Caseware UK (AP4) 2018.0.196 2018.0.196 2019-09-30 2019-09-30 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. true true The Company's principal activity during the year was that of research and development of image fusion and colour perception technology. false 2019-03-01 07538488 2019-03-01 2019-09-30 07538488 2018-03-01 2019-02-28 07538488 2019-09-30 07538488 2019-02-28 07538488 2018-03-01 07538488 c:Director5 2019-03-01 2019-09-30 07538488 d:OfficeEquipment 2019-03-01 2019-09-30 07538488 d:OfficeEquipment 2019-09-30 07538488 d:OfficeEquipment 2019-02-28 07538488 d:OfficeEquipment d:OwnedOrFreeholdAssets 2019-03-01 2019-09-30 07538488 d:ComputerEquipment 2019-03-01 2019-09-30 07538488 d:ComputerEquipment 2019-09-30 07538488 d:ComputerEquipment 2019-02-28 07538488 d:ComputerEquipment d:OwnedOrFreeholdAssets 2019-03-01 2019-09-30 07538488 d:OwnedOrFreeholdAssets 2019-03-01 2019-09-30 07538488 d:CurrentFinancialInstruments 2019-09-30 07538488 d:CurrentFinancialInstruments 2019-02-28 07538488 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 07538488 d:CurrentFinancialInstruments d:WithinOneYear 2019-02-28 07538488 d:ShareCapital 2019-03-01 2019-09-30 07538488 d:ShareCapital 2019-09-30 07538488 d:ShareCapital 2018-03-01 2019-02-28 07538488 d:ShareCapital 2019-02-28 07538488 d:ShareCapital 2018-03-01 07538488 d:SharePremium 2019-03-01 2019-09-30 07538488 d:SharePremium 2019-09-30 07538488 d:SharePremium 2018-03-01 2019-02-28 07538488 d:SharePremium 2019-02-28 07538488 d:SharePremium 2018-03-01 07538488 d:RetainedEarningsAccumulatedLosses 2019-03-01 2019-09-30 07538488 d:RetainedEarningsAccumulatedLosses 2019-09-30 07538488 d:RetainedEarningsAccumulatedLosses 2018-03-01 2019-02-28 07538488 d:RetainedEarningsAccumulatedLosses 2019-02-28 07538488 d:RetainedEarningsAccumulatedLosses 2018-03-01 07538488 c:OrdinaryShareClass1 2019-03-01 2019-09-30 07538488 c:OrdinaryShareClass1 2019-09-30 07538488 c:OrdinaryShareClass1 2019-02-28 07538488 c:OrdinaryShareClass2 2019-03-01 2019-09-30 07538488 c:OrdinaryShareClass2 2019-09-30 07538488 c:OrdinaryShareClass2 2019-02-28 07538488 c:OrdinaryShareClass3 2019-03-01 2019-09-30 07538488 c:OrdinaryShareClass3 2019-09-30 07538488 c:OrdinaryShareClass3 2019-02-28 07538488 c:FRS102 2019-03-01 2019-09-30 07538488 c:AuditExempt-NoAccountantsReport 2019-03-01 2019-09-30 07538488 c:FullAccounts 2019-03-01 2019-09-30 07538488 c:PrivateLimitedCompanyLtd 2019-03-01 2019-09-30 07538488 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2019-03-01 2019-09-30 07538488 2 2019-03-01 2019-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number:  07538488









SPECTRAL EDGE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2019

 
SPECTRAL EDGE LIMITED
REGISTERED NUMBER:  07538488

BALANCE SHEET
AS AT  30 SEPTEMBER 2019

30 September
28 February
2019
2019
Note
£
£
   

Tangible assets
 4 
72,825
75,162

   
72,825
75,162

CURRENT ASSETS
   

Debtors: amounts falling due within one year
 5 
602,331
356,306

Cash at bank and in hand
   
1,302,265
2,547,511

   
1,904,596
2,903,817

Creditors: amounts falling due within one year
 6 
(1,248,344 )
(88,080 )

NET CURRENT ASSETS
   
 
 
656,252
 
 
2,815,737

TOTAL ASSETS LESS CURRENT LIABILITIES
   
729,077
2,890,899

   

NET ASSETS
   
729,077
2,890,899

CAPITAL AND RESERVES
   

Called up share capital 
 7 
902
901

Share premium account
   
6,123,903
6,123,903

Profit and loss account
   
(5,395,728 )
(3,233,905 )

   
729,077
2,890,899


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
SPECTRAL EDGE LIMITED
REGISTERED NUMBER:  07538488
    
BALANCE SHEET  (CONTINUED)
AS AT  30 SEPTEMBER 2019

The financial statements were approved and authorised for issue by the board and were signed on its behalf by : 






Dr R E M Swann
Director

Date:  28 October 2019

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
SPECTRAL EDGE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED  30 SEPTEMBER 2019


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 March 2019
901
6,123,903
(3,233,905 )
2,890,899


COMPREHENSIVE INCOME FOR THE PERIOD

Loss for the period
-
-
(2,237,327 )
(2,237,327 )
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
-
(2,237,327 )
(2,237,327 )
1
-
-
1

Transfer to/from profit and loss account
-
-
75,504
75,504


AT 30 SEPTEMBER 2019
902
6,123,903
(5,395,728 )
729,077


The notes on pages 4 to 9 form part of these financial statements.

 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED  28 FEBRUARY 2019


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 March 2018
893
6,123,903
(1,939,089 )
4,185,707


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
-
(1,425,467 )
(1,425,467 )
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
(1,425,467 )
(1,425,467 )

Shares issued during the year
8
-
-
8

Transfer to/from profit and loss account
-
-
130,651
130,651


AT 28 FEBRUARY 2019
901
6,123,903
(3,233,905 )
2,890,899


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SPECTRAL EDGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2019

GENERAL INFORMATION

Spectral Edge Limited is a private limited company incorporated in England & Wales. The Company's registered office is Ketton Suite, The King Centre Main Road, Barleythorpe, Oakham, Rutland, England,  LE15 7WD. The Company's trading address is Bradfield Centre, 184 Cambridge Science Park, Milton Road, Cambridge CB4 0GA.
The Company's functional and presentational currency is GBP.

2. ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in  the UK and the Republic of Ireland and the Companies Act 2006 .

The following principal accounting policies have been applied:

2.2

GOING CONCERN

During the period, the Company incurred a loss after tax of £2,237,327 (Year ended 28 February 2019 - £1,425,647). The financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. The Company is involved in continuing research and development activities and is expected to continue to be loss making, and in a net cash outflow position, in the near future as it progresses its activities.
The directors have considered the basis of the financial statements in conjunction with preparing cash flow forecasts and are satisfied that based on the projected cash burn rate the Company will be able to meet its liabilities as they fall due.

2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the licence sales can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SPECTRAL EDGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2019

2. ACCOUNTING POLICIES (CONTINUED)

TANGIBLE FIXED ASSETS (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20 - 33% straight line
Computer equipment
-
20 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions. The balance includes amounts repayable without penalty on notice of not more than 24 hours and a deposit amount fixed for up to 12 months. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

GRANTS

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 5

 
SPECTRAL EDGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2019

2. ACCOUNTING POLICIES (CONTINUED)

2.9

SHARE BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to Statement of Comprehensive Income over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the Statement of Comprehensive Income is charged with fair value of goods and services received.

2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

INTEREST INCOME

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 6

 
SPECTRAL EDGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2019

2. ACCOUNTING POLICIES (CONTINUED)

2.12

TAXATION

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.13

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

The average number of employees, including directors, during the period was 18 (year to 28 February 2019: 14). 

Page 7

 
SPECTRAL EDGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2019






Office equipment
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 March 2019
15,383
104,052
119,435


Additions
861
21,103
21,964



At 30 September 2019

16,244
125,155
141,399



DEPRECIATION


At 1 March 2019
5,814
38,459
44,273


Charge for the period on owned assets
2,972
21,329
24,301



At 30 September 2019

8,786
59,788
68,574



NET BOOK VALUE



At 30 September 2019
7,458
65,367
72,825



At 28 February 2019
9,569
65,593
75,162

30 September
28 February
2019
2019
£
£


Other debtors
602,331
340,972

Prepayments and accrued income
-
15,334

602,331
356,306


Page 8

 
SPECTRAL EDGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2019
30 September
28 February
2019
2019
£
£

Trade creditors
16,706
25,798

Other taxation and social security
630
33,717

Other creditors
3,996
1,992

Accruals and deferred income
1,227,012
26,573

1,248,344
88,080


30 September
28 February
2019
2019
£
£
Allotted, called up and fully paid



203,440  (2019 -  201,992 )   Ordinary  shares of £ 0.001  each
203
202
415,109  (2019 -  415,109 )   Ordinary B  shares of £ 0.001  each
415
415
283,696  (2019 -  283,696 )   Preference  shares of £ 0.001  each
284
284

902

901

On 14 March 2019 1,448 Ordinary shares were issued at par.

 
Page 9