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Registration number: 11444598

Carbometrics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

Pages for filing with Registrar

 

Carbometrics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Carbometrics Limited

Company Information

Directors

K J MacDonald

Dr A Chapman

Dr H S Destecroix

Dr C M Jones

Registered office

Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

Registered number

11444598

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Carbometrics Limited

(Registration number: 11444598)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

38,621

41,901

Tangible assets

5

105,305

87,316

Investments

6

1

1

 

143,927

129,218

Current assets

 

Debtors

7

83,326

422,578

Cash at bank and in hand

 

3,679,554

698,421

 

3,762,880

1,120,999

Creditors: Amounts falling due within one year

8

(185,383)

(212,524)

Net current assets

 

3,577,497

908,475

Net assets

 

3,721,424

1,037,693

Capital and reserves

 

Called up share capital

211

154

Share premium reserve

6,912,199

2,770,833

Profit and loss account

(3,190,986)

(1,733,294)

Total equity

 

3,721,424

1,037,693

 

Carbometrics Limited

(Registration number: 11444598)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................

Dr A Chapman
Director

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at
the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated into the respective functional currency of the entity at the rates prevailing on the
reporting period date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Foreign exchange gains and losses are taken to profit or loss and classified within Administrative
expenses.

Tax

The tax income or expense for the period comprises current and deferred tax including research and development tax credits claimed. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Plant and machinery

Straight line over 4 years

Furniture and Fittings

Straight line over 10 years

Computer equipment

Straight line over 3 years

Intangible fixed assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Patents

Straight line over 15 years

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

4

Intangible fixed assets

Trademarks, patents and licenses
 £

Cost

At 1 August 2022

49,206

At 31 July 2023

49,206

Amortisation

At 1 August 2022

7,305

Amortisation charge

3,280

At 31 July 2023

10,585

Carrying amount

At 31 July 2023

38,621

At 31 July 2022

41,901

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible fixed assets

Plant and machinery
£

Furniture and fittings
£

Computer equipment
£

Total
£

Cost

At 1 August 2022

152,876

2,009

16,723

171,608

Additions

65,437

425

1,392

67,254

At 31 July 2023

218,313

2,434

18,115

238,862

Depreciation

At 1 August 2022

68,119

787

15,386

84,292

Charge for the year

47,944

218

1,103

49,265

At 31 July 2023

116,063

1,005

16,489

133,557

Carrying amount

At 31 July 2023

102,250

1,429

1,626

105,305

At 31 July 2022

84,757

1,222

1,337

87,316

6

Investments

2023
£

2022
£

Investments

1

1

The investment represents a holding of 3.92% of the issued share capital of Emenda Therapeutics Limited, being 1,143 shares.

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

-

9,821

Other debtors

16,072

13,867

VAT

2,964

1,964

Prepayments

5,185

4,752

Corporation tax R&D credit

59,105

392,174

83,326

422,578

8

Creditors

2023
£

2022
£

Trade creditors

15,115

36,264

Social security and other taxes

10,342

-

Other creditors

9,020

45,910

Accruals and deferred income

145,750

130,350

Directors' loan accounts

5,156

-

185,383

212,524

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £0.01 each

10,028

100.28

10,028

100.28

B Ordinary of £0.01 each

5,389

53.89

5,389

53.89

Preferred Ordinary of £0.01 each

5,709

57.09

-

-

 

21,126

211

15,417

154


During the year, 5,709 Preferred Ordinary shares were issued for a total aggregate consideration of £4,141,423.

 

Carbometrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

74,303

47,380

The amount of non-cancellable operating lease payments recognised as an expense during the year was £156,972 (2022 - £169,603).

11

Post balance sheet event

On 17 October 2023, 2,854 Preferred Ordinary shares with an aggregate nominal value of £29, were issued for an aggregate consideration of £4,102,283.