REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
FOR |
NEXUS BIOQUEST LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
FOR |
NEXUS BIOQUEST LIMITED |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NEXUS BIOQUEST LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
2 Oakfield Road |
Clifton |
Bristol |
BS8 2AL |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Nexus Bioquest Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered net of discounts and rebates allowed by the Company and value added taxes. |
The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the Company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity, (e) when the specific criteria relating to the each of Company's sales channels have been met, as described below: |
(i) Sale of services |
The Company provides pharmaceutical research services to its customers in exchange for a fee which is generally dependent on the resource dedicated to the project and charged at a certain rate per full time equivalent (FTE) employee per year. Revenue on such contracts is recognised as the services are rendered. The Company also receives milestone payments, these are recognised as revenue when achieved. In other cases, the Company performs research services on a fixed price basis. In this case, turnover is recognised as work is performed using the percentage of completion method, as measured by costs incurred to date compared to estimated total costs at completion. |
The timing of revenue recognition, billings and cash collections results in contract assets (unbilled revenue), and contract liabilities (current and long-term deferred revenue and customer contract deposits) on the balance sheet. A contract asset is recorded when a right to consideration in exchange for goods or services transferred to a customer is conditioned other than passage of time. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract. Contract liabilities are recognised aa revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met. |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
Additions |
At 30 September 2023 |
DEPRECIATION |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
5. | STOCKS |
£ |
Consumables | 33,137 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
VAT |
Prepayments |
The directors have chosen not to recognise a portion of the deferred tax asset related to available tax losses at this time. This decision is based on a conservative approach given recent losses experienced by the Company. |
The decision not to recognise the deferred tax asset is not indicative of a lack of confidence in the Company's future profitability. On the contrary, the directors express confidence in the Company's ability to achieve sustained profits in the future. This decision aligns with a cautious approach, recognising the unpredictability inherent in business environments. |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £0.01 | 2,081 |
Pre-seed ordinary | £0.01 | 8,174 |
Seed ordinary | £0.01 | 14,862 |
25,117 |
The following fully paid shares were allotted during the period at a premium as shown below: |
208,061 Ordinary shares of £0.01 each at 66p per share |
817,382 Pre-seed ordinary shares of £0.01 each at 66p per share |
1,486,153 Seed ordinary shares of £0.01 each at £2.44 per share |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
NEXUS BIOQUEST LIMITED (REGISTERED NUMBER: 14131243) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 25 MAY 2022 TO 30 SEPTEMBER 2023 |
11. | RELATED PARTY DISCLOSURES |
During the period ended 30th September 2023, the Company entered into an agreement with £ |
Conditor Capital Management is considered a related party due to the commonality of directors serving on the boards of both Nexus BioQuest Limited and Conditor Capital Management. |
12. | ULTIMATE CONTROLLING PARTY |