REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
Q-BOT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
Q-BOT LIMITED |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Q-BOT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | Statutory information |
Q-Bot Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
Historically, the company issued shares to employees and members of its advisory panel constituting share based payments. FRS 102 requires the company to recognise the fair value of the equity instruments as an additional cost. The fair value of the shares issued has been derived using the entity-specific observable market data. The total additional income recognised in the profit and loss in respect of these share based payments is £Nil (2023: (£16,821)). There are no other key sources of estimation identified by management other than those detailed in these accounting policies. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery - 20% - 50% straight line |
Motor vehicles - 20% straight line |
R&D Equipment - 20% - 50% straight line |
IT and Office Equipment - 20% - 50% straight line |
Robots - 20% straight line |
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 Income statement in the same period as the related expenditure. |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | Accounting policies - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Research and development |
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. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, over 5 years. |
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. |
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. |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | Accounting policies - continued |
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. |
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. |
Going concern |
The Director has reviewed the Company’s position at the time of signing the financial statements taking into account recent performance and projections. In particular the Director has carefully considered the current issues caused by increasing costs resulting from the wider cost of living crisis. |
The Director has considered these factors and the wider economy at the time of approving the financial statements and the potential impact these may have on the Company’s results going forward. The Company continues to attract equity and debt investment as it remains on track for strong growth and achieving income targets that would achieve a monthly break-even result. The Director has prepared forecasts under a number of different scenarios for the remainder of the financial year and medium term. |
Share based payments |
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees and members of its advisory panel as consideration for equity instruments (options) of the entity. The fair value of the services received is measured by reference |
to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated based on an estimate of market value of the option specific to the company, which takes into account the liquidity of the shares and risk profile of the company. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. |
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. |
Convertible loans |
The proceeds received on issue of the Company's convertible loan are allocated into their liability and equity components and presented separately in the statement of financial position. |
The amount initially attributed to the loan component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include as option to convert. |
The difference between the new proceeds of the convertible loan and the amount allocated to the loan component is credited direct to the equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to the share capital and share premium as appropriate |
Transaction costs that relate to the issue of the instrument are allocated to the liability and equity |
components of the instrument in proportion to the allocation proceeds. |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 April 2023 |
Additions |
Impairments | (1,606,442 | ) |
At 31 March 2024 |
Amortisation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | Tangible fixed assets - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Included in other debtors above is £312,939 in respect of 2024 R&D tax credits (£390,413 - 2023). |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts (see note 10) |
Other creditors |
9. | Loans |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 115,000 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Bank borrowings |
Bank borrowings are unsecured loan facilities. |
Other borrowings |
Other borrowings are unsecured loan facilities. |
10. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | Leasing agreements - continued |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
HP and finance lease liabilities |
HP and finance lease liabilities are secured against the assets to which they relate. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 402 | 364 |
New shares |
During the year 3,831 Ordinary shares of £0.01 each having an aggregate nominal value of £38.31 were allotted for an aggregate consideration of £2,317,717. |
12. | Capital commitments |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
13. | Post balance sheet events |
The company is in the process of raising equity and debt investment as it remains on track for strong growth and achieving income targets that would achieve a monthly break-even result. |
Q-BOT LIMITED (REGISTERED NUMBER: 07972299) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | Share-based payment transactions |
31/03/2024 | 31/03/2023 |
Share Options | Number | Number |
Outstanding at the beginning of the year | 2,407 | 2,188 |
Granted during the year | - | 315 |
Exercised during the year | - | (10 | ) |
Cancelled during the year | (15 | ) | (86 | ) |
Outstanding at the end of the year | 2,392 | 2,407 |
The total charge for the year relating to employee share based payment plans was £Nil (2023: £16,821) in accordance with the provisions of FRS 102 (Section 1A). |
15. | Convertible loans |
During the year £115,000 of convertible loan notes were issued. Interest of £132 has been charged. |