Company registration number 11173912 (England and Wales)
AM ROBOTICS 2018 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AM ROBOTICS 2018 LIMITED
COMPANY INFORMATION
Directors
Mr Peter Maguire
Mr A C McQuillan
Company number
11173912
Registered office
1 Hawkshead Road
Croft Technology Park
Bromborough
Wirral
CH62 3RJ
Accountants
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
AM ROBOTICS 2018 LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 22
AM ROBOTICS 2018 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of research, development and manufacture of robotic equipment.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Peter Maguire
Mr A C McQuillan
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 79 day's purchases, based on the average daily amount invoiced by suppliers during the year.
Auditor
In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Other matters
The company has ceased trading. As a result, the financial statements have been prepared on a basis other than that of a going concern, with assets and liabilities revalued to their net realisable value.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
AM ROBOTICS 2018 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
Mr Peter Maguire
Director
13 May 2025
AM ROBOTICS 2018 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AM ROBOTICS 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AM ROBOTICS 2018 LIMITED
- 4 -
Opinion
We have audited the financial statements of AM Robotics 2018 Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with UK adopted international accounting standards; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to Note 1.2 to the financial statements which explains that the company ceased trading in the year, and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
AM ROBOTICS 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AM ROBOTICS 2018 LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit is considered capable of detecting irregulatities, including fraud
The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.
AM ROBOTICS 2018 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AM ROBOTICS 2018 LIMITED (CONTINUED)
- 6 -
Audit procedures
We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.
Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.
Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.
We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Susan Harris MA ACA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
13 May 2025
Chartered Accountants
Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
AM ROBOTICS 2018 LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
90,445
135,000
Cost of sales
(36,549)
(57,117)
Gross profit
53,896
77,883
Administrative expenses
(123,816)
(135,991)
Operating loss
4
(69,920)
(58,108)
Investment revenues
6
447
Finance costs
7
(456)
(1,072)
Loss before taxation
(70,376)
(58,733)
Income tax (expense)/income
8
(93,792)
14,834
Loss and total comprehensive income for the year
(164,168)
(43,899)
AM ROBOTICS 2018 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
9
12,095
Deferred tax asset
11
96,816
-
108,911
Current assets
Inventories
10
-
83,164
Trade and other receivables
12
5,205
Cash and cash equivalents
6,817
-
95,186
Current liabilities
Trade and other payables
15
204,212
241,117
Net current liabilities
(204,212)
(145,931)
Non-current liabilities
Trade and other payables
15
238,628
238,628
Deferred tax liabilities
11
3,024
238,628
241,652
Net liabilities
(442,840)
(278,672)
Equity
Called up share capital
17
100
100
Retained earnings
(442,940)
(278,772)
Total equity
(442,840)
(278,672)
These financial statements have been prepared 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 13 May 2025 and are signed on its behalf by:
Mr Peter Maguire
Director
Company registration number 11173912 (England and Wales)
AM ROBOTICS 2018 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
100
(234,873)
(234,773)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(43,899)
(43,899)
Balance at 31 December 2023
100
(278,772)
(278,672)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(164,168)
(164,168)
Balance at 31 December 2024
100
(442,940)
(442,840)
AM ROBOTICS 2018 LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
(14,361)
37,228
Interest paid
(456)
(1,072)
Net cash (outflow)/inflow from operating activities
(14,817)
36,156
Investing activities
Proceeds on disposal of property, plant and equipment
8,000
Interest received
447
Net cash generated from investing activities
8,000
447
Financing activities
Repayment of bank loans
(33,705)
Net cash used in financing activities
-
(33,705)
Net (decrease)/increase in cash and cash equivalents
(6,817)
2,898
Cash and cash equivalents at beginning of year
6,817
3,919
Cash and cash equivalents at end of year
6,817
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
AM Robotics 2018 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Hawkshead Road, Croft Technology Park, Bromborough, Wirral, CH62 3RJ. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
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.
New standards and interpretation
At the date of authorisation of these financial statements a number of new Standards and Interpretations have been issued but are not yet effective and have not been applied in these financial statements.
The directors do not believe that the adoption of these Standards and Interpretations would have a material impact on the financial statements of the Company. The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Company when the relevant standards and interpretations come into effect.
1.2
Going concern
These financial statements have been prepared on a basis other than going concern as the company ceased tradingtrue during the year, disposed of all assets and settled all obligations outside of the group. After the year end, the group liabilities were formally forgiven by the parent company.
1.3
Revenue
Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. The company recognises revenue when it transfers control of a product to a customer, which occurs at the point of dispatch.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Leasehold land and buildings
6 years straight line basis
Fixtures and fittings
2 to 10 years straight line basis
Plant and equipment
2 to 10 years straight line basis
Computers
2 to 3 years 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 recognised in the income statement.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of tangible and intangible assets
At each reporting 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.
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.
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
Inventories
Inventory and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing inventories to their present location and condition.
At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.7
Cash and cash equivalents
Cash and cash equivalents 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.
1.8
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.9
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.10
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.
1.11
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 inventories or non-current 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.13
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
Rentals payable under operating leases, less any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.14
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
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
To determine the provision for impairment of stock and work in progress, the directors perform an assessment of each product line, taking into consideration the product age, style and demand.
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Principal activity
90,445
135,000
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Revenue
(Continued)
- 15 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
90,445
135,000
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
12,095
22,868
Profit on disposal of property, plant and equipment
(8,000)
-
Amortisation of intangible assets (included within administrative expenses)
-
206
Cost of inventories recognised as an expense
44,549
57,117
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
2
3
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
95,908
80,099
Social security costs
5,981
8,640
Pension costs
4,819
6,997
106,708
95,736
6
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
447
Income above relates to assets held at amortised cost, unless stated otherwise.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
-
177
Interest on lease liabilities
456
895
Total interest expense
456
1,072
8
Income tax expense
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
(14,834)
Arising from write down or reversal of write down of deferred tax asset
93,792
93,792
(14,834)
The charge for the year can be reconciled to the loss per the income statement as follows:
2024
2023
£
£
Loss before taxation
(70,376)
(58,733)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 25.00%)
(17,594)
(14,683)
Unutilised tax losses carried forward
16,316
11,240
Depreciation on assets not qualifying for tax allowances
1,278
3,240
Deferred Tax movements
93,792
(14,834)
Right of use lease
203
Taxation charge/(credit) for the year
93,792
(14,834)
9
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023 and 1 January 2024
55,832
29,955
17,060
1,500
104,347
Disposals
(55,832)
(29,955)
(17,060)
(1,500)
(104,347)
At 31 December 2024
-
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
(Continued)
- 17 -
Accumulated depreciation and impairment
At 1 January 2023
39,543
15,790
12,551
1,500
69,384
Charge for the year
9,304
10,432
3,132
22,868
At 31 December 2023
48,847
26,222
15,683
1,500
92,252
Charge for the year
6,985
3,733
1,377
12,095
Eliminated on disposal
(55,832)
(29,955)
(17,060)
(1,500)
(104,347)
At 31 December 2024
Carrying amount
At 31 December 2024
-
-
-
-
At 31 December 2023
6,985
3,733
1,377
-
12,095
Property, plant and equipment includes right-of-use assets, as follows:
Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
-
6,985
Depreciation charge for the year
Property
6,985
9,304
10
Inventories
2024
2023
£
£
Work in progress
-
83,164
11
Deferred taxation
2024
2023
£
£
Deferred tax liabilities
3,024
Deferred tax assets
(96,816)
-
(93,792)
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Deferred taxation
(Continued)
- 18 -
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Tax losses and Capital allowances
Right of use lease
Total
£
£
£
Deferred tax asset at 1 January 2023
(78,958)
(78,958)
Charge/(credit) to profit or loss
(14,631)
(203)
(14,834)
Deferred tax liability at 1 January 2024
1,278
1,746
3,024
Deferred tax asset at 1 January 2024
(94,867)
(1,949)
(96,816)
Deferred tax movements in current year
Charge/(credit) to other comprehensive income
93,589
203
93,792
Deferred tax liability at 31 December 2024
12
Trade and other receivables
2024
2023
£
£
Trade receivables
2,178
Other receivables
3,027
-
5,205
13
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
14
Fair value of financial liabilities
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
15
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade payables
57
Amounts owed to fellow group undertakings
204,212
215,995
238,628
238,628
Accruals
6,046
Social security and other taxation
11,225
Other payables
-
7,794
-
-
204,212
241,117
238,628
238,628
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,819
6,997
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A of £1 each
80
80
100
100
Ordinary Class B of £1 each
20
20
-
-
18
Capital risk management
The company is not subject to any externally imposed capital requirements.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
19
Financial instruments - risk management
The Company's financial instruments comprise cash, receivables and payables held at amortised cost that arise from its operations.
The main financial risks arising from the Company's financial instruments are liquidity risk, foreign currency risk and credit risk. The directors review and agree policies for managing each of these risks.
The Board of the Company has overall responsibility for the determination of the Company's financial risk management objectives and policies. The Board of the Company receives monthly reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's competitiveness and flexibility.
There has been no changes since the previous financial period in the Company's exposure to risk or the Board's objectives in managing risk.
Further details regarding the financial risk policies are described below.
Credit risk
Credit risk is the risk of financial loss to the Company if a client or counterparty to a financial instrument fails to meet its contractual obligations.
The Company is mainly exposed to credit risk through credit sales. Credit risk is determined by ongoing monitoring of the creditworthiness of existing clients and through ongoing review of the trade receivables ageing analysis.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Company's maximum exposure to credit risk.
The group does not gold any collateral or other credit enhancements to cover this credit risk.
Liquidity risk
Liquidity risk arises from the Company's management of working capital and the finance charges and principal repayments on its borrowings. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Company's objectives when maintaining working capital are to safeguard the entity's ability to continue as a going concern so that it can continue to provide returns for all of its stakeholders and optimise its debt and equity balance.
The Company's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim it seeks to maintain cash balances and borrowing facilities to meet its expected requirements. The Board of the Company receives cash flow projections on a regular basis as well as information regarding cash balances and borrowing facilities.
Exchange rate risk
Management regularly monitor the Company's currency positions and exchange rate movements and make currency decisions as appropriate.
Interest rate risk
All of the Company's borrowings are on fixed interest rates and hence the Company has limited exposure to interest rate risks.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
20
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2024
2023
£
£
Short-term employee benefits
41,250
52,500
Post-employment benefits
3,400
4,000
44,650
56,500
Other transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Parent company
90,000
135,000
At the year end, a balance of £204,212 (2023: £215,995) was owed to MC Diagnostics Limited, the company's immediate parent.
Other information
After the year end, in March 2025, the company’s parent, MC Diagnostics Limited, formally resolved to forgive the following balances owed by AM Robotics 2018 Limited:
A loan payable of £238,628
Intercompany trade and other creditors of £204,212
The waiver of this debt resulted in a capital contribution from the shareholders. Subsequently, an application was made to strike the company off the Register of Companies.
21
Controlling party
MC Diagnostics Limited owns 80% of the share capital in AM Robotics 2018 Limited and is therefore the company's immediate parent company. Accounts can be obtained from MC Diagnostics Ltd, 1 Hawkshead Rd, Croft Technology Park, Bromborough, Wirral, United Kingdom, CH62 3RJ.
The smallest undertaking for which the company is a member and for which group financial statements are prepared is MC Diagnostics Limited, and the largest group is Prenetics Global Limited.
AM ROBOTICS 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
22
Cash (absorbed by)/generated from operations
2024
2023
£
£
Loss for the year before income tax
(70,376)
(58,733)
Adjustments for:
Finance costs
456
1,072
Investment income
(447)
Gain on disposal of property, plant and equipment
(8,000)
-
Amortisation and impairment of intangible assets
-
206
Depreciation and impairment of property, plant and equipment
12,095
22,868
Movements in working capital:
Decrease in inventories
83,164
37,946
Decrease in trade and other receivables
5,205
1,322
(Decrease)/increase in trade and other payables
(36,905)
32,994
Cash (absorbed by)/generated from operations
(14,361)
37,228
23
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
6,817
(6,817)
-
1 January 2023
Cash flows
31 December 2023
Prior year:
£
£
£
Cash at bank and in hand
3,919
2,898
6,817
Borrowings excluding overdrafts
(33,705)
33,705
-
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