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REGISTERED NUMBER: 09881164 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FLARE BRIGHT LTD

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FLARE BRIGHT LTD

COMPANY INFORMATION
for the Year Ended 30 September 2024







DIRECTORS: Dr K Hamilton
Dr C E S Rider
Mr C J W Daniels
Mr D J Keen
Mr S Carnegie





REGISTERED OFFICE: Building 436 Westcott Venture Park
Westcott
Aylesbury
Buckinghamshire
HP18 0XB





REGISTERED NUMBER: 09881164 (England and Wales)





AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

BALANCE SHEET
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 614,922 497,359
Tangible assets 5 94,478 17,275
709,400 514,634

CURRENT ASSETS
Debtors 6 508,983 187,837
Cash at bank and in hand 1,452,083 188,338
1,961,066 376,175
CREDITORS
Amounts falling due within one year 7 695,676 73,902
NET CURRENT ASSETS 1,265,390 302,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,974,790

816,907

PROVISIONS FOR LIABILITIES 9 23,619 -
NET ASSETS 1,951,171 816,907

CAPITAL AND RESERVES
Called up share capital 10 23 23
Share premium 849,145 849,145
Retained earnings 1,102,003 (32,261 )
SHAREHOLDERS' FUNDS 1,951,171 816,907

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





Dr K Hamilton - Director


FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Flare Bright Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors have assessed the Company's ability to continue as a going concern and have prepared the financial statements on this basis. In making this assessment, the Directors have considered the Company's financial position, cash flow forecasts, and available funding, as well as external market conditions.

The Company has secured contracts for future work, supported by ongoing technological advancements, including research and development activities, which strengthen its competitive position. Additionally, the Directors maintain a comprehensive business plan, which is regularly reviewed and updated, demonstrating sufficient working capital to meet liabilities as they fall due for the foreseeable future.

After considering these factors, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Accordingly, the going concern basis has been adopted in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Patents
Patents acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Patents are amortised over the useful economic life of 5 years.

Research and development
An internally generated intangible asset arising from the company's research and development
activities is recognised only when the company can demonstrate the following conditions are met:
-It is technically feasible that the asset will be completed so it can either be used or sold;
-The company intends to complete the asset and use it or subsequently sell it;
-The company has the ability to use or sell the asset;
-It is probable that the asset will generate future economic benefits;
-The company has adequate resources at its disposal in order to complete the asset; and
-The cost of the asset can be measured reliably;

Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognised, research and development expenditure is recognised as an expense in the period in which it is incurred. Research and development expenditure capitalised in accordance with the above policy is written off over the expected life of the project which varies between 5 and 20 years.

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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. 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 the 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.

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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,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.

Basic financial liabilities
Basic financial liabilities 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 October 2023 37,040 555,720 592,760
Additions 13,178 203,402 216,580
Disposals - (27,111 ) (27,111 )
At 30 September 2024 50,218 732,011 782,229
AMORTISATION
At 1 October 2023 13,538 81,863 95,401
Amortisation for year 7,486 68,727 76,213
Eliminated on disposal - (4,307 ) (4,307 )
At 30 September 2024 21,024 146,283 167,307
NET BOOK VALUE
At 30 September 2024 29,194 585,728 614,922
At 30 September 2023 23,502 473,857 497,359

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2023 - 13,696 28,680 42,376
Additions 67,000 299 27,907 95,206
At 30 September 2024 67,000 13,995 56,587 137,582
DEPRECIATION
At 1 October 2023 - 6,099 19,002 25,101
Charge for year 7,444 (15,807 ) 26,366 18,003
At 30 September 2024 7,444 (9,708 ) 45,368 43,104
NET BOOK VALUE
At 30 September 2024 59,556 23,703 11,219 94,478
At 30 September 2023 - 7,597 9,678 17,275

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 9,697 7,200
Accrued income 411,230 136,313
Prepayments 88,056 44,324
508,983 187,837

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 42,371 27,864
Taxation 328,570 -
Social security and other taxes 33,889 22,031
Value added tax 207,869 2,699
Other creditors 9,514 11,042
Accruals 73,463 10,266
695,676 73,902

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 109,442 27,000
Between one and five years 24,750 51,750
134,192 78,750

FLARE BRIGHT LTD (REGISTERED NUMBER: 09881164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

9. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 23,619 -

Deferred
tax
£   
Charge to Statement of Income and Retained Earnings during year 23,619
Balance at 30 September 2024 23,619

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
2,300,000 Ordinary £0.00001 23 23

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. AUDIT REQUIREMENTS

The company is exempt from audit under CA2006 s. 475(1)(a). The members have requested an audit of the financial statements under CA2006 s.476(2). The controlling members have requested that an audit is conducted to have additional scrutiny of the financial statements on behalf of the non-controlling members.