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Financial Statements |
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Contents |
Page |
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Strategic report |
1 |
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Directors' report |
3 |
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Independent auditor's report to the members |
5 |
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Statement of comprehensive income |
9 |
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Statement of financial position |
10 |
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Statement of changes in equity |
11 |
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Statement of cash flows |
12 |
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Notes to the financial statements |
13 |
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Strategic Report |
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Director |
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Directors' Report |
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(Appointed
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(Appointed
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(Appointed
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(Appointed
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(Resigned
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(Resigned
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Director |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
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For and on behalf of |
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Chartered accountants & statutory auditor |
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Midway House |
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Staverton Technology Park |
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Herrick Way, Staverton |
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Cheltenham, Glos. |
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GL51 6TQ |
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Statement of Comprehensive Income |
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Period from |
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1 Oct 23 to |
Year to |
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31 Dec 24 |
30 Sep 23 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
|
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------------- |
------------- |
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Gross profit |
|
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Administrative expenses |
|
|
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Exceptional administrative expenses |
– |
93,097 |
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------------ |
------------ |
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Operating loss |
5 |
(
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(
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Interest payable and similar expenses |
8 |
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------------ |
------------ |
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Loss before taxation |
(
|
(
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Tax on loss |
9 |
(
|
(
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------------ |
--------- |
||
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Loss for the financial period and total comprehensive income |
(
|
(
|
|
|
------------ |
--------- |
||
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Statement of Financial Position |
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31 Dec 24 |
30 Sep 23 |
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Note |
£ |
£ |
|
Intangible assets |
10 |
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Tangible assets |
11 |
|
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--------- |
--------- |
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Debtors |
12 |
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Cash at bank and in hand |
|
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------------ |
------------ |
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Creditors: amounts falling due within one year |
13 |
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------------ |
------------ |
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Net current liabilities |
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|
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|
--------- |
--------- |
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Total assets less current liabilities |
(
|
(
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Provisions |
14 |
|
|
|
--------- |
--------- |
||
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Net liabilities |
(
|
(
|
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--------- |
--------- |
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Called up share capital |
18 |
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Share premium account |
19 |
|
– |
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Other reserves, including the fair value reserve |
19 |
– |
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Profit and loss account |
19 |
(
|
(
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------------ |
--------- |
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Shareholders deficit |
(
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(
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------------ |
--------- |
||
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Director |
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Statement of Changes in Equity |
|
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
|
|
At 1 October 2022 |
|
– |
|
(
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Loss for the period |
(
|
(
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|||
|
---- |
---- |
--------- |
--------- |
--------- |
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Total comprehensive income for the period |
– |
– |
– |
(
|
(
|
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Equity-settled share-based payments |
– |
– |
|
– |
|
|
---- |
---- |
--------- |
--------- |
--------- |
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Total investments by and distributions to owners |
– |
– |
|
– |
|
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At 30 September 2023 |
|
– |
|
(
|
(
|
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Loss for the period |
(
|
(
|
|||
|
---- |
---- |
--------- |
------------ |
------------ |
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Total comprehensive income for the period |
– |
– |
– |
(
|
(
|
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Issue of shares |
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|
– |
– |
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Cancellation of subscribed capital |
(
|
– |
– |
|
– |
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Exercise of options, rights and warrants |
– |
– |
(
|
|
– |
|
Forfeited options, rights and warrants |
– |
– |
(315) |
315 |
– |
|
---- |
------------ |
--------- |
--------- |
------------ |
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Total investments by and distributions to owners |
– |
|
(
|
|
|
|
---- |
------------ |
--------- |
------------ |
------------ |
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At 31 December 2024 |
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|
– |
(
|
(
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|
---- |
------------ |
--------- |
------------ |
------------ |
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Statement of Cash Flows |
|
31 Dec 24 |
30 Sep 23 |
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|
£ |
£ |
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Loss for the financial period |
(
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(
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Adjustments for: |
||
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Depreciation of tangible assets |
22,538 |
15,020 |
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Amortisation of intangible assets |
|
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Interest payable and similar expenses |
|
|
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Equity-settled share-based payments |
– |
|
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Tax on loss |
(
|
(
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Accrued expenses/(income) |
|
(
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Changes in: |
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Trade and other debtors |
|
(
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Trade and other creditors |
(
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------------ |
--------- |
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Cash generated from operations |
(
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(
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Interest paid |
(
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(
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Tax received |
|
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|
------------ |
--------- |
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Net cash used in operating activities |
(
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(
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------------ |
--------- |
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Purchase of tangible assets |
(
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(
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|
------------ |
--------- |
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Net cash used in investing activities |
(
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(
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------------ |
--------- |
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Proceeds from issue of ordinary shares |
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– |
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Purchase of own shares |
|
– |
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Proceeds from loans from group undertakings |
|
(
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|
------------ |
--------- |
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Net cash from/(used in) financing activities |
|
(
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|
------------ |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
|
(
|
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Cash and cash equivalents at beginning of period |
184,127 |
327,877 |
|
--------- |
--------- |
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Cash and cash equivalents at end of period |
|
|
|
--------- |
--------- |
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Notes to the Financial Statements |
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Goodwill |
- |
|
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Development costs |
- |
|
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Patents, trademarks and licences |
- |
|
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Long leasehold property |
- |
|
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Fixtures and fittings |
- |
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Equipment |
- |
25
% straight line |
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Period from |
||
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1 Oct 23 to |
Year to |
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|
31 Dec 24 |
30 Sep 23 |
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|
£ |
£ |
|
|
Rendering of services |
|
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|
------------- |
------------- |
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Period from |
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1 Oct 23 to |
Year to |
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|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
|
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Equity-settled share-based payments expense |
– |
|
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Foreign exchange differences |
|
|
|
--------- |
--------- |
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|
31 Dec 24 |
30 Sep 23 |
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No. |
No. |
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Production staff |
|
|
|
---- |
---- |
|
|
Period from |
||
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1 Oct 23 to |
Year to |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Wages and salaries |
|
|
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Social security costs |
|
|
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Other pension costs |
|
|
|
------------ |
------------ |
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|
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------------ |
------------ |
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Period from |
||
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1 Oct 23 to |
Year to |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
Period from |
||
|
1 Oct 23 to |
Year to |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Aggregate remuneration |
|
|
|
--------- |
--------- |
|
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Period from |
||
|
1 Oct 23 to |
Year to |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Interest on banks loans and overdrafts |
|
– |
|
Other interest payable and similar charges |
|
|
|
-------- |
-------- |
|
|
|
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|
-------- |
-------- |
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Period from |
||
|
1 Oct 23 to |
Year to |
|
|
31 Dec 24 |
30 Sep 23 |
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|
£ |
£ |
|
|
UK current tax income |
(
|
(
|
|
Origination and reversal of timing differences |
(
|
(
|
|
--------- |
--------- |
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Tax on loss |
(
|
(
|
|
--------- |
--------- |
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|
Period from |
||
|
1 Oct 23 to |
Year to |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Loss on ordinary activities before taxation |
(
|
(
|
|
------------ |
--------- |
|
|
Loss on ordinary activities by rate of tax |
(
|
(
|
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Effect of expenses not deductible for tax purposes |
|
|
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Effect of capital allowances and depreciation |
(
|
|
|
Timing differences |
(13,537) |
(13,094) |
|
R&D claim |
309,004 |
(202,954) |
|
------------ |
--------- |
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Tax on loss |
(
|
(
|
|
------------ |
--------- |
|
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Goodwill |
Development costs |
Patents, trademarks and licences |
Total |
|
|
£ |
£ |
£ |
£ |
|
|
Cost |
||||
|
At 1 October 2023 and 31 December 2024 |
|
|
|
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|
--------- |
------------ |
------- |
------------ |
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Amortisation |
||||
|
At 1 October 2023 |
|
|
|
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|
Charge for the period |
|
|
– |
|
|
--------- |
------------ |
------- |
------------ |
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At 31 December 2024 |
|
|
|
|
|
--------- |
------------ |
------- |
------------ |
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Carrying amount |
||||
|
At 31 December 2024 |
|
|
– |
|
|
--------- |
------------ |
------- |
------------ |
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At 30 September 2023 |
|
|
– |
|
|
--------- |
------------ |
------- |
------------ |
|
|
Long leasehold property |
Fixtures and fittings |
Equipment |
Total |
|
|
£ |
£ |
£ |
£ |
|
|
Cost |
||||
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At 1 October 2023 |
|
|
169,847 |
|
|
Additions |
– |
|
15,070 |
|
|
------- |
-------- |
--------- |
--------- |
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At 31 December 2024 |
|
|
184,917 |
|
|
------- |
-------- |
--------- |
--------- |
|
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Depreciation |
||||
|
At 1 October 2023 |
|
|
143,010 |
|
|
Charge for the period |
|
|
18,751 |
|
|
------- |
-------- |
--------- |
--------- |
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At 31 December 2024 |
|
|
161,761 |
|
|
------- |
-------- |
--------- |
--------- |
|
|
Carrying amount |
||||
|
At 31 December 2024 |
– |
|
23,156 |
|
|
------- |
-------- |
--------- |
--------- |
|
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At 30 September 2023 |
|
|
26,837 |
|
|
------- |
-------- |
--------- |
--------- |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
– |
|
|
Prepayments and accrued income |
|
|
|
Corporation tax repayable |
|
|
|
Directors loan account |
|
|
|
Other debtors |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
– |
|
Accruals and deferred income |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
317,297 |
312,754 |
|
Santander ID Facility |
– |
625,380 |
|
------------ |
------------ |
|
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|
------------ |
------------ |
|
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Deferred tax (note 15) |
|
|
£ |
|
|
At 1 October 2023 |
|
|
Charge against provision |
(
|
|
-------- |
|
|
At 31 December 2024 |
|
|
-------- |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Included in provisions (note 14) |
|
|
|
-------- |
-------- |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Accelerated capital allowances |
|
|
|
-------- |
-------- |
|
|
31 Dec 24 |
30 Sep 23 |
|||
|
No. |
WAEP |
No. |
WAEP |
|
|
Outstanding at 1 October 2023 and 31 December 2024 |
– |
– |
2,040 |
60.34 |
|
---- |
---- |
------- |
------- |
|
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
Equity-settled share-based payments |
– |
|
|
---- |
--------- |
|
|
31 Dec 24 |
30 Sep 23 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
|
---- |
---- |
---- |
---- |
|
|
At 1 Oct 2023 |
Cash flows |
At 31 Dec 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
20,267 |
|
|
Debt due within one year |
– |
(44,455) |
(44,455) |
|
--------- |
-------- |
--------- |
|
|
|
(
|
|
|
|
--------- |
-------- |
--------- |
|
|
Balance brought forward and outstanding |
||
|
31 Dec 24 |
30 Sep 23 |
|
|
£ |
£ |
|
|
|
– |
|
|
|
|
|
|
-------- |
-------- |
|
|
|
|
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|
-------- |
-------- |
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