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| BALANCE SHEET AT 30/09/2024 |
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| | | | | | 2024 | | | | 2023 |
| | Notes | | | | £ | | | | £ |
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| FIXED ASSETS | | | | | | | | | | |
| Intangible assets | | 3 | | | | 615,512 | | | | 553,431 |
| Tangible assets | | 4 | | | | 528 | | | | 745 |
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| | | | | | 616,040 | | | | 554,176 |
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| CURRENT ASSETS | | | | | | | | | | |
| Debtors | | 5 | | 2,939 | | | | 3,996 | | |
| Cash at bank and in hand | | | | 1,516 | | | | 2,882 | | |
| | | | 4,455 | | | | 6,878 | | |
| CREDITORS: Amounts falling due within one year | | 6 | | 280,258 | | | | 226,100 | | |
| NET CURRENT LIABILITIES | | | | | | (275,803) | | | | (219,222) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | | | | | | 340,237 | | | | 334,954 |
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| CREDITORS: Amounts falling due after more than one year | | 7 | | | | 460,898 | | | | 376,716 |
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| PROVISIONS FOR LIABILITIES AND CHARGES | | 8 | | | | 100 | | | | 142 |
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| NET LIABILITIES | | | | | | (120,761) | | | | (41,904) |
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| CAPITAL AND RESERVES | | | | | | | | | | |
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| Called up share capital | | 9 | | | | 7,372 | | | | 7,372 |
| Share premium account | | 10 | | | | 694,311 | | | | 694,311 |
| Profit and loss account | | | | | | (822,444) | | | | (743,587) |
| SHAREHOLDERS' FUNDS | | | | | | (120,761) | | | | (41,904) |
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| For the year ending 30/09/2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
| These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
| The directors have decided not to deliver to the registrar a copy of the company's profit and loss account. |
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| Approved by the board on 20/06/2025 and signed on their behalf by | | | | | | | | | | |
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| ............................. | | | | | | | | | | |
| Graham Shaun Mimms | | | | | | | | | | |
| Director | | | | | | | | | | |
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| 3. INTANGIBLE FIXED ASSETS | | | | | | |
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| | Development | | | | |
| | Costs | | Patents | | Total |
| | £ | | £ | | £ |
| Cost | | | | | | |
| At 01/10/2023 | | 520,825 | | 32,606 | | 553,431 |
| Additions | | 55,884 | | 6,197 | | 62,081 |
| At 30/09/2024 | | 576,709 | | 38,803 | | 615,512 |
| Depreciation | | | | | | |
| At 30/09/2024 | | - | | - | | - |
| Net Book Amounts | | | | | | |
| At 30/09/2024 | | 576,709 | | 38,803 | | 615,512 |
| At 30/09/2023 | | 520,825 | | 32,606 | | 553,431 |
| During the 2023 year end, in December 2022 and September 2023 and during the prior year, in March and April 2022 patent renewal fees were incurred. | |
| on 12th June 2019, a US patent was granted, additionally, a UK and EU patent is pending in respect to the aviation product. This is scheduled for granting in early 2024, the delay being caused by post Brexit bureaucracy. These utility patents have a value far in excess of their cost value and it is entirely reasonable to revalue these patents using one of the standard methods of valuation, the Economic Analysis Method and using the income approach which calculates the net present value of the incremental cash flows relating to the patents. Whilst this better reflects the value of the patent to the company and is sensible to do, it would fall foul of the valuation section of the accounting standard FRS102, which prevents the inclusion in the accounts of an increase of £323,957 calculated using the basis noted above. The directors however, are of the opinion that this increase in value will be substantially greater when a professional expert valuation is undertaken during the enxt two years. A reader of the accounts may want to take into account a hidden value, which if permitted, would add a significant value to the Balance Sheet. | |
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| 9. SHARE CAPITAL | | | | 2024 | | 2023 |
| | | | £ | | £ |
| Allotted, issued and fully paid: | | | | | | |
| 42500 B Ordinary shares of £0.10 each | | | | 4250 | | 4250 |
| 8950 A Ordinary shares of £0.10 each | | | | 895 | | 895 |
| 13741 C Ordinary shares of £0.10 each | | | | 1374.10 | | 1374.10 |
| 2 D Ordinary shares of £0.01 each | | | | 0.02 | | 0.02 |
| 8526 E Ordinary shares of £0.10 each | | | | 852.60 | | 852.60 |
| | | | 7,372 | | 7,372 |
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| During the year, no shares were issued. During the prior year £6,500 redeemable 6% preference B shares were redeemed at par, at the same time 470 E Ordinary 10p shares were issued at a premium of £22.24 per share. The directors have approved a share option scheme for the two most recently appointed directors, which allows the right to acquire up to 5% shareholding for each of them, based on the total shareholdings in issue at 1st June 2021. the option scheme does not have a closing date in which to excercise the options. |