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COMPANY REGISTRATION NUMBER: SC495625
Biotangents Limited
Filleted Unaudited Financial Statements
31 December 2023
Biotangents Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
4
3,897,002
3,201,781
Tangible assets
5
9,613
19,767
------------
------------
3,906,615
3,221,548
Current Assets
Stocks
54,175
Debtors
6
138,489
200,769
Cash at bank and in hand
22,808
511,902
---------
---------
215,472
712,671
Creditors: amounts falling due within one year
7
426,764
507,536
---------
---------
Net Current (Liabilities)/Assets
( 211,292)
205,135
------------
------------
Total Assets Less Current Liabilities
3,695,323
3,426,683
Creditors: amounts falling due after more than one year
8
1,768,462
949,235
------------
------------
Net Assets
1,926,861
2,477,448
------------
------------
Capital and Reserves
Called up share capital
444
436
Share premium account
4,338,693
4,230,947
Profit and loss account
( 2,412,276)
( 1,753,935)
------------
------------
Shareholders Funds
1,926,861
2,477,448
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Biotangents Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 April 2024 , and are signed on behalf of the board by:
Ms F A Marshall
Director
Company registration number: SC495625
Biotangents Limited
Notes to the Financial Statements
Year Ended 31 December 2023
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 14/15 Doherty Innovation Centre, Pentland Science Park, Bush Loan, Penicuik, EH26 0PZ, Scotland.
2. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company has made a loss for the year of £907,919 (2022 - £794,418), and has net assets of £1,926,861 (2022 - £2,477,448) as at the year end. The directors continue to adopt the going concern basis due to the the various funding sources secured / identified, as well as the sales piepline that underpins the financial projections. Therefore the directors believe that the company can continue trading for a period of at least 12 months from the date of signing these financial statements.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Lab equipment
-
33% straight line
Computer equipment
-
33% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
3. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 20 ).
4. Intangible Assets
Development costs
£
Cost
At 1 January 2023
3,201,781
Additions
695,570
Acquisitions through business combinations
( 349)
------------
At 31 December 2023
3,897,002
------------
Amortisation
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
3,897,002
------------
At 31 December 2022
3,201,781
------------
5. Tangible Assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
61,370
26,556
87,926
Additions
858
858
--------
--------
--------
At 31 December 2023
62,228
26,556
88,784
--------
--------
--------
Depreciation
At 1 January 2023
51,909
16,250
68,159
Charge for the year
6,197
4,815
11,012
--------
--------
--------
At 31 December 2023
58,106
21,065
79,171
--------
--------
--------
Carrying amount
At 31 December 2023
4,122
5,491
9,613
--------
--------
--------
At 31 December 2022
9,461
10,306
19,767
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
300
Other debtors
138,189
200,769
---------
---------
138,489
200,769
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,273
Trade creditors
240,836
418,302
Social security and other taxes
65,370
23,853
Other creditors
95,285
65,381
---------
---------
426,764
507,536
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,768,462
949,235
------------
---------
9. Controlling Party
The directors do not consider there to be an ultimate controlling party of the company.