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Company Registration No. SC704076 (Scotland)
Neuranics Limited Unaudited accounts for the year ended 31 July 2023
Neuranics Limited Unaudited accounts Contents
Page
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Neuranics Limited Company Information for the year ended 31 July 2023
Directors
Dr. Hadi Heidari Professor Kianoush Nazarpour Noel McKenna Ronan Cunningham
Company Number
SC704076 (Scotland)
Registered Office
James Watt South Building University Avenue, University of Glasgow Glasgow G12 8QQ Scotland
Accountants
FinFlare Limited Mitchell House 5 Mitchell Street Edinburgh Midlothian EH6 7BD
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Neuranics Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Called up share capital not paid
3 
10 
Current assets
Debtors
12,977 
- 
Cash at bank and in hand
31 
- 
13,008 
- 
Creditors: amounts falling due within one year
(45,703)
(550)
Net current liabilities
(32,695)
(550)
Net liabilities
(32,692)
(540)
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
(32,702)
(550)
Shareholders' funds
(32,692)
(540)
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by
Dr. Hadi Heidari Director Company Registration No. SC704076
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Neuranics Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
Neuranics Limited is a private company, limited by shares, registered in Scotland, registration number SC704076. The registered office is James Watt South Building, University Avenue, University of Glasgow, Glasgow, G12 8QQ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The accounts have been prepared on a going concern basis. The Directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on a funding round which has been completed post year end which has allowed sufficient cash resource to fund growth and development for more than 12 months from the date of signing the accounts. The company is in its growth phase and accordingly, losses may be expected as the product is developed and sales and marketing activities are expanded.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Neuranics Limited Notes to the Accounts for the year ended 31 July 2023
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity respectively.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,000 
- 
Accrued income and prepayments
2,977 
- 
12,977 
- 
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
2,628 
- 
Trade creditors
4,684 
- 
Other creditors
3,000 
- 
Loans from directors
5,050 
- 
Accruals
30,341 
550 
45,703 
550 
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Neuranics Limited Notes to the Accounts for the year ended 31 July 2023
6
Post balance sheet events
Since the year end the company has completed a funding round. In September 2023, 868,057 ordinary shares were issued with a total of £1,875,000 raised.
7
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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