Company registration number 12284441 (England and Wales)
MEVOX LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MEVOX LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
MEVOX LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
4,090
262,287
Cash at bank and in hand
183,652
526,256
187,742
788,543
Creditors: amounts falling due within one year
5
(101,967)
(185,639)
Net current assets
85,775
602,904
Capital and reserves
Called up share capital
7
15
15
Share premium account
2,359,603
2,359,603
Profit and loss reserves
(2,273,843)
(1,756,714)
Total equity
85,775
602,904

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Dr G B E Stewart-Jones
Director
Company registration number 12284441 (England and Wales)
MEVOX LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2021
15
2,359,603
(796,967)
1,562,651
Year ended 31 October 2022:
Loss and total comprehensive income
-
-
(959,747)
(959,747)
Balance at 31 October 2022
15
2,359,603
(1,756,714)
602,904
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
(517,129)
(517,129)
Balance at 31 October 2023
15
2,359,603
(2,273,843)
85,775
MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Mevox Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Victory House, Vision Park, Chivers Way, Histon, Cambridge, CB24 9ZR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 balance sheet 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
259,136
Other debtors
4,090
3,151
4,090
262,287
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,687
3,568
Other creditors
48,280
182,071
101,967
185,639
6
Share-based payment transactions

Certain consultants of the Company hold options to subscribe for shares in the Company under a Share Option Plan dated 31 March 2021.

 

The scheme is open, by invitation only. Participants are granted share options in the Company which contain vesting conditions.

 

These are subject to the achievement of individual employee and company performance criteria as determined by the Board.

 

The vesting period varies by award and the conditions approved by the Board. Options are usually forfeited if the employee leaves the Company before the options vest.

 

Total share options outstanding have a exercise prices of £0.43 per option and the weighted average time to vest is 4 years.

 

The total charge for the year relating to employee share-based payment plans is £nil.

Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 November
24,050
-
0
0.43
-
0
Granted
69,500
24,050
0.41
0.43
Outstanding at 31 October
93,550
24,050
0.41
0.43
Exercisable at 31 October
13,991
7,057
0.43
0.43
MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Share-based payment transactions
(Continued)
- 7 -

The options outstanding at 31 October 2023 had an exercise price of £0.41, and a remaining contractual life of 4 years.

 

During the year to 31 October 2023, there was 2 issues of share options awarded. Details of these awards are provided below.

 

Share options totalling 65,000 were granted on 6 June 2023 to employees of the Company with an exercise price of £0.41.

 

Share options totalling 4,500 were granted on 15 August 2023 to employees of the Company with an exercise price of £0.41.

 

Liability and expenses

 

During the year, the company recognised total share-based payment expenses of £nil (2022 - £nil) which related to equity settled share based payment transactions.

MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.001p each
880,000
880,000
9
9
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Series A Shares of 0.001p each
550,000
550,000
6
6
Preference shares classified as equity
6
6
Total equity share capital
15
15

The Series A shares rank pari passu to Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

 

MEVOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Related party transactions

Global Vaccine Consultancy is a related party by virtue of having common shareholders. During the year Mevox Limited incurred costs for services rendered of £12,996 (2022 - £195,885). At the year end the company accrued costs amounting to £nil (2022 - £867), with £nil (2022 - £nil) owed to Global Vaccine Consultancy.

 

Mr K Kelley is a related party by virtue of being a director of the company. During the year Mevox Limited incurred costs for services rendered of £59,298. At the end of the year £nil was owed to Mr K Kelley.

 

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