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COMPANY REGISTRATION NUMBER: 12359822
Aegiq Ltd
Filleted Unaudited Financial Statements
28 February 2025
Aegiq Ltd
Financial Statements
Year ended 28 February 2025
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Aegiq Ltd
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Intangible assets
5
2,476,846
767,868
Tangible assets
6
1,295,102
336,102
Investments
7
22,321
22,321
------------
------------
3,794,269
1,126,291
Current assets
Debtors
8
742,072
549,004
Cash at bank and in hand
4,644,233
322,413
------------
---------
5,386,305
871,417
Creditors: amounts falling due within one year
9
145,270
72,231
------------
---------
Net current assets
5,241,035
799,186
------------
------------
Total assets less current liabilities
9,035,304
1,925,477
Creditors: amounts falling due after more than one year
10
99,430
1,231,401
------------
------------
Net assets
8,935,874
694,076
------------
------------
Capital and reserves
Called up share capital
195
141
Share premium account
8,242,416
1,949,959
Profit and loss account
693,263
( 1,256,024)
------------
------------
Shareholders funds
8,935,874
694,076
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aegiq Ltd
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
Mr A Iamshanov
Director
Company registration number: 12359822
Aegiq Ltd
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cooper Buildings, Arundel Street, Sheffield, S1 2NS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership has transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
R&D Equipment
-
15% Reducing Balance
Equipment
-
25% Reducing Balance/20% Straight Line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2024: 15 ).
5. Intangible assets
Development costs
£
Cost
At 1 March 2024
1,151,801
Additions
Additions from internal developments
3,118,018
------------
At 28 February 2025
4,269,819
------------
Amortisation
At 1 March 2024
383,933
Charge for the year
1,409,040
------------
At 28 February 2025
1,792,973
------------
Carrying amount
At 28 February 2025
2,476,846
------------
At 29 February 2024
767,868
------------
6. Tangible assets
R&D Equipment
Equipment
Total
£
£
£
Cost
At 1 March 2024
403,245
17,345
420,590
Additions
1,069,611
12,231
1,081,842
------------
--------
------------
At 28 February 2025
1,472,856
29,576
1,502,432
------------
--------
------------
Depreciation
At 1 March 2024
76,899
7,589
84,488
Charge for the year
118,317
4,525
122,842
------------
--------
------------
At 28 February 2025
195,216
12,114
207,330
------------
--------
------------
Carrying amount
At 28 February 2025
1,277,640
17,462
1,295,102
------------
--------
------------
At 29 February 2024
326,346
9,756
336,102
------------
--------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 March 2024 and 28 February 2025
22,321
--------
Impairment
At 1 March 2024 and 28 February 2025
--------
Carrying amount
At 28 February 2025
22,321
--------
At 29 February 2024
22,321
--------
8. Debtors
2025
2024
£
£
Other debtors
742,072
549,004
---------
---------
9. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
61,307
Trade creditors
23,659
30,497
Social security and other taxes
50,304
22,942
Other creditors
10,000
18,792
---------
--------
145,270
72,231
---------
--------
At the balance sheet date, HSBC Innovation Banking held a fixed charge over the assets of the company.
10. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
99,430
1,231,401
--------
------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
25,522
53,856
Later than 1 year and not later than 5 years
12,330
--------
--------
25,522
66,186
--------
--------