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Registered number: 08194508
AQDOT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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AQDOT LIMITED
REGISTERED NUMBER: 08194508
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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AQDOT LIMITED
REGISTERED NUMBER: 08194508
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The Directors consider that the Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with Section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 4 to 17 form part of these financial statements.
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AQDOT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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COMPREHENSIVE LOSS FOR THE YEAR
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Loss for the financial year
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TOTAL COMPREHENSIVE LOSS FOR THE YEAR
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Shares issued during the year at a premium
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TOTAL TRANSACTIONS WITH OWNERS
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COMPREHENSIVE LOSS FOR THE YEAR
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Loss for the fiancial year
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TOTAL COMPREHENSIVE LOSS FOR THE YEAR
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Shares issued during the year at a premium
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TOTAL TRANSACTIONS WITH OWNERS
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The notes on pages 4 to 17 form part of these financial statements.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Aqdot Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. The Company's registered office is located at 93 Lawrence Weaver Road, Cambridge, Cambridgeshire CB3 0LE.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is in the development stage for its technology and incurred a loss for the financial year ended 31 March 2025 amounting to £3,207,358. As at 31 March 2025, the Company had net current assets of £548,677, which includes cash and cash equivalents amounting to £1,031,100 and is forecasting further cash outflows until the development stage is complete and commercialisation commences.
The Directors have therefore prepared cash flow forecasts for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements, which indicate that the Company has sufficient cash resources available to enable it to continue to trade and be able to meet its liabilities as they fall due. In preparing these cash flow forecasts the Company has considered committed funding that is expected to be received from actions within the Company's control. Accordingly, the Company continues to adopt the going concern basis in preparing these financial statements.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in Other Comprehensive Income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within either 'Interest Receivable' or 'Interest Payable'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative Expenses'.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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DEFINED CONTRIBUTION PENSION SCHEME
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The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Patents are amortised by the Company over a period of 10 years. Development expenditure previously related to Project "Catapult", being the construction of a proprietary manufacturing plant. Following a review of the costs incurred to date, the Company has transferred the asset to Tangible Fixed Assets, as the Directors consider that this better reflects the nature and status of the asset as at 31 March 2025.
Research and development expenditure is expensed to the Statement of Comprehensive Income in the year in which it is incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation commences from the date that the asset is available for use in the manner intended by management.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Company's investment in its subsidiary undertaking is measured at cost less accumulated impairment charges.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Cash equivalents are disclosed within Current Asset Investments.
Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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FINANCIAL INSTRUMENTS (CONTINUED)
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Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may be different from these estimates.
Information about assumptions and estimation uncertainties that have significant risk of resulting in material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Useful economic lives and impairment of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually based on industry knowledge and historical useful economic lives of previously owned tangible fixed assets. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets. Management considers each period whether there are any indicators of impairment with regards to the intangible fixed assets held. Where indicators of impairment exist an impairment review is conducted to compare the value in use of the asset against its carrying value.
Useful economic lives and impairment of intangible fixed assets
The annual amortisation charge for intangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and resiudal values are re-assessed annually based on industry knowledge. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets. Management considers each period whether there are any indicators of impairment with regards to the intangible fixed assets held. Where indicators of impairment exist an impairment review is conducted to compare the value in use of the asset against its carrying value.
Recognition of deferred tax asset
At 31 December 2024, the Company had tax losses amounting to approximately £19.3m (2024 - £17.4m) offset by other timing differences of approximately £3.5m (2024 - £3.6m) which are available for offset against future taxable profits. A deferred tax asset of £3.9m (2024 - £3.5m) has not been recognised as the Directors consider that it is uncertain that the tax losses will be utilised in the foreseeable future.
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The average monthly number of employees, including the Directors, during the year was 26 (2024 - 28).
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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As at 31 March 2025, the Company was in the final stages of constructing a proprietary manufacturing plant titled "Project Catapult", the Company's innovative proprietary solution to develop a semi-continuous manufacturing process that will deliver cost efficiencies and the ability to quickly scale up the production of AqBit.
Following a review of the costs incurred to date, the Company has transferred the asset to Tangible Fixed Assets, as the Directors consider that this better reflects the nature and status of the asset as at 31 March 2025 whereby all development activities had been completed and primarily commissioning costs remain. These remaining costs were committed at 31 March 2025 and are included in note 17.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Assets under construction
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Charge for the year on owned assets
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As at 31 March 2025, the Asset under construction relates to Project Catapult, which was in the final stages of development and accordingly no depreciation charge had been recognised for the year ended 31 March 2025.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Investment in subsidiary undertaking
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As at 31 March 2025, the following was a subsidiary undertaking of the Company:
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8 Harcourt Street, Dublin D02 DK18
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Amounts owed by subsidiary undertaking
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Corporation tax receivable
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Prepayments and accrued income
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CURRENT ASSET INVESTMENTS
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Bank deposits not available on demand
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Current Asset Investments amounting to £246,476 (2024 - £2,200,000) relate to various bank deposits held with HSBC Plc, which, as at 31 March 2025, have maturity dates of up one month (2024 - up to four months) and earn an average annualised interest rate of 2.93% (2024 - 4.50%).
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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In October 2024, the Company issued Convertible Loan Notes amounting to £1,020,000. The Convertible Loan Notes are unsecured and bear interest at a rate of 8% per annum. Interest charged to the Statement of Comprehensive Income in the year amounted to £37,504 (2024 - £Nil).
The Convertible Loan Notes and accrued interest are repayable by the Company in October 2029, unless a qualifying financing event occurs or an election made by a majority of the Convertible Loan Note holders, whereby they will convert into the most senior class of shares in issue at that time.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ALLOTTED, CALLED UP AND FULLY PAID
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364,551 (2024 - 259,819) Ordinary shares of £0.0001 each
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553,319 (2024 - 553,319) EIS shares of £0.0100 each
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1,678,401 (2024 - 1,678,401) Preference shares of £0.0100 each
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On 30 September 2024, the Company issued 3,050 Ordinary shares of £0.0001 each for a consideration of £30.
On 16 December 2024, the Company issued 9,238 Ordinary shares of £0.0001 each for a consideration of £13.
On 31 December 2024, the Company issued 45,000 Ordinary shares of £0.0001 each for a consideration of £450.
On 31 January 2025, the Company issued 1,550 Ordinary shares of £0.0001 each for a consideration of £15.
On 6 March 2025, the Company issued 42,542 Ordinary shares of £0.0001 each for a consideration of £425.
On 20 March 2025, the Company issued the following:
- 650 Ordinary shares of £0.0001 each for a consideration of £6;
- 2,228 Ordinary shares of £0.0001 each for a consideration of £28; and
- 474 Ordinary shares of £0.0001 for a consideration of £252.
Share rights
All share rank pari passu in all aspects as follows:
- On a distribution of assets on liquidation, the surplus assets of the Company after paying liabilities will be first in paying the holders of the Preferred Shares and secondly in paying the EIS and Ordinary shareholders; and
- On a distribution of assets on a return of capital, the surplus assets of the Company after paying liabilities will be first in paying the holders of the Preferred Shares and EIS shares and secondly in paying the Ordinary shareholders.
Share options
As at 31 March 2025, the Company had issued 217,388 (2024 - 294,306) share options with weighted average exercise price of £0.01 (2024 - £0.02) of which 153,983 are exercisable with an exercise price of between £0.01 and £1.78. During the year the Company granted 36,700 share options with a weighted average exercise price of £0.31. A further 104,732 share options were exercised with an exercise price of £0.01 each and 8,886 share options were cancelled/lapsed with a weighted average exercise price of £0.50.
The Company has not recognised a share based payment charge in either the year ended 31 March 2024 or 2025 as the Directors considered the charge to be immaterial.
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AQDOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share Premium Account
The Share Premium Account includes any premiums received on the share issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and Loss Account
The Profit and Loss Account reserve represents the accumulated profits and losses.
At 31 March 2025, the Company had capital commitments contracted for but not provided for in the financial statements amounting to £433,000 (2024 - £555,143) relating to Project Catapult.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.The pension cost charge represents contributions payable by the Company to the fund and amounted to £119,475 (2024 - £123,372). As at 31 March 2025, contributions amounting to £22,690 (2024 - £29,565) were payable to the fund and are included on Other Creditors.
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COMMITMENTS UNDER OPERATING LEASES
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At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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As at 31 March 2025 and the date of approval of these financial statements, there is no controlling party of the Company.
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