Company registration number 08121977 (England and Wales)
ALUSID LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ALUSID LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ALUSID LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,350
12,758
Tangible assets
4
46,286
5,052
57,636
17,810
Current assets
Stocks
103,227
96,122
Debtors
5
108,052
91,376
Cash at bank and in hand
190,203
289,058
401,482
476,556
Creditors: amounts falling due within one year
6
(544,450)
(440,079)
Net current (liabilities)/assets
(142,968)
36,477
Net (liabilities)/assets
(85,332)
54,287
Capital and reserves
Called up share capital
8
8
8
Share premium account
3,439,293
2,939,293
Profit and loss reserves
(3,524,633)
(2,885,014)
Total equity
(85,332)
54,287

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr A D Bremner
Director
Company registration number 08121977 (England and Wales)
ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Alusid Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. The company's place of business is Unit 6, Astra Business Centre, Roman Way, Ribbleton, Preston, PR2 5AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of signing the financial statements, the company’s cash is insufficient to fund a further twelve months of operations. However, the directors consider it appropriate to adopt the going concern basis in preparing the accounts. true

 

The directors are confident in raising sufficient funds to meet its business plan and continue trading for at least a further twelve months from the date of these financial statements.

The company is well advanced in raising a further round of finance and furthermore has a proven track record of securing investment at each stage of its development over multiple rounds.

 

The business has made significant progress following the launch of its Mas floor tile in Topps Tiles plc in January 2025 and this will improve the company’s commercial momentum. Further product launches are expected across 2025 and early 2026 and the company is expected to consolidate its growth potential year over year going forward.

 

Additionally, the business is continuing to strengthen its existing commercial relationships. In December 2024, the business established a partnership agreement with a leading European distributor in the Netherlands. Going forward, the strategy of the company is to drive revenue growth through new product launches for both retail and commercial markets while extending its network of international distribution partners.

 

However, the uncertainty around the future fundraising constitutes a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern and therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents
Up to 10 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
3 years straight line
Office and computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in first out method of accounting.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 entity after deducting all of its financial liabilities.

ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
9
3
Intangible fixed assets
Patents
£
Cost
At 1 July 2023
31,275
Additions
1,781
At 30 June 2024
33,056
Amortisation and impairment
At 1 July 2023
18,517
Amortisation charged for the year
3,189
At 30 June 2024
21,706
Carrying amount
At 30 June 2024
11,350
At 30 June 2023
12,758
ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Office and computer equipment
Total
£
£
£
Cost
At 1 July 2023
163,292
6,220
169,512
Additions
51,174
2,771
53,945
At 30 June 2024
214,466
8,991
223,457
Depreciation and impairment
At 1 July 2023
158,731
5,729
164,460
Depreciation charged in the year
11,958
753
12,711
At 30 June 2024
170,689
6,482
177,171
Carrying amount
At 30 June 2024
43,777
2,509
46,286
At 30 June 2023
4,561
491
5,052
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,187
19,189
Other debtors
79,865
72,187
108,052
91,376
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
235,000
235,000
Trade creditors
217,823
149,940
Taxation and social security
3,301
2,301
Accruals and deferred income
88,326
52,838
544,450
440,079
ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
Share-based payment transactions

The company has a tax approved EMI share scheme involving 4 (2023: 4) employees for a total of 21,289 (2023: 21,289) Ordinary shares. 5,103 of these options were granted on 7 December 2016 at an exercise price of £3.84, 2,109 options were granted on 16 July 2019 at an exercise price of £1.45 and 14,077 options were granted on 17 July 2019 at an exercise price of £1.45. The options are exercisable on the third anniversary of the grant of the option and expire 10 years from the date of grant.

 

The company granted unapproved share options involving 1 (2023: 1) employee for a total of 21,029 (2023: 21,029) Ordinary shares on 7 December 2016 at an exercise price of £3.84. The options are exercisable on a successful exit.

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023 and 30 June 2024
42,318
42,318
2.93
2.93
Exercisable at 30 June 2024
5,103
5,103
3.84
3.84
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
807,508
765,243
8
8

On 19 December 2023, the company issued 42,265 Ordinary shares of 0.001p each for a total consideration of £500,000.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which indicates that a material uncertainty exists in respect of securing additional funding that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

The auditor's report was unqualified.

Senior Statutory Auditor:
Virginia Cooper FCA
Statutory Auditor:
MHA
ALUSID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
23,200
46,400
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
Interest charged
-
0
-
0
20,045
13,505
Entities with control, joint control or significant influence over the company
Sales and purchases
160
-
0
84,727
70,175
Other related parties
Interest charged
-
0
-
0
3,510
3,500
Other related parties
Sales
9,221
35,363
-
0
-
0
Balances with related parties

The following amounts were outstanding at the reporting end date:

Category
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
192
-
0
392,875
340,705
Other related parties
-
0
2,490
36,668
47,563
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