| Sentinel Photonics Limited |
| Registered number: |
12163852 |
| Statement of Financial Position |
| as at 31 December 2024 |
|
| Notes |
31/12/24 |
31/3/24 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
27,023 |
|
|
25,326 |
| Tangible assets |
4 |
|
|
75,445 |
|
|
75,817 |
|
|
|
|
102,468 |
|
|
101,143 |
|
| Current assets |
| Stocks |
|
|
382,361 |
|
|
143,784 |
| Debtors |
5 |
|
208,351 |
|
|
1,537,119 |
| Cash at bank and in hand |
|
|
556,725 |
|
|
792,428 |
|
|
|
1,147,437 |
|
|
2,473,331 |
|
| Creditors: amounts falling due within one year |
6 |
|
(1,898,389) |
|
|
(631,277) |
|
| Net current (liabilities)/assets |
|
|
|
(750,952) |
|
|
1,842,054 |
|
| Total assets less current liabilities |
|
|
|
(648,484) |
|
|
1,943,197 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(485,411) |
|
|
(2,107,641) |
|
| Net liabilities |
|
|
|
(1,133,895) |
|
|
(164,444) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
670 |
|
|
670 |
| Share premium |
|
|
|
735,944 |
|
|
735,944 |
| Profit and loss account |
|
|
|
(1,870,509) |
|
|
(901,058) |
|
| Shareholders' funds |
|
|
|
(1,133,895) |
|
|
(164,444) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Dr Christopher David Burgess |
| Director |
| Approved by the board on 10 June 2025 |
|
| Sentinel Photonics Limited |
| Notes to the Accounts |
| for the period from 1 April 2024 to 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
33% straight line |
|
|
Research and development |
|
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: • It is technically feasible to complete the intangible asset so that it will be available for use or sale; • There is the intention to complete the intangible asset and use or sell it; • There is the ability to use or sell the intangible asset; • The use or sale of the intangible asset will generate probable future economic benefits; • There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and • The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred. |
|
|
Inventories |
|
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
|
| 2 |
Employees and directors |
31/12/24 |
31/3/24 |
| Number |
Number |
|
|
Average number of directors and persons employed by the company |
|
17 |
|
12 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Patents, trademarks and licences: |
|
|
Cost |
|
At 1 April 2024 |
28,012 |
|
Additions |
8,678 |
|
At 31 December 2024 |
36,690 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2024 |
2,686 |
|
Provided during the period |
6,981 |
|
At 31 December 2024 |
9,667 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
27,023 |
|
At 31 March 2024 |
25,326 |
|
|
|
|
|
|
|
|
|
|
Patents, trademarks and licences are being written off in annual instalments over its estimated economic life of 3 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2024 |
104,488 |
|
Additions |
30,785 |
|
Disposals |
(1,083) |
|
At 31 December 2024 |
134,190 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
28,671 |
|
Charge for the period |
30,815 |
|
On disposals |
(741) |
|
At 31 December 2024 |
58,745 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
75,445 |
|
At 31 March 2024 |
75,817 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
31/12/24 |
31/3/24 |
| £ |
£ |
|
|
Trade debtors |
126,000 |
|
1,467,000 |
|
Prepayments |
66,461 |
|
69,744 |
|
Other debtors |
15,890 |
|
375 |
|
|
|
|
|
|
208,351 |
|
1,537,119 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
31/12/24 |
31/3/24 |
| £ |
£ |
|
|
Trade creditors |
53,535 |
|
121,963 |
|
Accruals |
46,529 |
|
204,569 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,697,111 |
|
- |
|
Other taxes and social security costs |
42,677 |
|
294,031 |
|
Other creditors |
58,537 |
|
10,714 |
|
|
|
|
|
|
1,898,389 |
|
631,277 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
31/12/24 |
31/3/24 |
| £ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
1,590,884 |
|
Other creditors |
485,411 |
|
516,757 |
|
|
|
|
|
|
485,411 |
|
2,107,641 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Ploughshare Innovations Ltd, a shareholder of the company, provided a loan of £1,500,000. Interest is charged on this loan at a rate of 5% above the Bank of England base rate. In the event of a fundraise Ploughshare may instruct for the loan and interest charges to be repaid or the loan may be converted into ordinary shares at 0.8 of the fundraising price. |
|
|
| 9 |
Other information |
|
|
Sentinel Photonics Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Porton Science Park |
|
Bybrook Road |
|
Porton Down |
|
SP4 0BF |