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REGISTERED NUMBER: 07972299 (England and Wales)















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: P R N Childs
M J M Groat
I P Iliev





REGISTERED OFFICE: Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT





REGISTERED NUMBER: 07972299 (England and Wales)

Q-BOT LIMITED (REGISTERED NUMBER: 07972299)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,611,134 3,472,346
Tangible assets 5 1,217,095 1,651,721
3,828,229 5,124,067

CURRENT ASSETS
Debtors 6 960,881 1,329,029
Cash at bank 176,112 615,940
1,136,993 1,944,969
CREDITORS
Amounts falling due within one year 7 (1,999,615 ) (1,760,034 )
NET CURRENT (LIABILITIES)/ASSETS (862,622 ) 184,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,965,607

5,309,002

CREDITORS
Amounts falling due after more than one year 8 (652,087 ) (678,392 )
NET ASSETS 2,313,520 4,630,610

CAPITAL AND RESERVES
Called up share capital 11 402 364
Share premium 10,707,074 8,389,357
Retained earnings (8,393,956 ) (3,759,111 )
SHAREHOLDERS' FUNDS 2,313,520 4,630,610

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

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

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

Q-BOT LIMITED (REGISTERED NUMBER: 07972299)

BALANCE SHEET - continued
31 MARCH 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





M J M Groat - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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 56 (2023 - 55 ) .

4. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 April 2023 6,187,161
Additions 1,558,590
Impairments (1,606,442 )
At 31 March 2024 6,139,309
Amortisation
At 1 April 2023 2,714,815
Charge for year 813,360
At 31 March 2024 3,528,175
Net book value
At 31 March 2024 2,611,134
At 31 March 2023 3,472,346

5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 April 2023 2,562,624
Additions 37,856
Disposals (109,294 )
At 31 March 2024 2,491,186
Depreciation
At 1 April 2023 910,903
Charge for year 412,275
Eliminated on disposal (49,087 )
At 31 March 2024 1,274,091
Net book value
At 31 March 2024 1,217,095
At 31 March 2023 1,651,721

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 222,719
Depreciation
At 1 April 2023 156,080
Charge for year 32,999
At 31 March 2024 189,079
Net book value
At 31 March 2024 33,640
At 31 March 2023 66,639

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 419,598 650,306
Other debtors 541,283 678,723
960,881 1,329,029

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) 594,224 581,079
Hire purchase contracts (see note 10) 10,781 35,295
Trade creditors 662,974 868,435
Taxation and social security 524,792 58,795
Other creditors 206,844 216,430
1,999,615 1,760,034

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) 522,076 647,369
Hire purchase contracts (see note 10) 15,011 31,023
Other creditors 115,000 -
652,087 678,392

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 594,224 581,079

Amounts falling due between one and two years:
Bank loans - 1-2 years 467,509 114,225
Other loans - 1-2 years 115,000 -
582,509 114,225

Amounts falling due between two and five years:
Bank loans - 2-5 years 54,567 533,144

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 10,781 35,295
Between one and five years 15,011 31,023
25,792 66,318

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 267,614 359,839
Between one and five years 580,185 870,235
847,799 1,230,074

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: £    £   
36,402 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 - 1,588

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

31/03/202431/03/2023
Share OptionsNumberNumber

Outstanding at the beginning of the year2,4072,188
Granted during the year- 315
Exercised during the year- (10)
Cancelled during the year(15)(86)

Outstanding at the end of the year2,3922,407

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.