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REGISTERED NUMBER: SC475291 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Saccade Diagnostics Limited

Saccade Diagnostics Limited (Registered number: SC475291)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

Saccade Diagnostics Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Professor D M St Clair
Dr P C Hannaford



REGISTERED OFFICE: 5th Floor Quartermile Two
Lister Square
Edinburgh
EH3 9GL



REGISTERED NUMBER: SC475291 (Scotland)



ACCOUNTANTS: Key Professional Partnership Ltd
Unit 3
37 Rosyth Road
Morris Park
Glasgow
G5 0YD



BANKERS: Royal Bank of Scotland
36 St Andrew Square
Edinburgh
EH2 2AD

Saccade Diagnostics Limited (Registered number: SC475291)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 - 3,202

CURRENT ASSETS
Cash at bank 80,794 83,151

CREDITORS
Amounts falling due within one year 5 28,900 23,961
NET CURRENT ASSETS 51,894 59,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

51,894

62,392

CREDITORS
Amounts falling due after more than one
year

6

66,064

66,064
NET LIABILITIES (14,170 ) (3,672 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (14,270 ) (3,772 )
SHAREHOLDERS' FUNDS (14,170 ) (3,672 )

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

The members have not required the company to obtain an audit of its financial statements for the year 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 13 September 2022 and were signed on its behalf by:



Professor D M St Clair - Director


Saccade Diagnostics Limited (Registered number: SC475291)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Saccade Diagnostics Limited is a private company, limited by shares , registered in Scotland. 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.

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-putative ordinary shares.

Debt instruments (other than those wholly repayable or receivable within ore year), including loans and other accounts receivable end payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective Interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement's of a short-term Instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence ot impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement or Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount end the present value of estimated cash flows discounted at the asset's original erective interest rate. if a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate or the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institution repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Saccade Diagnostics Limited (Registered number: SC475291)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Borrowing costs
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 January 2021
and 31 December 2021 80,796
DEPRECIATION
At 1 January 2021 77,594
Charge for year 3,202
At 31 December 2021 80,796
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 3,202

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Tax 16,981 16,322
VAT 10,619 3,465
Other creditors - 4,174
Accrued expenses 1,300 -
28,900 23,961

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Other loans - 2-5 years 66,064 66,064

Saccade Diagnostics Limited (Registered number: SC475291)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. OTHER LOAN

The lender, The Wellcome Trust Limited, may demand repayment of the full amount or part of the loan together with accrued interest at any time after 11 June 2018 and in other certain circumstances being sale, listing and an event of default.

The other loan is also convertible to equity at the discretion of The Wellcome Trust Limited at any time.

If The Wellcome Trust Limited elects that the company shall repay the loan, accrued interest shall be added to the amount of the loan, calculated at 2% per annam above the three month Stirling LIBOR.

£275,324 (2020 - £275,324) of the total loan advanced has been released to the Statement of Income and Retained Earnings so far and was recorded within other operating income. The amount released to the Statement of Income and Retained Earnings may become repayable in the future subject to certain conditions crystallising. At this stage the directors are not able to estimate any probable outflow and as such no provision has been made in the financial statements for any future obligation which may arise.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Saccade Diagnostics Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saccade Diagnostics Limited for the year ended 31 December 2021 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Saccade Diagnostics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Saccade Diagnostics Limited and state those matters that we have agreed to state to the Board of Directors of Saccade Diagnostics Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Saccade Diagnostics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Saccade Diagnostics Limited. You consider that Saccade Diagnostics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Saccade Diagnostics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Key Professional Partnership Ltd
Unit 3
37 Rosyth Road
Morris Park
Glasgow
G5 0YD


Date: .............................................