2022-11-012023-10-312023-10-31false05594335MOMENTUM BIOSCIENCE 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MOMENTUM BIOSCIENCE LIMITED

Registered Number
05594335
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

MOMENTUM BIOSCIENCE LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

FROHN, Matthew Gerard Winston
MALHOTRA, Rajat
MANENT RELATS, Jose
MOFFITT, William Penn
MULLEN, William Henry, Dr
THAKER, Saumil
THURLOW, James William

Registered Address

Unit 19 Willowbrook Technology Park
Llandogo Road, St. Mellons
Cardiff
CF3 0EF

Registered Number

05594335 (England and Wales)
MOMENTUM BIOSCIENCE LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets64,416,6154,258,048
Tangible assets7115,204162,983
4,531,8194,421,031
Current assets
Debtors8553,631667,468
Cash at bank and on hand395,818707,069
949,4491,374,537
Creditors amounts falling due within one year9(631,480)(530,408)
Net current assets (liabilities)317,969844,129
Total assets less current liabilities4,849,7885,265,160
Creditors amounts falling due after one year10(3,497,480)(3,559,806)
Net assets1,352,3081,705,354
Capital and reserves
Called up share capital21,22321,223
Share premium18,709,97417,621,278
Profit and loss account(17,378,889)(15,937,147)
Shareholders' funds1,352,3081,705,354
The financial statements were approved and authorised for issue by the Board of Directors on 3 November 2023, and are signed on its behalf by:
THAKER, Saumil
Director
Registered Company No. 05594335
MOMENTUM BIOSCIENCE LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activity during the year continued to be focused on the development of high value diagnostic tests for blood stream infections in patients suspected of sepsis. Investment has been focused on SepsiSTAT, a rapid molecular detection and identification product that can be run directly from a patient's blood sample without the need for culturing. Capabilities developed in the process of optimising SepsiSTAT have led to patent filings and the initiation of clinical trials to evaluate performance. During this time the management of Momentum remains committed to identifying, and collaborating with, potential strategic partners to further the commercial attractiveness of its products.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Intangible assets policy
Intangible fixed assets are measured at cost less any accumulative impairment losses. Amortisation is not yet charged on intangible assets as the related benefits have not yet begun to flow.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the profit or loss as an expense as incurred.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
The Company is participating in a grant program that partially reimburses R&D expenditure. The scheme is subject to regular review and it is reasonable to believe that performance criteria have been met, and therefore the quantum of grant reliably assessed. On this basis, the Company has accrued grant income in the same period as expenditure is incurred.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The company is in the research and development phase of its technology and has incurred losses since it commenced activities in 2008. During the year to 31 October 2023 the company incurred a loss before taxation of £2,308,651 and, at 31 October 2023, the company had net current assets of £1,352,308. The accounts have been prepared on the "going concern" basis which assumes that the company will be able to continue to meet its financial obligations for a period of at least twelve months from the date of this report. In deciding that this basis was appropriate the Board considered: - its cashflow forecasts - the rate of successful development - the appetite of the shareholder base for continued funding of the business and the likelihood of securing new investment if and as required.
5.Employee information

20232022
Average number of employees during the year1718
6.Intangible assets

Total

£
Cost or valuation
At 01 November 224,258,048
Additions158,567
At 31 October 234,416,615
Net book value
At 31 October 234,416,615
At 31 October 224,258,048
7.Property, plant and equipment

Total

£
Cost or valuation
At 01 November 22841,010
Additions6,365
Disposals(18,884)
At 31 October 23827,620
Depreciation and impairment
At 01 November 22678,027
Charge for year35,260
At 31 October 23712,415
Net book value
At 31 October 23115,204
At 31 October 22162,983
8.Debtors

2023

2022

££
Trade debtors / trade receivables67-
Other debtors269,686642,928
Prepayments and accrued income283,87824,540
Total553,631667,468
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables218,577158,925
Bank borrowings and overdrafts7097,930
Taxation and social security118,459172,487
Other creditors64,58264,582
Accrued liabilities and deferred income229,153126,484
Total631,480530,408
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Other creditors3,497,4803,559,806
Total3,497,4803,559,806
The company purchased intellectual property in 2017 for $5m. The consideration was principally a revenue share with a minimal pre revenue instalment. The long term creditor is the balance due after historic payments have been deducted and presentation of the next annual instalment in short term creditors.