2022-05-012023-04-302023-04-30false10736975ANTIVERSE 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ANTIVERSE LTD

Registered Number
10736975
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

ANTIVERSE LTD
Company Information
for the year from 1 May 2022 to 30 April 2023

Directors

FATES, Richard Matthiessen
HOLLAND, Benjamin Thomas Tristram
PACK, Peter, Dr.
PAPENFUSS, Kerstin, Dr
TUNABOYLU, Murat

Registered Address

34 Roath Court Road
Cardiff
CF24 3SD

Registered Number

10736975 (England and Wales)
ANTIVERSE LTD
Statement of Financial Position
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets828,53184,731
28,53184,731
Current assets
Debtors10306,981261,353
Cash at bank and on hand1,594,846225,975
1,901,827487,328
Creditors amounts falling due within one year112,531,446105,318
Net current assets (liabilities)(629,619)382,010
Total assets less current liabilities(601,088)466,741
Creditors amounts falling due after one year12-1,200
Net assets(601,088)465,541
Capital and reserves
Called up share capital77
Share premium1,215,8841,215,884
Other reserves87,88354,739
Profit and loss account(1,904,862)(805,089)
Shareholders' funds(601,088)465,541
The financial statements were approved and authorised for issue by the Board of Directors on 22 February 2024, and are signed on its behalf by:
HOLLAND, Benjamin Thomas Tristram
Director
TUNABOYLU, Murat
Director

Registered Company No. 10736975
ANTIVERSE LTD
Notes to the Financial Statements
for the year ended 30 April 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 principal activity of the company for the period under review was the research and experimental development of biotechnology.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Plant and machinery1.5
Office Equipment4
Revenue recognition policy
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.
Taxation policy
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Tax credits shown on the Income Statement represent tax credits received from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Government grants and other government assistance policy
During the year the company was in receipt of government grant income. The company makes claims for grants under a reimbursement model and it receives grant income as compensation for expenses or losses already incurred. The company therefore recognises its grant income in the Income statement in the period in which it becomes receivable.
Leases policy
Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of 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 puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and 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 arrangements 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 and liabilities are offset and the net amount reported in the Statement of Financial Position 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 comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the balance sheet date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
6.Prior period and policy change adjustments
The comparative figures presented in these financial statements have been restated in the current year to correct a glitch in the accounting software leading to a misallocation of a debtor balance. The effects of the restatement are that debtors have increased by £16,332 and creditors have decreased by £16,333 with a net positive impact of £32,665 to net assets and a decrease of the profit and loss account of £32,665. The comparative figures presented in these financial statements have been restated in the current year to correct the share premium account and the profit and loss account due to incorrect mapping in the prior year. The effects of the restatement are that the share premium account has decreased by £30,908 and the losses within the profit and loss account have reduced by £30,908. The comparative figures presented in these financial statements have been restated in the current year to account for share options which were omitted from the prior year. The effects of the restatement are that the administrative expenses have increased by £54,739 and therefore losses within the profit and loss account increased by £54,739 and a share option reserve of £54,739 is showing within capital and reserves. The profit and loss account figure had a total net restatement of £8,834.
7.Employee information
Share Options The company operates an EMI qualifying share option scheme and during the period the company granted 0 EMI qualifying share options to employees of the company (2022: 0). At the statement of financial position date, the company had granted a total of 738,087 share options (2022: 738,087) at an average weighted exercise price of £0.000001 per share (2022: £0.000001). At the statement of financial position date, 50,415 options had lapsed (2022: 50,415), 0 options were exercised (2022: 0), 570,301 options had vested and remained exercisable (2022: 355,219) and 117,371 options had yet to vest (2022: 332,453). An amount of £33,144 has been charged to the income statement in respect of the EMI qualifying share options (2022: £54,739). The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the shares of the company.

20232022
Average number of employees during the year87
8.Property, plant and equipment

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 May 22186,9828,4385,724201,144
Additions26,116-13,12239,238
Disposals(186,983)(8,438)(5,724)(201,145)
At 30 April 2326,115-13,12239,237
Depreciation and impairment
At 01 May 22108,9613,3654,087116,413
Charge for year9,387-1,32010,707
On disposals(108,962)(3,365)(4,087)(116,414)
At 30 April 239,386-1,32010,706
Net book value
At 30 April 2316,729-11,80228,531
At 30 April 2278,0215,0731,63784,731
9.Description of financial commitments other than capital commitments
Minimum future lease payments under non-cancellable operating leases fall due as follows: Within one year: £47,313 (2022: £Nil) Between one and five years: £52,718 (2022: £Nil)
10.Debtors

2023

2022

££
Other debtors189,37558,468
Prepayments and accrued income117,606202,885
Total306,981261,353
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables94,419-
Taxation and social security13,34819,710
Other creditors2,423,6793,488
Accrued liabilities and deferred income-82,120
Total2,531,446105,318
A balance of £2,421,917 within other creditors relates to convertible loan notes. The loan notes are redeemable on the longstop date of 30 April 2024 or on an earlier qualifying event. The loan notes do not bear interest.
12.Creditors after one year

2023

2022

££
Other creditors-1,200
Total-1,200