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REGISTERED NUMBER: 11835441 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PSIVAC LIMITED

PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PSIVAC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: G Alusi FRCS PhD
I Mardini
U Shah





REGISTERED OFFICE: 55a Welbeck Street
London
W1G 9XQ





REGISTERED NUMBER: 11835441 (England and Wales)





AUDITORS: BLS Burnells LLP
The Atrium
1 Harefield Road
Uxbridge
Middlesex
UB8 1EX

PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1

CURRENT ASSETS
Debtors 5 347,422 6,425
Cash at bank 3,911,963 4,231,583
4,259,385 4,238,008
CREDITORS
Amounts falling due within one year 6 1,617,040 133,582
NET CURRENT ASSETS 2,642,345 4,104,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,642,346

4,104,427

CAPITAL AND RESERVES
Called up share capital 7 111 108
Share premium 8 8,003,190 6,504,792
Retained earnings 8 (5,360,955 ) (2,400,473 )
SHAREHOLDERS' FUNDS 2,642,346 4,104,427

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





U Shah - Director


PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Psivac Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

GOING CONCERN

The company made a loss of £2,960,482 (2022 - 1,242,330) for the year but had surplus shareholder funds of £2,642,346 (2022 - £4,104,427) at the balance sheet date.

The company is continuing the development of its oncolytic virus and is preparing to undertake its first human clinical trials in early 2024.

The board have carried out a review of the company's cash requirements for the foreseeable future, not being a period of less than 12 months from the date of approval of these financial statements. Based on this review, the board are of the opinion the company will be able to meet its liabilities as they fall due for payment.

Based on the above, the board consider the company has sufficient funds to enable it to continue trading as a going concern for a period of not less than 12 months following the approval of these financial statements.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of fourteen years.

PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

TAXATION
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

As the balance sheet date, the company had a potential deferred tax asset of £386,157 due to tax losses. The company has lodged an R&D tax claim under the SME scheme. The claim will be accounted for in the financial statements following receipt of the sum. The claim will reduce the amount of the potential deferred tax asset referred to above.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 99 99
Other debtors 331,572 -
VAT 15,751 6,326
347,422 6,425

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,407,763 83,415
Social security and other taxes - 3,602
Other creditors 127,177 -
Accrued expenses 82,100 46,565
1,617,040 133,582

PSIVAC LIMITED (REGISTERED NUMBER: 11835441)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
99,643 Ordinary £0.00 1 100 100
8,502 Preferred A Ordinary £0.00 1 9 7
1,859 B Ordinary £0.00 1 2 1
111 108

During the period 742 (2022 - 163) Ordinary shares were redesignated as B Ordinary shares of £0.001 each.

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 (2,400,473 ) 6,504,792 4,104,319
Deficit for the year (2,960,482 ) (2,960,482 )
Cash share issue - 1,498,398 1,498,398
At 31 March 2023 (5,360,955 ) 8,003,190 2,642,235

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Vishal Bhatt FCCA (Senior Statutory Auditor)
for and on behalf of BLS Burnells LLP

10. RELATED PARTY DISCLOSURES

Ixogen Limited, the parent company, owed the company £99 as at the balance sheet date.

11. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Ixogen Limited, a company registered in England.