Company No:
Contents
| DIRECTORS | Stephen Christian Gallagher |
| Paul Robert Treloar Garman | |
| Craig Ireland | |
| Alexander James Smyth | |
| Robert Stuart Thompson |
| REGISTERED OFFICE | Suite 3 |
| Second Floor | |
| 149 St Mary's Road | |
| Market Harborough | |
| LE16 7DZ | |
| United Kingdom |
| COMPANY NUMBER | 12317775 (England and Wales) |
| CHARTERED ACCOUNTANTS | Edwards Chartered Accountants |
| 34 High Street | |
| Aldridge | |
| Walsall | |
| WS9 8LZ |
| Note | 31.12.2024 | 30.11.2023 | ||
| £ | £ | |||
| Restated - note 3 | ||||
| Fixed assets | ||||
| Intangible assets | 6 |
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| Tangible assets | 7 |
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| 1,882,801 | 771,676 | |||
| Current assets | ||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| 861,890 | 227,738 | |||
| Creditors: amounts falling due within one year | (
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| Net current assets | 46,476 | 211,702 | ||
| Total assets less current liabilities | 1,929,277 | 983,378 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Other reserves |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Smytec Ltd (registered number:
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Alexander James Smyth
Director |
| Called-up share capital | Share premium account | Other reserves | Profit and loss account | Total | |||||
| £ | £ | £ | £ | £ | |||||
| At 01 December 2022 |
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| Loss for the financial year |
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| Total comprehensive loss |
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| Credit to equity for equity settled share-based payment |
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| At 30 November 2023 (as restated) |
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| At 01 December 2023 (as previously stated) | 1 | 490,001 | 3,078 | ( 269,137) | 223,943 | ||||
| Prior period adjustment (note 3) | 0 | 0 | 0 | 759,435 | 759,435 | ||||
| At 01 December 2023 (as restated) |
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| Profit for the financial period |
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| Total comprehensive income |
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| Issue of share capital |
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| Credit to equity for equity settled share-based payment |
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| At 31 December 2024 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Smytec Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Suite 3, Second Floor, 149 St Mary's Road, Market Harborough, LE16 7DZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The current reporting period has been extended to be 13 months. The comparative reporting period was 12 months. Therefore, comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.
Due to a change in accounting policy, the accounts have been restated to capitalise development expenditure as an intangible asset on the company's balance sheet. The change has resulted in profit available for distribution at 30 November 2023 increasing by £759,435.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Development costs |
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| Trademarks, patents and licences |
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| Tangible assets |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Basic financial liabilities
Basic financial liabilities, including creditors 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.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Due to a change in accounting policy, the accounts have been restated to capitalise development expenditure as an intangible asset on the company's balance sheet. The change has resulted in profit available for distribution at 30 November 2023 increasing by £759,435.
| As previously reported | Adjustment | As restated | ||||
| Period ended 30 November 2023 | £ | £ | £ | |||
| Profit and loss reserves as at 30 November 2023 | (269,137) | 759,435 | 490,298 | |||
| Loss for the year ended 30 November 2023 | (250,981) | 186,749 | (64,232) |
| Period from 01.12.2023 to 31.12.2024 |
Year ended 30.11.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the company during the period, including directors |
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Equity-settled share-based payment schemes
The options outstanding at 31 December 2024 had an exercise price of £37.19, and a remaining contractual life of 7.35 years.
Details of the share options outstanding during the financial year are as follows:
| 31.12.2024 | 30.11.2023 | ||||
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| Weighted Average | Weighted Average | ||||
| Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
| Outstanding at beginning of period |
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| Outstanding at the end of the period |
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| Exercisable at the end of the period |
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The company recognised total expenses of £
| Development costs | Trademarks, patents and licences |
Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 December 2023 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated amortisation | |||||
| At 01 December 2023 |
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| At 31 December 2024 |
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| Net book value | |||||
| At 31 December 2024 |
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| At 30 November 2023 |
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| Total | |
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| Cost | |
| At 01 December 2023 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |
| At 01 December 2023 |
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| Charge for the financial period |
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| At 31 December 2024 |
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| Net book value | |
| At 31 December 2024 | 4,059 |
| At 30 November 2023 | 6,670 |
| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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In the financial period 2024 , 2547 Ordinary shares were allotted with an aggregate nominal value of £0.0001 and consideration of £745,000 was received.
Commitments
| 31.12.2024 | 30.11.2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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