| Roboscientific Limited |
| Notes to the Accounts |
| for the year ended 31 December 2022 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Grants for research and developmental activities are recognised as income over the periods in which the relevant research and development costs are incurred and expensed to the income statement. |
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Other operating income |
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Government and other grants for the purpose of giving immediate financial support with no future related costs, including those from the Government job retention scheme, are recognised under the accrual model as income in the period in which it becomes receivable. |
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Intangible fixed assets |
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Patents and trademarks are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is calculated to write off the cost of the asset over their useful lives of 10 years. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 2 to 5 years on a straight line basis |
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Computer equipment |
at a rate of 33% per annum on a reducing |
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balance basis |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Research and development |
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Expenditure on pure and applied research and development in charged to the profit and loss account in the year in which it is incurred. |
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Going concern |
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In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. The financial statements have been prepared on the going concern basis as the directors have expressed a willingness to provide the necessary financial support so that the company has adequate resources to continue in operational existence for a period of at least 12 months from
the dates of approval of the financial statements. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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| 3 |
Intangible fixed assets |
£ |
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Patents and licences: |
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Cost |
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At 1 January 2022 |
13,833 |
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At 31 December 2022 |
13,833 |
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Amortisation |
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At 1 January 2022 |
13,833 |
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At 31 December 2022 |
13,833 |
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Net book value |
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At 31 December 2022 |
- |
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At 31 December 2021 |
- |
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Patents and licences have been written off in equal annual instalments over their estimated economic life of 10 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
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Total |
| £ |
£ |
|
Cost |
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At 1 January 2022 |
120,278 |
|
120,278 |
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At 31 December 2022 |
120,278 |
|
120,278 |
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Depreciation |
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At 1 January 2022 |
75,794 |
|
75,794 |
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Charge for the year |
19,884 |
|
19,884 |
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At 31 December 2022 |
95,678 |
|
95,678 |
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Net book value |
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At 31 December 2022 |
24,600 |
|
24,600 |
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At 31 December 2021 |
44,484 |
|
44,484 |
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| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
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Trade debtors |
10,920 |
|
51,720 |
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Other debtors |
167,565 |
|
162,231 |
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178,485 |
|
213,951 |
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| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
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Bank loans and overdrafts |
61,749 |
|
57,500 |
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Trade creditors |
47,824 |
|
71,137 |
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Taxation and social security costs |
28,737 |
|
18,227 |
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Other creditors |
184,237 |
|
157,005 |
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322,547 |
|
303,869 |
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The company has access to a short term overdraft facility of £25,000 and credit card facility of £5,000, both secured by way of a fixed and floating charge over the assets of the company. In addition Mr M Curtis has provided a personal guarantee of £30,000. |
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| 7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
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Bank loans |
- |
|
56,958 |
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- |
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56,958 |
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The bank loan was granted under the coronavirus business interruption loan facility scheme. The loan is guaranteed by the Department for Business, Energy and Industrial Strategy. The loan is secured by way of an fixed and floating charge over the assets of the company. No capital or interest was payable in the first 12 months of the loan. The net present value of the business interruption payment was recognised in the profit and loss account in the year ended 31 December 2020. Subsequent to the year end the loan facility was extended for a further 2 years. |
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| 8 |
Related party transactions |
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Included in other creditors at 31 December 2022 is a balance owed to a director of £123,771 (2021: £112,194). |
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Included within trade creditors at 31 December 2022 is a balance owed to other related parties of £352 (2021: £312). |
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| 9 |
Controlling party |
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The ultimate controlling party is Mr M Curtis by virtue of his majority shareholding. |
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| 10 |
Other information |
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Roboscientific Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Espace North Wisbech Road |
|
Littleport |
|
Ely |
|
Cambridgeshire |
|
CB6 1RA |
