Company registration number 06816793 (England and Wales)
WORN AGAIN TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WORN AGAIN TECHNOLOGIES LIMITED
COMPANY INFORMATION
Directors
Mr L Adamek
Mr R Luthy
(Appointed 3 October 2024)
Mr M Reinhard
(Appointed 3 October 2024)
Company number
06816793
Registered office
Biocity Nottingham
Pennyfoot Street
Nottingham
NG1 1GF
Accountants
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
Biocity Nottingham
Pennyfoot Street
Nottingham
NG1 1GF
WORN AGAIN TECHNOLOGIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
WORN AGAIN TECHNOLOGIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WORN AGAIN TECHNOLOGIES LIMITED FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Worn Again Technologies Limited for the period ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Worn Again Technologies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Worn Again Technologies Limited and state those matters that we have agreed to state to the board of directors of Worn Again Technologies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Worn Again Technologies Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Worn Again Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Worn Again Technologies Limited. You consider that Worn Again Technologies Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Worn Again Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
31 March 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WORN AGAIN TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
30 June 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
306,611
166,526
Tangible assets
4
185,393
161,182
Investments
5
86,292
86,292
578,296
414,000
Current assets
Stocks
3,071
-
Debtors
6
7,465,781
12,984,917
Cash at bank and in hand
14,594,336
16,843,502
22,063,188
29,828,419
Creditors: amounts falling due within one year
7
(408,702)
(720,735)
Net current assets
21,654,486
29,107,684
Total assets less current liabilities
22,232,782
29,521,684
Creditors: amounts falling due after more than one year
8
(237,421)
(260,132)
Net assets
21,995,361
29,261,552
Capital and reserves
Called up share capital
10
10,094
10,076
Share premium account
43,428,287
43,419,565
Capital redemption reserve
100
100
Other reserves
84,345
147,520
Profit and loss reserves
(21,527,465)
(14,315,709)
Total equity
21,995,361
29,261,552
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WORN AGAIN TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mr M Reinhard
Director
Company registration number 06816793 (England and Wales)
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Worn Again Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Biocity Nottingham, Pennyfoot Street, Nottingham, NG1 1GF.
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.
The company has taken advantage of the exemption under section 398 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Reclassification
A reclassification has been made in the profit and loss account for the year ended 31 December 2022 between tax charge and cost of sales. There has been no impact on the loss for the financial year.
1.2
Going concern
After careful review of the Company’s strategic business plan scenarios, the associated cash flows and current and future expected cash availability, the Directors have concluded that the Company has adequate resources to continue operating for the foreseeable future, being at least the next 12 months. The Company’s strategic business plan includes options for the 2025-26 R&D work programme, the development of Accelerator plant in Switzerland and the Company’s ability to generate funds from technology partnering or other sources. true
Based on available information, the Directors have concluded that the Company can satisfy its obligations and finance its work programme for the foreseeable future. Consequently, the going concern assumption continues to be appropriate.
1.3
Reporting period
The prior period financial statements were prepared for the 9 month period to 31 December 2022 to bring its year end coterminous with those of other associated and other group companies. The current year financial statements are for the 18 month period to 30 June 2024. Therefore the comparative amounts included in these financial statements are not entirely comparable.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is considered to be 5 years.
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
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 & trademarks
10% per annum on a straight line basis
Development costs
20% per annum on a straight line basis
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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
25% per annum on a straight line basis
Equipment
50% per annum on a straight line basis
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.
1.8
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.11
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.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.12
Compound instruments
The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.13
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the discounted cashflow model. 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.
1.18
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 lease.
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.19
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.
1.20
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 9 (2022 - 13).
3
Intangible fixed assets
Goodwill
Patents & trademarks
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
3,000
183,977
316,867
503,844
Additions
234,045
234,045
Disposals
(142,516)
(142,516)
At 30 June 2024
3,000
418,022
174,351
595,373
Amortisation and impairment
At 1 January 2023
3,000
23,789
310,529
337,318
Amortisation charged for the period
52,272
6,338
58,610
Impairment losses
35,350
35,350
Disposals
(142,516)
(142,516)
At 30 June 2024
3,000
111,411
174,351
288,762
Carrying amount
At 30 June 2024
306,611
306,611
At 31 December 2022
160,188
6,338
166,526
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
4
Tangible fixed assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
744,991
20,589
765,580
Additions
208,582
5,646
214,228
Disposals
(549,898)
(899)
(550,797)
At 30 June 2024
403,675
25,336
429,011
Depreciation and impairment
At 1 January 2023
585,370
19,028
604,398
Depreciation charged in the period
187,172
2,845
190,017
Eliminated in respect of disposals
(549,898)
(899)
(550,797)
At 30 June 2024
222,644
20,974
243,618
Carrying amount
At 30 June 2024
181,031
4,362
185,393
At 31 December 2022
159,621
1,561
161,182
5
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
86,292
86,292
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 & 30 June 2024
86,292
Carrying amount
At 30 June 2024
86,292
At 31 December 2022
86,292
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 9 -
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
970,580
12,264,124
Other debtors
6,495,201
720,793
7,465,781
12,984,917
7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
106,660
32,228
Taxation and social security
23,881
29,053
Other creditors
278,161
659,454
408,702
720,735
Included within other creditors is £nil (2022: £3,934) in respect of finance leases which are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
237,421
260,132
Included within other creditors is deferred income of £321,766 (2022: £321,766) that has been discounted by £84,345 (2022: £61,634) using the company's average cost of capital. This balance is held within other reserves and is expected to be released over 7 years. An amount of -£22,711 (2022: £11,632) has been recognised as a discounted finance cost movement in the year and has been transferred between the other reserves and profit and loss reserves.
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2022
2024
2022
Number
Number
£
£
Outstanding at 1 January 2023
207
361
47.76
47.76
Granted
3,590
614.10
Forfeited
(154)
(110)
47.76
47.76
Exercised
(183)
(44)
47.76
47.76
Outstanding at 30 June 2024
3,460
207
614.10
47.76
WORN AGAIN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
9
Share-based payment transactions
(Continued)
- 10 -
During the period the company had a share option plan in operation. The options outstanding at 31 December 2022 relate to A Ordinary shares, these options were forfeited and exercised during the year. The options outstanding at 30 June 2024 relate to B Ordinary shares, the movements are detailed above. All options are exercisable within 10 years of the grant date at a price of £614.10 (2022: £47.76) per share.
If the options remain unexercised after a period of ten years from the date of the grant or if the option holder ceases employment the options expire.
During the year the company recognised total share-based payment credit of £85,886 (2022: £54,275) which relates to the equity settled share based payment transactions. The share-based payment reserve held within other reserves amounts to £nil (2022: £85,886).
10
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 10p each
9,236
9,053
923
905
B Ordinary shares of 10p each
3,359
3,359
336
336
C Ordinary shares of 10p each
88,351
88,351
8,835
8,835
100,946
100,763
10,094
10,076
During the period the following share transactions took place.
On 30 April 2023, 123 A Ordinary shares were issued at £47.76 per share.
On 16 October 2023, 60 A Ordinary shares were issued at £47.76 per share.
11
Other reserves
The balances making up other reserves are detailed in notes 8 and 9.
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
32,758
13
Related party transactions
Other debtors include amounts due from a shareholder totalling £nil (2022 - £39,152).
The amount owed is in respect of share capital subscribed under a Service Level Agreement.
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