
 27 
900,393
900,393

Profit and loss account
 27 
(9,281,519)
(10,796,641)

Equity attributable to owners of the parent Company
  
9,203,324
8,410,260

  
9,203,324
8,410,260


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
E F Zanin
Director

Date: 24 March 2025

The notes on pages 18 to 40 form part of these financial statements.

Page 11

 


SYMETRICA LIMITED
REGISTERED NUMBER:04533319



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
900,393
900,393

  
900,393
900,393

Current assets
  

Debtors: amounts falling due within one year
 18 
10,071,178
5,994,382

Cash at bank and in hand
 19 
1,715
633,410

  
10,072,893
6,627,792

Creditors: amounts falling due within one year
 20 
(7,800)
(7,800)

Net current assets
  
 
 
10,065,093
 
 
6,619,992

Total assets less current liabilities
  
10,965,486
7,520,385

  

  

Net assets
  
10,965,486
7,520,385


Capital and reserves
  

Called up share capital 
 26 
790
790

Share premium account
 27 
18,228,183
18,228,183

Share option reserve
 27 
900,393
900,393

Profit and loss account brought forward
  
(11,608,981)
(13,190,927)

Profit for the year

  

3,445,101
1,581,946

Profit and loss account carried forward
  
(8,163,880)
(11,608,981)

  
10,965,486
7,520,385


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
E F Zanin
Director

Date: 24 March 2025

The notes on pages 18 to 40 form part of these financial statements.

Page 12

 


SYMETRICA LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Foreign exchange reserve
Share option reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 October 2022
680
14,405,622
4,231
900,393
(10,189,859)
5,121,067


Comprehensive income for the year

Loss for the year

-
-
-
-
(606,782)
(606,782)

Foreign exchange difference on consolidation of foreign subsidiary
-
-
73,304
-
-
73,304


Other comprehensive income for the year
-
-
73,304
-
-
73,304


Total comprehensive income for the year
-
-
73,304
-
(606,782)
(533,478)


Contributions by and distributions to owners

Shares issued during the year
110
3,822,561
-
-
-
3,822,671


Total transactions with owners
110
3,822,561
-
-
-
3,822,671



At 1 October 2023
790
18,228,183
77,535
900,393
(10,796,641)
8,410,260


Comprehensive income for the year

Profit for the year

-
-
-
-
1,515,122
1,515,122

Foreign exchange difference on consolidation of foreign subsidiary
-
-
(722,058)
-
-
(722,058)


Other comprehensive income for the year
-
-
(722,058)
-
-
(722,058)


Total comprehensive income for the year
-
-
(722,058)
-
1,515,122
793,064


Total transactions with owners
-
-
-
-
-
-


At 30 September 2024
790
18,228,183
(644,523)
900,393
(9,281,519)
9,203,324


The notes on pages 18 to 40 form part of these financial statements.

Page 13

 


SYMETRICA LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Share option reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 October 2022
680
14,405,622
900,393
(13,190,927)
2,115,768


Comprehensive income for the year

Profit for the year
-
-
-
1,581,946
1,581,946


Contributions by and distributions to owners

Shares issued during the year
110
3,822,561
-
-
3,822,671


Total transactions with owners
110
3,822,561
-
-
3,822,671



At 1 October 2023
790
18,228,183
900,393
(11,608,981)
7,520,385


Comprehensive income for the year

Profit for the year
-
-
-
3,445,101
3,445,101


Total transactions with owners
-
-
-
-
-


At 30 September 2024
790
18,228,183
900,393
(8,163,880)
10,965,486


The notes on pages 18 to 40 form part of these financial statements.

Page 14

 


SYMETRICA LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,515,122
(606,782)

Adjustments for:

Amortisation of intangible assets
1,265,236
1,160,340

Depreciation of tangible assets
24,096
47,795

Loss on disposal of tangible assets
6,227
-

Government grants
-
(2)

Interest paid
66,074
103,227

Interest received
(2,981)
(44,559)

Taxation charge
(123,775)
402,781

Decrease in stocks
570,125
1,103,061

(Increase) in debtors
(68,797)
(965,841)

(Decrease) in creditors
(2,255,150)
(2,079,067)

(Decrease)/increase in provisions
(176,506)
379,455

Corporation tax received
364,657
278,432

Foreign exchange
(711,061)
400,911

Net cash generated from operating activities

473,267
179,751


Cash flows from investing activities

Purchase of intangible fixed assets
(1,050,428)
(952,211)

Purchase of tangible fixed assets
(273,059)
(7,502)

Government grants received
-
67

Interest received
2,981
44,559

Net cash from investing activities

(1,320,506)
(915,087)
Page 15

 


SYMETRICA LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
3,822,671

Repayment of loans
(538,021)
(35,001)

Repayment of/new finance leases
96,964
-

Interest paid
(66,074)
(103,227)

Net cash used in financing activities
(507,131)
3,684,443

Net (decrease)/increase in cash and cash equivalents
(1,354,370)
2,949,107

Cash and cash equivalents at beginning of year
3,227,259
278,152

Cash and cash equivalents at the end of year
1,872,889
3,227,259


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,872,889
3,235,422

Bank overdrafts
-
(8,163)

1,872,889
3,227,259


The notes on pages 18 to 40 form part of these financial statements.

Page 16

 


SYMETRICA LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024





At 1 October 2023
Cash flows
New finance leases
At 30 September 2024
£

£

£

£

Cash at bank and in hand

3,235,422

(1,362,533)

-

1,872,889

Bank overdrafts

(8,163)

8,163

-

-

Debt due after 1 year

(17,566)

11,466

-

(6,100)

Debt due within 1 year

(787,654)

483,461

-

(304,193)

Finance leases

-

-

(96,964)

(96,964)


2,422,039
(859,443)
(96,964)
1,465,632

The notes on pages 18 to 40 form part of these financial statements.

Page 17

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Symetrica Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2015.

Page 18

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis, the Group having made a net profit for the year of £1,711,523. In considering the appropriateness of the going concern basis, the directors have prepared detailed forecasts for the year ahead, taking into account confirmed sales orders that have been received since the year end, together with forecast expenditure.
The going concern basis is dependent upon the substantial achievement of the Group’s forecasts, including the completion of certain significant sales agreements. Over the past year, the Group has won a number of major contracts and is well placed to secure further major contracts going forward. In the current financial year the Group is generating a profit and is currently cash flow positive.
Symetrica is backed by a number of institutional investors and has raised more than £18m to date. Its investors injected £4m into the business in February 2023 to enable the business to accelerate growth still further.As with any Company placing reliance on its investors for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial
statements, they have no reason to believe that it will not do so and no additional financing is assumed in the business’s forecasts.
The directors have a reasonable expectation that the Group and Company have adequate resources to continue its operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Income and Retained Earnings within 'finance income or costs'. 

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 21

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.14

Development costs

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. Development expenditure is assessed to have a useful economic life of 5 years, representing the period that the directors believe the assets will have use to the business.  
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. Development costs are amortised once development is complete, amortisation on additions to development costs are therefore calculated at the end of the reporting year.

 The estimated useful lives range as follows:

Development expenditure
-
5
years straight line

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5 years
Plant and machinery
-
4 years
Fixtures and fittings
-
4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 23

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 25

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Research and Development
Research and development is capitalised if any underlying project is expected to generate future economic value. Capitalised development costs are amortised over their estimated useful economic life of 5 years which is the period over which economic benefit is expected to be derived. The directors are satisfied with the appropriateness of this amortisation policy.
Share options
Where applicable, share option charges have been calculated with reference to the Black Scholes pricing model. The directors consider the assumptions used in this calculation to be appropriate.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the business.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
1,026,269
-

USA
20,108,276
17,663,156

Europe
222,566
4,197,942

Rest of World
14,004
63,592

21,371,115
21,924,690



5.


Other operating income

2024
2023
£
£

Government grants receivable
-
67

Sundry income
-
3,098

-
3,165


Page 26

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Research & development charged as an expense
138,969
123,072

Exchange differences
63,926
400,911

Other operating lease rentals
417,710
430,018


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
85,000
64,600

Fees payable to the Company's auditors for other non-audit services
20,500
18,350


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
4,910,664
4,945,633

Social security costs
464,845
527,480

Cost of defined contribution scheme
208,474
176,405

5,583,983
5,649,518


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
67
59



Administration
4
5

71
64

The Company has no employees other than the directors, who are paid via Symetrica Security Limited.

Page 27

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
404,325
412,813

Group contributions to defined contribution pension schemes
9,137
26,604

413,462
439,417


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £349,102 (2023 - £401,813).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,137 (2023 - £26,604).


10.


Key management remuneration

During the year remuneration was paid to key management personal (excluding directors of Symetrica Limited) of £178,599 (2023: £206,015). In addition to this there were pension contributions of £23,529 (2023: £8,973).


11.


Interest receivable

2024
2023
£
£


Other interest receivable
2,981
44,559

2,981
44,559


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
50,740
74,079

Other interest payable
15,334
29,148

66,074
103,227

Page 28

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(320,176)
115,730


(320,176)
115,730


Total current tax
(320,176)
115,730

Deferred tax


Origination and reversal of timing differences
196,401
287,051

Total deferred tax
196,401
287,051


Taxation on (loss)/profit on ordinary activities
(123,775)
402,781
Page 29

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,391,347
(533,477)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
347,837
(117,418)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
186,618

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,796
6,414

Capital allowances for year in excess of depreciation
716
3,917

Adjustments to tax charge in respect of prior periods
(102,553)
-

Non-taxable income
(198,067)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
67,406
-

Changes in provisions leading to an increase (decrease) in the tax charge
-
3,119

Dividends from UK companies
-
(47,128)

Unrelieved tax losses carried forward
-
(30,338)

Other differences leading to an increase (decrease) in the tax charge
-
397,597

Adjustments to deferred tax
(443,311)
-

Credit for federal and state taxes
196,401
-

Total tax charge for the year
(123,775)
402,781


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 30

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Intangible assets

Group and Company





Development expenditure

£



Cost


At 1 October 2023
6,783,763


Additions
1,050,428


Foreign exchange movement
(141,128)



At 30 September 2024

7,693,063



Amortisation


At 1 October 2023
3,454,311


Charge for the year on owned assets
1,265,236


Foreign exchange movement
(104,513)



At 30 September 2024

4,615,034



Net book value



At 30 September 2024
3,078,029



At 30 September 2023
3,329,452

Company
The company has no intangible fixed assets.



Page 31

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
237,445
685,704
6,158
929,307


Additions
127,814
112,657
32,588
273,059


Disposals
(120,711)
(139,546)
(1,297)
(261,554)


Exchange adjustments
(9,574)
(25,500)
-
(35,074)



At 30 September 2024

234,974
633,315
37,449
905,738



Depreciation


At 1 October 2023
231,978
654,104
4,405
890,487


Charge for the year on owned assets
13,140
9,045
1,911
24,096


Disposals
(120,708)
(133,970)
(648)
(255,326)


Exchange adjustments
(8,390)
(24,905)
-
(33,295)



At 30 September 2024

116,020
504,274
5,668
625,962



Net book value



At 30 September 2024
118,954
129,041
31,781
279,776



At 30 September 2023
5,467
31,600
1,753
38,820




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
118,954
5,467

118,954
5,467


Page 32

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
900,393



At 30 September 2024
900,393





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Symetrica Security Ltd
1st Floor Kenneth Dibben House, Enterprise Road, Southampton Science Park, Southampton, SO16 7NS
Ordinary
100%
Symetrica Inc
   4 Lyberty Way Ste 1, Westford, MA 01886, United States
Ordinary
100%


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
2,135,106
2,666,935

Work in progress (goods to be sold)
65,552
103,848

2,200,658
2,770,783


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 33

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,575,772
3,754,660
-
-

Amounts owed by group undertakings
-
-
10,071,178
5,994,382

Other debtors
224,826
134,074
-
-

Prepayments and accrued income
400,025
243,092
-
-

Tax recoverable
530,439
682,470
-
-

Deferred taxation
278,261
482,403
-
-

5,009,323
5,296,699
10,071,178
5,994,382





19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,872,889
3,235,422
1,715
633,410

Less: bank overdrafts
-
(8,163)
-
-

1,872,889
3,227,259
1,715
633,410


Page 34

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
8,163
-
-

Bank loans
269,262
787,654
-
-

Trade creditors
1,247,235
1,409,438
-
-

Corporation tax
-
107,848
-
-

Other taxation and social security
70,691
125,878
-
-

Obligations under finance lease and hire purchase contracts
33,245
-
-
-

Other creditors
68,585
579,740
-
-

Accruals and deferred income
1,176,894
2,703,499
7,800
7,800

2,865,912
5,722,220
7,800
7,800


The Company and Group have access to a loan facility included in Creditors due within one year, above. This facility is secured by way of cross guarantee between all group companies and fixed and floating charges over all assets owned by the Group.
The loan is repayable by monthly instalments and the interest is payable at a rate of 2.5%.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
6,100
17,566

Net obligations under finance leases and hire purchase contracts
63,719
-

69,819
17,566




The loan is repayable by monthly instalments and the interest is payable at a rate of 2.5%.

Page 35

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
269,262
787,654


269,262
787,654


Amounts falling due 2-5 years

Bank loans
6,100
17,566


6,100
17,566


275,362
805,220



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
33,245
-

Between 1-5 years
63,719
-

96,964
-

Page 36

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

24.


Deferred taxation


Group



2024


£






At beginning of year
482,403


Charged to profit or loss
(161,137)


Difference on retranslation of brought forward
(43,005)



At end of year
278,261












Group
Group
2024
2023
£
£

Tax losses carried forward
278,261
482,403

278,261
482,403


25.


Provisions


Group



Warranty provisions

£





At 1 October 2023
521,131


Charged to profit or loss
(219,511)



At 30 September 2024
301,620

There is the obligation to repair or replace any defective hardware, Symetrica software and/or third party software relating to the sale of equipment or refund the price of such defective equipment in full from the date of delivery of the equipment and ending 12 months after the date of delivery of the equipment. As this time has not yet passed in full, there are uncertainties around the amount and timing of the resulting payments. 

Page 37

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



220,053 (2023 - 223,053) Ordinary shares of £0.001 each
223.05
223.05
85,091 (2023 - 85,091) A Ordinary shares of £0.001 each
85.09
85.09
217,473 (2023 - 217,473) B Ordinary shares of £0.001 each
217.47
217.47
40 (2023 - 40) C Ordinary shares of £1.000 each
40.00
40.00
227,772 (2023 - 224,772) D Ordinary shares of £0.001 each
224.77
224.77

790.38

790.38

Ordinary shares, A Ordinary shares, B Ordinary shares, C Ordinary shares and D Ordinary shares
For the above classes of shares, each has the right to attend and vote at all general meetings. Each share holds one voting right, with the exception of C Ordinary shares, which hold 1,000 votes each. Holders of the above shares have the right to receive pro rata distributions of dividends. The shares are not redeemable.
Liquidation rights
Upon liquidation, the return of assets on liquidation, reduction of capital or otherwise remaining after payment of its debts and liabilities and of the costs, charges and expenses of such liquidation, shall be applied in the following manner and order of priority: 
(a) first, in paying the holders of A Ordinary shares the sum equal to all arrears on the A Ordinary shares;
(b) secondly, in paying to the holders of A Ordinary shares an amount equal to the aggregate subscription price;  and
(c) thirdly, in distributing the balance amongst the A Ordinary shareholders, the holders of B Ordinary shares, the holders of C Ordinary shares, the holders of D Ordinary shares and the Ordinary shareholders in proportion to the amounts paid up or credited as paid up.



27.


Reserves

Share premium account

Share premium account includes all premiums payable on purchase of share capital.

Foreign exchange reserve

Foreign exchange reserve includes translation differences arising on the consolidation of a foreign subsidiary.

Share option reserve

Share option reserve includes the cumulative charge to date for share options issued.

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.

Page 38

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

28.


Share-based payments

The Company operates a share option scheme, with UK employees benefiting from grant under EMI rules. At the year end a total of 54,728 (2023: 54,728) options remained in issue with expiry dates ranging from 2024 to 2032.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

2,579

54,728

3,608
 
72,861
 
Granted during the year


-

 
-
 
Adjustment to correct carried forward


-

 
(18,133)
 
Exercised during the year


-

 
-
 
Expired during the year


-

 
-
 
Outstanding at the end of the year
2,579

54,728

2,579
 
54,728
 

2024
2023

Option pricing model used



 
Weighted average share price (pounds)


57.33

57.33
 
Exercise price (pounds)


0.001

0.001
 
Weighted average contractual life (days)


10

10
 
Expected volatility


40.2

40.2
 
Risk-free interest rate


3.8%

3.80%
 


No charge was incurred in 2023 or 2024.


29.


Prior year adjustment

Following the introduction of a new accounting and ERP system, the Company changed the classification of certain costs between Cost of Sales and Administrative Expenses. These numbers for 2023 have been restated to reflect this change, with Cost of Sales being increased and Administrative Expenses being reduced by £2,833,120. This adjustment has no impact on the reported operating profit.


30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £174,808 (2023: £167,432). Contributions totalling £16,781 (2023:  £11,948) were payable to the fund at the reporting date and are included in creditors.

Page 39

 


SYMETRICA LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

31.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£


Not later than 1 year
334,070
370,848

Later than 1 year and not later than 5 years
377,968
412,002

712,038
782,850

Lease payments recognised as an expense in the year amounted to £400,452 (2023: £430,018).


32.


Related party transactions

The Group paid management fees to:
-Technology Venture Partners LLP, a partner of which is also a director of this company, totalling £15,000 (2023: £18,000). A balance of £8,750 was outstanding at the year end (2023: £6,000).
                                                                                                                                                                                        -Parkwalk Advisors Limited, a director of the Company, totalling £Nil (2023: £26,515). A balance of £10,606 was outstanding at the year end (2023: £10,606). 


33.


Controlling party

The directors consider that there is no ultimate controlling party.

 
Page 40