Company registration number 07514422 (England and Wales)
COOMTECH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
COOMTECH LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
COOMTECH LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
5,118,587
4,204,916
Tangible assets
5
17,189
20,044
5,135,776
4,224,960
Current assets
Debtors
6
536,265
728,194
Cash at bank and in hand
129,901
1,720,162
666,166
2,448,356
Creditors: amounts falling due within one year
7
(552,205)
(478,760)
Net current assets
113,961
1,969,596
Net assets
5,249,737
6,194,556
Capital and reserves
Called up share capital
8
1,828,933
1,818,933
Share premium account
6,960,317
6,960,317
Other reserves
1,091,268
1,151,769
Profit and loss reserves
(4,630,781)
(3,736,463)
Total equity
5,249,737
6,194,556

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 year ended 31 March 2025 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 year 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.

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr P R Jarvis
Director
Company registration number 07514422 (England and Wales)
COOMTECH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2023
1,272,579
2,821,173
1,151,769
(3,179,957)
2,065,564
Period ended 31 March 2024:
Loss and total comprehensive income for the period
-
-
-
(556,506)
(556,506)
Issue of share capital
8
546,354
4,139,144
-
-
4,685,498
Share based payments
9
-
-
-
-
0
-
Balance at 31 March 2024
1,818,933
6,960,317
1,151,769
(3,736,463)
6,194,556
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
-
(954,819)
(954,819)
Issue of share capital
8
10,000
-
0
-
-
10,000
Lapse of share options
9
-
-
(16,872)
16,872
-
Exercise of share options
9
-
-
0
(43,629)
43,629
-
Balance at 31 March 2025
1,828,933
6,960,317
1,091,268
(4,630,781)
5,249,737
COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Coomtech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 330 High Holborn, Holborn Gate, London, England, WC1V 7QH.

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
Reporting period

The current reporting period for the entity is 12 months. The comparative reporting period was extended to 13 months. Comparative amounts presented in the financial statements, including the related notes, are not entirely comparable due to the prior period reporting extension.

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.

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
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 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 & licences
20 years straight line
Development costs
10 years straight line
COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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
4 years straight line
Fixtures and fittings
4 years straight line
Computers
3 years straight line
1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in bank only.

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 trade debtors, corporation tax recoverable, other 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.

COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade creditors, taxation and social security, 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.

 

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.

1.10
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.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.12
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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.13
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 fixed assets.

1.14
Retirement benefits

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

1.15
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 Black-Scholes 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.

1.16
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.

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.

3
Employees

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

2025
2024
Number
Number
Total
13
12
COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 April 2024
381,744
3,913,300
4,295,044
Additions
15,713
916,712
932,425
At 31 March 2025
397,457
4,830,012
5,227,469
Amortisation and impairment
At 1 April 2024
90,128
-
0
90,128
Amortisation charged for the year
18,754
-
0
18,754
At 31 March 2025
108,882
-
0
108,882
Carrying amount
At 31 March 2025
288,575
4,830,012
5,118,587
At 31 March 2024
291,616
3,913,300
4,204,916
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
27,946
Additions
7,480
At 31 March 2025
35,426
Depreciation and impairment
At 1 April 2024
7,902
Depreciation charged in the year
10,335
At 31 March 2025
18,237
Carrying amount
At 31 March 2025
17,189
At 31 March 2024
20,044
COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
17,600
5,000
Corporation tax recoverable
229,825
270,555
Other debtors
288,840
452,639
536,265
728,194
7
Creditors: amounts falling due within one year
2025
2024
£
£
Convertible loans
358,724
-
0
Trade creditors
50,801
249,269
Taxation and social security
44,645
37,427
Other creditors
98,035
192,064
552,205
478,760
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
85,757
85,757
85,757
85,757
A Ordinary shares of 10p each
17,431,760
17,331,760
1,743,176
1,733,176
17,517,517
17,417,517
1,828,933
1,818,933

During the year 100,000 A Ordinary 10p shares were issued for a total cash consideration of £10,000.

9
Share-based payment transactions

During the year, 38,814 share options lapsed, therefore a transfer between reserves of £16,872 has been recorded.

 

Also during the year, 100,000 share options were exercised, therefore a transfer between reserves of £43,629 has been recorded.

COOMTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Share-based payment transactions
(Continued)
- 9 -
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
2,640,446
2,640,446
0.10
0.10
Cancelled
(38,814)
0
-
0
0.10
-
0
Exercised
(100,000)
0
-
0
0.10
-
0
Outstanding at 31 March 2025
2,501,632
2,640,446
0.10
0.10
Exercisable at 31 March 2025
2,501,632
2,640,446
0.10
0.10

The options outstanding at 31 March 2025 had an exercise price of £0.10, and a remaining contractual life ranging from 4.61 years to 6.77 years.

Inputs were as follows:
2025
2024
Weighted average share price
0.50
0.50
Weighted average exercise price
0.10
0.10
Expected volatility
60.00
60.00
Expected life
10.00
10.00
Risk free rate
1.15
1.15
10
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:

2025
2024
£
£
23,750
-
0
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