Company registration number 15067167 (England and Wales)
ADDRESS ROBOTICS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ADDRESS ROBOTICS LIMITED
COMPANY INFORMATION
Directors
Mr R Shishkov
(Appointed 13 August 2023)
Mr F Thiesen
(Appointed 3 October 2024)
Dr R Schönborn
(Appointed 1 April 2025)
Company number
15067167
Registered office
Unit 3.06
Segro V-Park Grand Union
London
United Kingdom
NW10 7UD
ADDRESS ROBOTICS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 8
ADDRESS ROBOTICS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -
The directors present their annual report and financial statements for the period ended 31 August 2024.
Principal activities
The principal activity of the company continued to be that of robotics research, engineering and development.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr R Shishkov
(Appointed 13 August 2023)
Mr K Shishkov
(Appointed 13 August 2023 and resigned 30 August 2023)
Mr V Bocarov
(Appointed 13 August 2023 and resigned 30 August 2023)
Mr F Thiesen
(Appointed 3 October 2024)
Dr R Schönborn
(Appointed 1 April 2025)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr R Shishkov
Director
7 May 2025
ADDRESS ROBOTICS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
138,754
Current assets
Debtors
5
216,016
Cash at bank and in hand
926
216,942
Creditors: amounts falling due within one year
6
(1,582,590)
Net current liabilities
(1,365,648)
Net liabilities
(1,226,894)
Capital and reserves
Called up share capital
7
100,000
Profit and loss reserves
(1,326,894)
Total equity
(1,226,894)
For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr R Shishkov
Director
Company registration number 15067167 (England and Wales)
ADDRESS ROBOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Address Robotics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3.06, Segro V-Park Grand Union, London, United Kingdom, NW10 7UD.
1.1
Reporting period
The company was incorporated on 13 August 2023. These financial statements cover the period from the date of incorporation to 31 August 2024.
1.2
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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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 equipment
20% on cost
Computers
20% on cost
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.
Assets in the course of construction are not depreciated.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
ADDRESS ROBOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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.
ADDRESS ROBOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
1.12
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.
1.13
Research and development costs
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.
ADDRESS ROBOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Capitalisation of costs for constructed assets
To determine the costs to capitalise under tangible assets under construction, factors taken into consideration include whether the costs are directly attributable to the design, construction and assembly of the physical asset. This includes physical parts and machinery used for the asset, as well as the parts and equipment necessary for designing, assembling and testing the asset.
As the asset is under construction, these costs will not been depreciated until the asset is fully operational and generating economic benefits for the company.
As technical feasibility has not yet been determined at the balance sheet date, all research and development costs associated with the asset under construction have been expensed to the profit and loss account in the period.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
8
ADDRESS ROBOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Assets under construction
Plant and machinery etc
Total
£
£
£
Cost
At 13 August 2023
Additions
100,637
53,279
153,916
Disposals
(12,318)
(12,318)
At 31 August 2024
88,319
53,279
141,598
Depreciation and impairment
At 13 August 2023
Depreciation charged in the period
2,844
2,844
At 31 August 2024
2,844
2,844
Carrying amount
At 31 August 2024
88,319
50,435
138,754
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
7,505
Other debtors
208,511
216,016
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
26,911
Taxation and social security
51,384
Other creditors
1,504,295
1,582,590
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
100,000
100,000
At the reporting period end date, £35,536 of the issued share capital remained unpaid. The unpaid share capital was settled on 11 February 2025.
ADDRESS ROBOTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 8 -
8
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
£
59,780
9
Events after the reporting date
After the reporting period the company submitted a Research and Development (R&D) claim in relation to its scientific and technological innovations that enhance the understanding of robotic coordination and control in dynamic environments within autonomous systems for construction. The R&D claim is contingent on the approval of HMRC, but is currently expected to result in a tax credit totalling £224,130. As this is a contingent asset, the estimated tax credit has not been reported in these financial statements.
10
Related party transactions
Included in creditors at the balance sheet date is a loan from the director of the company totalling £477,477. This unsecured loan is interest free with no fixed date of repayment and is deemed to be repayable on demand.
Included in creditors at the balance sheet date is a loan from one of the company shareholders totalling £989,069. This unsecured loan is interest free with no fixed date of repayment and is deemed to be repayable on demand.