Silverfin false false 31/12/2024 01/12/2023 31/12/2024 Stephen Christian Gallagher 25/10/2022 Paul Robert Treloar Garman 01/09/2021 Craig Ireland 01/09/2021 Alexander James Smyth 15/11/2019 Robert Stuart Thompson 01/12/2021 31 July 2025 no description of principal activity 12317775 2024-12-31 12317775 bus:Director1 2024-12-31 12317775 bus:Director2 2024-12-31 12317775 bus:Director3 2024-12-31 12317775 bus:Director4 2024-12-31 12317775 bus:Director5 2024-12-31 12317775 2023-11-30 12317775 core:CurrentFinancialInstruments 2024-12-31 12317775 core:CurrentFinancialInstruments 2023-11-30 12317775 core:ShareCapital 2024-12-31 12317775 core:ShareCapital 2023-11-30 12317775 core:SharePremium 2024-12-31 12317775 core:SharePremium 2023-11-30 12317775 core:OtherCapitalReserve 2024-12-31 12317775 core:OtherCapitalReserve 2023-11-30 12317775 core:RetainedEarningsAccumulatedLosses 2024-12-31 12317775 core:RetainedEarningsAccumulatedLosses 2023-11-30 12317775 core:ShareCapital 2022-11-30 12317775 core:SharePremium 2022-11-30 12317775 core:OtherCapitalReserve 2022-11-30 12317775 core:RetainedEarningsAccumulatedLosses 2022-11-30 12317775 2022-11-30 12317775 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 12317775 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 12317775 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 12317775 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 12317775 bus:OrdinaryShareClass1 2024-12-31 12317775 2023-12-01 2024-12-31 12317775 bus:AbridgedAccounts 2023-12-01 2024-12-31 12317775 bus:SmallEntities 2023-12-01 2024-12-31 12317775 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-12-31 12317775 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-12-31 12317775 bus:Director1 2023-12-01 2024-12-31 12317775 bus:Director2 2023-12-01 2024-12-31 12317775 bus:Director3 2023-12-01 2024-12-31 12317775 bus:Director4 2023-12-01 2024-12-31 12317775 bus:Director5 2023-12-01 2024-12-31 12317775 core:ShareCapital 2022-12-01 2023-11-30 12317775 core:SharePremium 2022-12-01 2023-11-30 12317775 core:OtherCapitalReserve 2022-12-01 2023-11-30 12317775 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 12317775 2022-12-01 2023-11-30 12317775 core:ShareCapital 2023-12-01 2024-12-31 12317775 core:SharePremium 2023-12-01 2024-12-31 12317775 core:OtherCapitalReserve 2023-12-01 2024-12-31 12317775 core:RetainedEarningsAccumulatedLosses 2023-12-01 2024-12-31 12317775 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-12-01 2024-12-31 12317775 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-12-01 2024-12-31 12317775 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-01 2024-12-31 12317775 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-01 2024-12-31 12317775 core:TopRangeValue 2023-12-01 2024-12-31 12317775 bus:OrdinaryShareClass1 2023-12-01 2024-12-31 12317775 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12317775 (England and Wales)

SMYTEC LTD

Abridged Unaudited Financial Statements
For the financial period from 01 December 2023 to 31 December 2024

SMYTEC LTD

Abridged Unaudited Financial Statements

For the financial period from 01 December 2023 to 31 December 2024

Contents

SMYTEC LTD

COMPANY INFORMATION

For the financial period from 01 December 2023 to 31 December 2024
SMYTEC LTD

COMPANY INFORMATION (continued)

For the financial period from 01 December 2023 to 31 December 2024
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
SMYTEC LTD

BALANCE SHEET

As at 31 December 2024
SMYTEC LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 30.11.2023
£ £
Restated - note 3
Fixed assets
Intangible assets 6 1,878,742 765,006
Tangible assets 7 4,059 6,670
1,882,801 771,676
Current assets
Stocks 103,381 0
Debtors 576,687 66,653
Cash at bank and in hand 181,822 161,085
861,890 227,738
Creditors: amounts falling due within one year ( 815,414) ( 16,036)
Net current assets 46,476 211,702
Total assets less current liabilities 1,929,277 983,378
Net assets 1,929,277 983,378
Capital and reserves
Called-up share capital 8 2 1
Share premium account 1,235,000 490,001
Other reserves 5,183 3,078
Profit and loss account 689,092 490,298
Total shareholders' funds 1,929,277 983,378

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Smytec Ltd (registered number: 12317775) were approved and authorised for issue by the Board of Directors on 31 July 2025. They were signed on its behalf by:

Alexander James Smyth
Director
SMYTEC LTD

STATEMENT OF CHANGES IN EQUITY

For the financial period from 01 December 2023 to 31 December 2024
SMYTEC LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial period from 01 December 2023 to 31 December 2024
Called-up share capital Share premium account Other reserves Profit and loss account Total
£ £ £ £ £
At 01 December 2022 1 490,001 1,134 554,540 1,045,676
Loss for the financial year 0 0 0 ( 64,242) ( 64,242)
Total comprehensive loss 0 0 0 ( 64,242) ( 64,242)
Credit to equity for equity settled share-based payment 0 0 1,944 0 1,944
At 30 November 2023 (as restated) 1 490,001 3,078 490,298 983,378
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) 1 490,001 3,078 490,298 983,378
Profit for the financial period 0 0 0 198,794 198,794
Total comprehensive income 0 0 0 198,794 198,794
Issue of share capital 1 744,999 0 0 745,000
Credit to equity for equity settled share-based payment 0 0 2,105 0 2,105
At 31 December 2024 2 1,235,000 5,183 689,092 1,929,277
SMYTEC LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial period from 01 December 2023 to 31 December 2024
SMYTEC LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial period from 01 December 2023 to 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Reporting period length

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.

Prior period adjustment

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.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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.

Share-based payment

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Trademarks, patents and licences 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This period is ten years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Tangible assets 4 years straight line
Leases

The company as lessee
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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in bank only.

Financial instruments

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

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

3. Prior period adjustment

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)

4. Employees

Period from
01.12.2023 to
31.12.2024
Year ended
30.11.2023
Number Number
Monthly average number of persons employed by the company during the period, including directors 5 4

5. Share-based payments

Equity-settled share-based payment schemes

Options are exercisable at a price equal to the estimated fair value of the company’s shares on the date of grant. The vesting period is five years. If the options remain unexercised after a period of ten years from the date of grant the options expire. Options are forfeited if the employee leaves the company before the options vest.

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
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 427 37.19 427 37.19
Outstanding at the end of the period 427 37.19 427 37.19
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

6. Intangible assets

Development costs Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 December 2023 759,435 5,571 765,006
Additions 1,110,408 3,328 1,113,736
At 31 December 2024 1,869,843 8,899 1,878,742
Accumulated amortisation
At 01 December 2023 0 0 0
At 31 December 2024 0 0 0
Net book value
At 31 December 2024 1,869,843 8,899 1,878,742
At 30 November 2023 759,435 5,571 765,006

7. Tangible assets

Total
£
Cost
At 01 December 2023 19,019
Additions 1,123
At 31 December 2024 20,142
Accumulated depreciation
At 01 December 2023 12,349
Charge for the financial period 3,734
At 31 December 2024 16,083
Net book value
At 31 December 2024 4,059
At 30 November 2023 6,670

8. Called-up share capital

31.12.2024 30.11.2023
£ £
Allotted, called-up and fully-paid
17,096 Ordinary shares of £ 0.0001 each (30.11.2023: 14,549 shares of £ 0.0001 each) 2 1

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.

9. Financial commitments

Commitments

31.12.2024 30.11.2023
£ £
Total future minimum lease payments under non-cancellable operating lease 7,596 18,249