9
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
1,973,896
828,696
2,802,592
2,802,592
1,973,896
8,592
8,592
8,592
xbrli:pure
xbrli:shares
iso4217:GBP
SC520419
2020-04-01
2021-03-31
SC520419
2021-03-31
SC520419
2020-03-31
SC520419
2019-04-01
2020-03-31
SC520419
2020-03-31
SC520419
core:Subsidiary1
2020-04-01
2021-03-31
SC520419
core:FurnitureFittings
2020-04-01
2021-03-31
SC520419
bus:OrdinaryShareClass1
2020-04-01
2021-03-31
SC520419
bus:OrdinaryShareClass2
2020-04-01
2021-03-31
SC520419
bus:Director5
2020-04-01
2021-03-31
SC520419
core:FurnitureFittings
2020-03-31
SC520419
core:FurnitureFittings
2021-03-31
SC520419
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-04-01
2021-03-31
SC520419
core:WithinOneYear
2021-03-31
SC520419
core:WithinOneYear
2020-03-31
SC520419
core:ShareCapital
2021-03-31
SC520419
core:ShareCapital
2020-03-31
SC520419
core:SharePremium
2021-03-31
SC520419
core:SharePremium
2020-03-31
SC520419
core:RetainedEarningsAccumulatedLosses
2021-03-31
SC520419
core:RetainedEarningsAccumulatedLosses
2020-03-31
SC520419
core:AfterOneYear
2021-03-31
SC520419
core:AfterOneYear
2020-03-31
SC520419
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-03-31
SC520419
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-03-31
SC520419
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-03-31
SC520419
core:CostValuation
core:Non-currentFinancialInstruments
2021-03-31
SC520419
core:Non-currentFinancialInstruments
2021-03-31
SC520419
core:Non-currentFinancialInstruments
2020-03-31
SC520419
core:FurnitureFittings
2020-03-31
SC520419
bus:SmallEntities
2020-04-01
2021-03-31
SC520419
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
SC520419
bus:FullAccounts
2020-04-01
2021-03-31
SC520419
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
SC520419
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
SC520419
bus:OrdinaryShareClass1
2021-03-31
SC520419
bus:OrdinaryShareClass1
2020-03-31
SC520419
bus:OrdinaryShareClass2
2021-03-31
SC520419
bus:OrdinaryShareClass2
2020-03-31
SC520419
bus:AllOrdinaryShares
2021-03-31
SC520419
bus:AllOrdinaryShares
2020-03-31
SC520419
core:ComputerEquipment
2020-04-01
2021-03-31
SC520419
core:ComputerEquipment
2021-03-31
SC520419
core:ComputerEquipment
2020-03-31
SC520419
core:EntitiesControlledByKeyManagementPersonnel
2020-04-01
2021-03-31
COMPANY REGISTRATION NUMBER:
SC520419
Filleted Unaudited Financial Statements
|
|
Year ended 31 March 2021
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 8
|
|
|
Statement of Financial Position
|
|
31 March 2021
Fixed assets
Intangible assets
|
5
|
|
2,802,592
|
1,973,896
|
Tangible assets
|
6
|
|
2,656
|
5,327
|
Investments
|
7
|
|
8,592
|
8,592
|
|
|
------------
|
------------
|
|
|
2,813,840
|
1,987,815
|
|
|
|
|
|
Current assets
Debtors
|
8
|
53,091
|
|
74,366
|
Cash at bank and in hand
|
520,433
|
|
528,066
|
|
---------
|
|
---------
|
|
573,524
|
|
602,432
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
67,376
|
|
74,613
|
|
---------
|
|
---------
|
Net current assets
|
|
506,148
|
527,819
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
3,319,988
|
2,515,634
|
|
|
|
|
|
Accruals and deferred income
|
|
2,952,242
|
2,061,392
|
|
|
------------
|
------------
|
Net assets
|
|
367,746
|
454,242
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
11
|
|
174
|
174
|
Share premium account
|
|
778,208
|
778,208
|
Profit and loss account
|
|
(
410,636)
|
(
324,140)
|
|
|
---------
|
---------
|
Shareholders funds
|
|
367,746
|
454,242
|
|
|
---------
|
---------
|
|
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2021 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
.
Statement of Financial Position (continued)
|
|
31 March 2021
These financial statements were approved by the
board of directors
and authorised for issue on
8 July 2021
, and are signed on behalf of the board by:
Company registration number:
SC520419
Notes to the Financial Statements
|
|
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in Scotland (
SC520419
). The address of the registered office is 14-18 Hill Street, Edinburgh, EH2 3JZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred Tax Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. No amortisation has been charged in the current year as the project has not been completed.
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.
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:
|
Fixtures and Fittings
|
-
|
20% straight line
|
|
Computer Equipment
|
-
|
20% straight line
|
|
|
|
|
Amortisation Amortisation is calculated so as to write off development costs, less their estimated residual value. Amortisation will be charged when the product is available for sale.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary 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.
Grants
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised using the accrual model. Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2020:
10
).
5.
Intangible assets
Cost
|
|
At 1 April 2020
|
1,973,896
|
Additions
|
828,696
|
|
------------
|
At 31 March 2021
|
2,802,592
|
|
------------
|
Amortisation
|
|
At 1 April 2020 and 31 March 2021
|
–
|
|
------------
|
Carrying amount
|
|
At 31 March 2021
|
2,802,592
|
|
------------
|
At 31 March 2020
|
1,973,896
|
|
------------
|
|
|
6.
Tangible assets
|
Fixtures and Fittings
|
Computer Equipment
|
Total
|
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
At 1 April 2020 and 31 March 2021
|
360
|
20,263
|
20,623
|
|
----
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 April 2020
|
216
|
15,080
|
15,296
|
Charge for the year
|
72
|
2,599
|
2,671
|
|
----
|
--------
|
--------
|
At 31 March 2021
|
288
|
17,679
|
17,967
|
|
----
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 31 March 2021
|
72
|
2,584
|
2,656
|
|
----
|
--------
|
--------
|
At 31 March 2020
|
144
|
5,183
|
5,327
|
|
----
|
--------
|
--------
|
|
|
|
|
7.
Investments
|
Shares in group undertakings
|
|
£
|
|
|
Cost
|
|
At 1 April 2020 and 31 March 2021
|
8,592
|
|
-------
|
Impairment
|
|
At 1 April 2020 and 31 March 2021
|
–
|
|
-------
|
|
|
Carrying amount
|
|
At 31 March 2021
|
8,592
|
|
-------
|
At 31 March 2020
|
8,592
|
|
-------
|
|
|
Subsidiaries, associates and other investments
|
Class of share
|
Percentage of shares held
|
Subsidiary undertakings
|
|
|
ACT Blade Europe SRL
|
Ordinary
|
100
|
|
|
|
8.
Debtors
Other debtors
|
53,091
|
74,366
|
|
--------
|
--------
|
|
|
|
9.
Creditors:
amounts falling due within one year
Trade creditors
|
–
|
7,200
|
Social security and other taxes
|
1,104
|
–
|
Other creditors
|
66,272
|
67,413
|
|
--------
|
--------
|
|
67,376
|
74,613
|
|
--------
|
--------
|
|
|
|
10.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
Recognised in accruals and deferred income:
Deferred government grants due after more than one year
|
2,952,242
|
2,061,392
|
|
------------
|
------------
|
|
|
|
Recognised in other operating income:
Government grants recognised directly in income
|
8,312
|
–
|
|
-------
|
----
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 0.001 each
|
132,000
|
132
|
132,000
|
132
|
A Ordinary shares of £ 0.001 each
|
41,685
|
42
|
41,685
|
42
|
|
---------
|
----
|
---------
|
----
|
|
173,685
|
174
|
173,685
|
174
|
|
---------
|
----
|
---------
|
----
|
|
|
|
|
|
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than 1 year
|
1,300
|
8,450
|
|
-------
|
-------
|
|
|
|
13.
Related party transactions
Included with Other Creditors is a loan of £60,920 (2020: £60,920) from SMAR-Azure Limited. Directors, Prof. D J Bower, Dr. D W MacVicar, Dr. S M Malpede and Dr. A Rosiello are also directors of SMAR-Azure Limited. The loan is interest-free and repayable on demand.