Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01false1211falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10826246 2022-07-01 2023-06-30 10826246 2021-07-01 2022-06-30 10826246 2023-06-30 10826246 2022-06-30 10826246 c:Director7 2022-07-01 2023-06-30 10826246 d:ComputerEquipment 2022-07-01 2023-06-30 10826246 d:ComputerEquipment 2023-06-30 10826246 d:ComputerEquipment 2022-06-30 10826246 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10826246 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 10826246 d:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 10826246 d:CurrentFinancialInstruments 2023-06-30 10826246 d:CurrentFinancialInstruments 2022-06-30 10826246 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10826246 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 10826246 d:ShareCapital 2023-06-30 10826246 d:ShareCapital 2022-06-30 10826246 d:SharePremium 2023-06-30 10826246 d:SharePremium 2022-06-30 10826246 d:OtherMiscellaneousReserve 2023-06-30 10826246 d:OtherMiscellaneousReserve 2022-06-30 10826246 d:RetainedEarningsAccumulatedLosses 2023-06-30 10826246 d:RetainedEarningsAccumulatedLosses 2022-06-30 10826246 c:OrdinaryShareClass1 2022-07-01 2023-06-30 10826246 c:OrdinaryShareClass1 2023-06-30 10826246 c:OrdinaryShareClass1 2022-06-30 10826246 c:OrdinaryShareClass2 2022-07-01 2023-06-30 10826246 c:OrdinaryShareClass2 2023-06-30 10826246 c:OrdinaryShareClass2 2022-06-30 10826246 c:OrdinaryShareClass3 2022-07-01 2023-06-30 10826246 c:OrdinaryShareClass3 2023-06-30 10826246 c:OrdinaryShareClass3 2022-06-30 10826246 c:FRS102 2022-07-01 2023-06-30 10826246 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 10826246 c:FullAccounts 2022-07-01 2023-06-30 10826246 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10826246 d:WithinOneYear 2023-06-30 10826246 d:WithinOneYear 2022-06-30 10826246 d:BetweenOneFiveYears 2023-06-30 10826246 d:BetweenOneFiveYears 2022-06-30 10826246 2 2022-07-01 2023-06-30 10826246 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10826246










SOLASCURE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
SOLASCURE LIMITED
REGISTERED NUMBER: 10826246

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,500,000
3,500,000

Tangible assets
 5 
678
1,088

  
3,500,678
3,501,088

Current assets
  

Debtors
 6 
1,616,900
2,001,226

Cash at bank and in hand
  
1,865,511
970,333

  
3,482,411
2,971,559

Creditors: amounts falling due within one year
 7 
(446,991)
(587,505)

Net current assets
  
 
 
3,035,420
 
 
2,384,054

Total assets less current liabilities
  
6,536,098
5,885,142

  

Net assets
  
6,536,098
5,885,142


Capital and reserves
  

Called up share capital 
 8 
20,327,896
17,082,726

Share premium account
  
5,913,057
2,665,521

Other reserves
  
-
135,000

Profit and loss account
  
(19,704,855)
(13,998,105)

  
6,536,098
5,885,142


Page 1

 
SOLASCURE LIMITED
REGISTERED NUMBER: 10826246

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D P Wright
Director
Date: 1 February 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

SolasCure Limited is a limited liability company, incorporated in England on 20 June 2017 and started trading on the same date. The address of its registered office is Wellington House, East Road, Cambridge, CB1 1BH.
The principal activity of the Company during the financial year was developing wound care products that significantly improve the health and wellbeing of patients with chronic wounds.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors note that the Company is loss-making and is continuing its product development. The directors expect this to continue for a number of years due to the nature of the development of healthcare products. Significant levels of additional funding have been raised during the year and post year end. The directors note that they can manage the timing of cash outflows in relation to future development expenditure. Based on the Company's current cash reserves, additional funding raised, the management of the timing of development expenditure and future funding plans, the directors have concluded that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.10

Share-based payments

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of nonmarket-based vesting conditions.
Fair value is measured by use of an appropriate pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Intangible assets relates to patents. Patents are not currently amortised as the asset is not yet in use. Separately acquired patents and trademarks are included at cost. Amortisation will begin once the first revenue has been generated from the asset and is spread evenly over the estimated useful life of the asset. Provision is made for any impairment.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions 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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 11).

Page 6

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Patents

£



Cost


At 1 July 2022
3,500,000



At 30 June 2023

3,500,000






Net book value



At 30 June 2023
3,500,000



At 30 June 2022
3,500,000




5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2022
1,230



At 30 June 2023

1,230



Depreciation


At 1 July 2022
142


Charge for the year on owned assets
410



At 30 June 2023

552



Net book value



At 30 June 2023
678



At 30 June 2022
1,088

Page 7

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors


2023
2022
£
£



Trade debtors
2,200
-

Other debtors
1,250,771
1,867,997

Prepayments and accrued income
363,929
133,229

1,616,900
2,001,226



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
8,655
26,663

Trade creditors
95,134
527,306

Other taxation and social security
22,464
28,900

Other creditors
1,467
1,636

Accruals and deferred income
319,271
3,000

446,991
587,505



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,006,161,415 (2022 - 1,683,728,600) A - Ordinary Shares shares of £0.010000 each
20,061,614
16,837,286
272,843,750 (2022 - 200,267,312) Growth Shares shares of £0.000001 each
273
200
26,600,900 (2022 - 24,524,000) Ordinary Shares shares of £0.010000 each
266,009
245,240

20,327,896

17,082,726


On 17 May 2023, 3,410,546 growth shares of £0.000001 were allotted for a value of £0.000047 each. 
On 22 February 2023, 701,900 ordinary shares of £0.01 were issued for a value of £0.02 each and 123,091,194 A - Ordinary shares of £0.01 were issued for a value of £0.02 each. 
On 30 September 2022, 54,000,000 A - Ordinary shares of £0.01 were issued for a value of £0.02 each.
On 25 July 2022, 1,375,000 ordinary shares of £0.01 were issued for a value of £0.02 each. 145,341,650 A-Ordinary shares of £0.01 were issued for a value of £0.02 each and 69,165,892 growth shares of £0.000001 were alloted for a value of £0.000034 each.

Page 8

 
SOLASCURE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,503 (2022 - £3,930). Contributions totalling £694 (2022 - £1,027) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,760
2,508

Later than 1 year and not later than 5 years
230
209

2,990
2,717


11.


Related party transactions

Remuneration of £504,276 was paid to the directors (2022 - £484,183). The directors are the only key management personnel of the Company.
Included in costs is £289,692 (2022 - £260,933) for services from a company in which R S Bakri is also a director and £nil (2022 - £36,583) for services from a company in which F Goebel is also a director.
The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions between wholly owned entities in the group.


12.


Controlling party

The directors do not consider there to be one controlling party.


Page 9