7 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 420,497 65,688 486,185 206,918 92,836 299,754 186,431 213,579 10,748 3,696 2,149 5,845 4,903 7,052 xbrli:pure xbrli:shares iso4217:GBP 11021840 2022-04-01 2023-03-31 11021840 2023-03-31 11021840 2022-03-31 11021840 2021-04-01 2022-03-31 11021840 2022-03-31 11021840 2021-03-31 11021840 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 11021840 bus:Director1 2022-04-01 2023-03-31 11021840 bus:Director2 2022-04-01 2023-03-31 11021840 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 11021840 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 11021840 core:WithinOneYear 2023-03-31 11021840 core:WithinOneYear 2022-03-31 11021840 core:ShareCapital 2023-03-31 11021840 core:ShareCapital 2022-03-31 11021840 core:SharePremium 2023-03-31 11021840 core:SharePremium 2022-03-31 11021840 core:RetainedEarningsAccumulatedLosses 2023-03-31 11021840 core:RetainedEarningsAccumulatedLosses 2022-03-31 11021840 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 11021840 bus:SmallEntities 2022-04-01 2023-03-31 11021840 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11021840 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11021840 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11021840 bus:FullAccounts 2022-04-01 2023-03-31 11021840 core:OfficeEquipment 2022-04-01 2023-03-31 11021840 core:OfficeEquipment 2023-03-31 11021840 core:OfficeEquipment 2022-03-31 11021840 core:KeyManagementPersonnel 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 11021840
Mynurva Limited
Filleted Unaudited Financial Statements
31 March 2023
Mynurva Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Mynurva Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
186,431
213,579
Tangible assets
6
4,903
7,052
---------
---------
191,334
220,631
Current assets
Debtors
7
169,696
179,389
Cash at bank and in hand
44,655
42,844
---------
---------
214,351
222,233
Creditors: amounts falling due within one year
8
119,306
37,787
---------
---------
Net current assets
95,045
184,446
---------
---------
Total assets less current liabilities
286,379
405,077
---------
---------
Net assets
286,379
405,077
---------
---------
Capital and reserves
Called up share capital
184
178
Share premium account
1,627,610
1,372,798
Profit and loss account
( 1,341,415)
( 967,899)
------------
------------
Shareholders funds
286,379
405,077
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 March 2023 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 .
Mynurva Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 July 2023 , and are signed on behalf of the board by:
Dr R E Cornish
Dr Z Sikafi
Director
Director
Company registration number: 11021840
Mynurva Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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 company has been successful in raising further investment during the year that has been utilised in developing new technology within the Mynurva platform. It completed an NHS pilot, and provides the virtual therapy services for a range of businesses, EAPs, universities and charities in the UK. The company has expanded its contract with one of the largest providers of MENA telecoms, and has a contract to supply virtual therapy services within the MENA region. The directors, therefore, have a a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and the company continues to adopt the going concern basis in preparing its financial statements. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Income tax 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 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. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Research and development Research expenditure is written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the life of the project. 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:
Equipment - 20% straight line
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.
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 instruments 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. Debt instruments are subsequently measured at amortised cost.
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 7 (2022: 10 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2022
420,497
Additions
65,688
---------
At 31 March 2023
486,185
---------
Amortisation
At 1 April 2022
206,918
Charge for the year
92,836
---------
At 31 March 2023
299,754
---------
Carrying amount
At 31 March 2023
186,431
---------
At 31 March 2022
213,579
---------
6. Tangible assets
Equipment
£
Cost
At 1 April 2022 and 31 March 2023
10,748
--------
Depreciation
At 1 April 2022
3,696
Charge for the year
2,149
--------
At 31 March 2023
5,845
--------
Carrying amount
At 31 March 2023
4,903
--------
At 31 March 2022
7,052
--------
7. Debtors
2023
2022
£
£
Trade debtors
79,499
45,091
Other debtors
90,197
134,298
---------
---------
169,696
179,389
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
34,825
Trade creditors
36,039
18,292
Social security and other taxes
27,934
12,290
Other creditors
20,508
7,205
---------
--------
119,306
37,787
---------
--------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.
9. Related party transactions
At the balance sheet date, the company owed the directors £467 (2022: £572).