IRIS Accounts Production v22.1.4.3 10226707 Board of Directors 1.4.21 31.12.21 31.12.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure102267072021-03-31102267072021-12-31102267072021-04-012021-12-31102267072020-03-31102267072020-04-012021-03-31102267072021-03-3110226707ns16:EnglandWales2021-04-012021-12-3110226707ns15:PoundSterling2021-04-012021-12-3110226707ns11:Director12021-04-012021-12-3110226707ns11:PrivateLimitedCompanyLtd2021-04-012021-12-3110226707ns11:SmallEntities2021-04-012021-12-3110226707ns11:AuditExempt-NoAccountantsReport2021-04-012021-12-3110226707ns11:SmallCompaniesRegimeForAccounts2021-04-012021-12-3110226707ns11:FullAccounts2021-04-012021-12-3110226707ns11:Director22021-04-012021-12-3110226707ns11:Director32021-04-012021-12-3110226707ns11:Director42021-04-012021-12-3110226707ns11:Director52021-04-012021-12-3110226707ns11:Director62021-04-012021-12-3110226707ns11:Director72021-04-012021-12-3110226707ns11:RegisteredOffice2021-04-012021-12-3110226707ns6:CurrentFinancialInstruments2021-12-3110226707ns6:CurrentFinancialInstruments2021-03-3110226707ns6:ShareCapital2021-12-3110226707ns6:ShareCapital2021-03-3110226707ns6:SharePremium2021-12-3110226707ns6:SharePremium2021-03-3110226707ns6:RetainedEarningsAccumulatedLosses2021-12-3110226707ns6:RetainedEarningsAccumulatedLosses2021-03-3110226707ns6:PlantMachinery2021-04-012021-12-3110226707ns6:ComputerEquipment2021-04-012021-12-3110226707ns6:PlantMachinery2021-03-3110226707ns6:FurnitureFittings2021-03-3110226707ns6:ComputerEquipment2021-03-3110226707ns6:FurnitureFittings2021-04-012021-12-3110226707ns6:PlantMachinery2021-12-3110226707ns6:FurnitureFittings2021-12-3110226707ns6:ComputerEquipment2021-12-3110226707ns6:PlantMachinery2021-03-3110226707ns6:FurnitureFittings2021-03-3110226707ns6:ComputerEquipment2021-03-3110226707ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3110226707ns6:WithinOneYearns6:CurrentFinancialInstruments2021-03-3110226707ns6:WithinOneYear2021-12-3110226707ns6:WithinOneYear2021-03-3110226707ns6:BetweenOneFiveYears2021-12-3110226707ns6:BetweenOneFiveYears2021-03-3110226707ns6:AllPeriods2021-12-3110226707ns6:AllPeriods2021-03-31
REGISTERED NUMBER: 10226707 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2021 TO 31 DECEMBER 2021

FOR

FLUSSO LIMITED

FLUSSO LIMITED (REGISTERED NUMBER: 10226707)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2021 TO 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FLUSSO LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2021 TO 31 DECEMBER 2021







DIRECTORS: Dr F Udrea
Dr A De Luca
Dr C Cabuz
Dr R Swann
Dr J M Grimshaw
Parkwalk Advisors Limited
N J Mettyear





REGISTERED OFFICE: Unit 1, Cambridge House
Camboro Business Park
Oakington Road, Girton
CAMBRIDGE
Cambridgeshire
CB3 0QH





REGISTERED NUMBER: 10226707 (England and Wales)





ACCOUNTANTS: Staffords
Chartered Accountants
Unit 1, Cambridge House
Camboro Business Park
Oakington Road, Girton
CAMBRIDGE
Cambridgeshire
CB3 0QH

FLUSSO LIMITED (REGISTERED NUMBER: 10226707)

BALANCE SHEET
31 DECEMBER 2021

2021 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,866 48,422

CURRENT ASSETS
Debtors 5 565,659 454,908
Cash at bank 2,328,311 2,710,784
2,893,970 3,165,692
CREDITORS
Amounts falling due within one year 6 265,497 319,636
NET CURRENT ASSETS 2,628,473 2,846,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,681,339

2,894,478

CAPITAL AND RESERVES
Called up share capital 8 39 39
Share premium 5,478,877 5,475,850
Retained earnings (2,797,577 ) (2,581,411 )
SHAREHOLDERS' FUNDS 2,681,339 2,894,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2022 and were signed on its behalf by:





Dr A De Luca - Director


FLUSSO LIMITED (REGISTERED NUMBER: 10226707)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2021 TO 31 DECEMBER 2021


1. STATUTORY INFORMATION

Flusso Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FLUSSO LIMITED (REGISTERED NUMBER: 10226707)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2021 TO 31 DECEMBER 2021


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 17 (2021 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2021 36,307 13,718 20,043 70,068
Additions 5,324 2,423 12,415 20,162
Disposals - - (165 ) (165 )
At 31 December 2021 41,631 16,141 32,293 90,065
DEPRECIATION
At 1 April 2021 11,220 722 9,704 21,646
Charge for period 7,416 2,916 5,317 15,649
Eliminated on disposal - - (96 ) (96 )
At 31 December 2021 18,636 3,638 14,925 37,199
NET BOOK VALUE
At 31 December 2021 22,995 12,503 17,368 52,866
At 31 March 2021 25,087 12,996 10,339 48,422

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2021
£    £   
Trade debtors 2,036 12,839
Other debtors 563,623 442,069
565,659 454,908

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2021
£    £   
Trade creditors 88,505 141,867
Taxation and social security 39,119 50,173
Other creditors 137,873 127,596
265,497 319,636

FLUSSO LIMITED (REGISTERED NUMBER: 10226707)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2021 TO 31 DECEMBER 2021


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2021
£    £   
Within one year 82,514 -
Between one and five years 52,221 -
134,735 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

Dec
2021

Mar
2021
value: £ £
366,787 Ordinary 0.01p 37 36
(Mar 2021 -
366,008)

22,166 Growth Shares 0.01p 2 2
1,308 Deferred Shares 0.01p - -

39 38


On 14/05/2021, 779 £0.0001 Ordinary shares were issued for proceeds of £3,027.

The company has an EMI option scheme which has granted batches of options in both 2019/20 and 2020/21. The total number of EMI options granted in the year was NIL (Year to March 2021: 7,465). The total number of granted and unexercised options as at the period end (whether vested or not) is therefore 17,195 (Year to March 2021: 18,285) following a partial exercise and lapse in April 2021, with exercise prices between £3.75 and £7.27 per option held.

During the year to 31 March 2021, the company created a separate class of shares, designated as Growth Share £0.0001 such that only future growth in excess of the price per share at the investment rounds in March and April 2020 will result in any value accruing to the growth share holders.

In addition the company also allots Growth Shares. As at the period end to 31 December 2021, 22,166 (Year to March 2021) 23,474 Growth Shares had been subscribed for at their nominal value of 0.01p per share. 1,308 of those Growth Shares allotted in the year to March 2021 had been reclassified as Deferred Shares.

The final holdings in each class are then as per the table above, there having been no changes to the Deferred Share holdings during the current period.

9. RELATED PARTY DISCLOSURES

There were no material related party transactions which were not concluded under normal market conditions.