PAVEGEN SYSTEMS LTD

Company Registration Number:
06980029 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

PAVEGEN SYSTEMS LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

PAVEGEN SYSTEMS LTD

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 31,176 34,189
Tangible assets: 4 89,031 94,336
Investments: 5 68 68
Total fixed assets: 120,275 128,593
Current assets
Stocks: 272,860 335,935
Debtors: 6 257,802 1,095,829
Cash at bank and in hand: 456,002 336,726
Total current assets: 986,664 1,768,490
Creditors: amounts falling due within one year: 7 (573,610) (847,225)
Net current assets (liabilities): 413,054 921,265
Total assets less current liabilities: 533,329 1,049,858
Creditors: amounts falling due after more than one year: 8 (14,167) (24,166)
Provision for liabilities: (17,731) (28,923)
Total net assets (liabilities): 501,431 996,769
Capital and reserves
Called up share capital: 2,471 2,402
Share premium account: 10,515,449 9,574,480
Profit and loss account: (10,016,489) (8,580,113)
Shareholders funds: 501,431 996,769

The notes form part of these financial statements

PAVEGEN SYSTEMS LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 March 2025
and signed on behalf of the board by:

Name: Laurence Kemball-Cook
Status: Director

The notes form part of these financial statements

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 27 25

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible Assets

Total
Cost £
At 01 January 2023 184,308
Additions 18,963
At 31 December 2023 203,271
Amortisation
At 01 January 2023 150,119
Charge for year 21,976
At 31 December 2023 172,095
Net book value
At 31 December 2023 31,176
At 31 December 2022 34,189

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible Assets

Total
Cost £
At 01 January 2023 386,431
Additions 8,805
At 31 December 2023 395,236
Depreciation
At 01 January 2023 292,095
Charge for year 14,110
At 31 December 2023 306,205
Net book value
At 31 December 2023 89,031
At 31 December 2022 94,336

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Fixed investments

Investments inSubsidiary companies £68

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

2023 2022
££
Debtors due after more than one year: 257,802 1,095,829

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due within one year note

Creditors: Amounts falling due within one year 2023 2022 £ £ Bank loans 10,745 10,000 Other loans - 208,411 Trade creditors 174,640 317,663 Amounts owed to group undertakings 68 68 Corporation tax 1,000 - Other taxation and social security 105,378 44,535 Other creditors 27,817 5,924 Accruals and deferred income 253,962 260,624 573,610 847,225

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Creditors: amounts falling due after more than one year note

Creditors: Amounts falling due after more than one year 2023 2022 £ £ Bank loans 14,167 24,166

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

9. Financial commitments

Loans Analysis of the maturity of loans is given below: 2023 2022 £ £ Amounts falling due within one year Bank loans 10,745 10,000 Other loans - 208,411 10,745 218,411 Amounts falling due 1-2 years Bank loans 10,000 10,000 12. Provisions Warranties £ At 1 January 2023 28,923 Charged to profit or loss 17,731 Utilised in year (28,923) At 31 December 2023 17,731 The warranty provision relates to estimated costs for the Company to repair or replace any products which are deemed to be faulty. 13. Pension commitments The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,489 (2022 - £11,075). Contributions totalling £8,070 (2022 - £5,126) were payable to the fund at the balance sheet date and are included in creditors. 14. Commitments under operating leases At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: 2023 2022 £ £ Not later than 1 year 55,000 61,220 Later than 1 year and not later than 5 years - 55,000 55,000 116,220 Amounts falling due 2-5 years Bank loans 4,167 14,166 24,912 242,577 The bank loan was made under the Bounce Back Loan Scheme in response to COVID-19. Interest is 2.5% pa, and the loan is repayable in equal monthly instalments after an initial repayment-free period of 12 months. The final payment is due on 3 May 2026. Other loans comprised a convertible loan note plus rolled up interest at 8% pa, which was unsecured. No value had been ascribed to the equity component. The final repayment was made during the year.

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

10. Loans to directors

Name of director receiving advance or credit: Laurence Kemball-Cook
Description of the loan: During the year, the Company made advances of £NIL (2022 - £Nil) and received repayments of £NIL (2022 - £NIL) to Laurence Kemball-Cook, a director of the Company. At the year end, there was £1,917 (2021 - £1,917) owed by Laurence Kemball-Cook.
£
Balance at 01 January 2023 1,917
Balance at 31 December 2023 1,917

Twin Cedars LLC, a company in which Mr J J Martin is also a director, previously purchased convertible loan notes from Pavegen Systems Ltd. During the year, interest of £NIL (2022 - £15,402) was charged and repayments of £195,905 (2022 - £390,358) were made to Twin Cedars LLC. At the year end, amounts owed to Twin Cedars LLC totalled £NIL (2022 - £158,667). At the balance sheet date, key management personnel owed the business £NIL (2022 - £NIL).

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

11. Related party transactions

Name of the related party:
Relationship:
Director other company
Description of the Transaction: Twin Cedars LLC, a company in which Mr J J Martin is also a director, previously purchased convertible loan notes from Pavegen Systems Ltd. During the year, interest of £NIL (2022 - £15,402) was charged and repayments of £195,905 (2022 - £390,358) were made to Twin Cedars LLC. At the year end, amounts owed to Twin Cedars LLC totalled £NIL (2022 - £158,667).
£
Balance at 01 January 2023 158,667
Balance at 31 December 2023 0

PAVEGEN SYSTEMS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

12. Post balance sheet events

After the year end, 691,686 A Ordinary shares were allotted. The aggregate nominal value of these shares was £7. Consideration received for the shares allotted totalled £94,000. In addition, 5,601,599 B Investment shares were allotted with an aggregate nominal value of £56 and for a total consideration of £761,257.