REGISTERED NUMBER:
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AZOTIC TECHNOLOGIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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REGISTERED NUMBER:
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AZOTIC TECHNOLOGIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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AZOTIC TECHNOLOGIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Heritage House |
Murton Way |
Osbaldwick |
York |
North Yorkshire |
YO19 5UW |
AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year
(including convertible debt) |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Convertible loan note reserve |
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Retained earnings | ( |
) | (3,184,138 | ) |
SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Azotic Technologies Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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For the period to date the company and group have been primarily focussed on research and development activities. This has necessarily resulted in the company reporting significant losses in this and prior years. |
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The directors have considered the company's financial position, access to funding and business plans, and have a reasonable expectation that the company will have adequate resources to continue to trade into the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Development expenditure |
The company has adopted a policy of capitalising qualifying development expenditure as an intangible asset. |
In accordance with FRS102, development expenditure will qualify for capitalisation only where the company can demonstrate all of the following: |
(a) The technical feasibility of completing the development so that the intangible asset will be available for use or sale; |
(b) Its intention to complete the development and to use of sell the intangible asset; |
(c) Its ability to use or sell the intangible asset; |
(d) How the intangible asset will generate probably future economic benefits; |
(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and |
(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development. |
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All research expenditure and development expenditure that does not meet the above conditions is expensed as incurred. |
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Capitalised development expenditure is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
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Amortisation |
All intangible assets are considered to have a finite useful life. Amortisation is recognised so as to write off cost of the assets less their residual values over their useful life. |
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The estimated useful life of development expenditure is 10 years. Amortisation is charged in line with the pattern in which the company expects to consume the asset's future economic benefits over this period, based upon production and sales forecasts. |
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Amortisation begins when the the intangible asset is available for use in the manner intended. At the reporting date the company had various development projects ongoing. |
AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Government grants |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments - convertible loan notes |
Where the company issues convertible loan notes, the equity value of the loan is calculated based on their fair value at the transaction date. The value is deducted from the debt instrument and allocated to a convertible loan note reserve. This amount will be transferred to the profit and loss account over the term of the loan notes using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Share based payments |
The company has issued options to employees under an Enterprise Management Incentive Plan. |
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No expense was recognised on issue, or in subsequent accounting periods to date, due to uncertainty as to whether the vesting requirements to exercise the options would be met. A reassessment of the probability of the options vesting, and potential vesting period, is made at each reporting date. |
AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
as restated |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Convertible loan notes |
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Equity value adjustment | (3,575,345 | ) | - |
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AZOTIC TECHNOLOGIES LIMITED (REGISTERED NUMBER: 07925932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
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Other creditors represent convertible debt, secured by fixed and floating charges over the assets of the company. |
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Adjustment has been made for the calculated equity value of the convertible loan notes issued in the period, and the unwinding of the related finance cost. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | as restated |
£ | £ |
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Ordinary shares | 0.000008 | 106 | 108 |
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U Class shares | 0.000008 | 42 | 40 |
148 | 148 |
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Ordinary shares have full voting and dividend rights. |
U Class shares have no voting rights and carry a dvidend entitlement. |
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During the period 240,595 Ordinary shares were redesignated as U Class shares. |
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11. | RELATED PARTY DISCLOSURES |
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Included in other creditors at the year end is £3,000,000 (2020: £3,156,538) advanced by a company holding a participating interest in Azotic Technologies Limited. Interest of £209,844 (2020: £156,538) was charged on the loan in the year. |
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The company has taken advantage of the exemption under FRS102 1A to not provide particulars of transactions with wholly-owned group companies. |