Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-3102023-04-01falseproviding AI supported dermatology solutionstrue42true 07919560 2023-04-01 2024-03-31 07919560 2022-04-01 2023-03-31 07919560 2024-03-31 07919560 2023-03-31 07919560 c:Director2 2023-04-01 2024-03-31 07919560 d:OfficeEquipment 2023-04-01 2024-03-31 07919560 d:ComputerEquipment 2023-04-01 2024-03-31 07919560 d:ComputerEquipment 2024-03-31 07919560 d:ComputerEquipment 2023-03-31 07919560 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07919560 d:CurrentFinancialInstruments 2024-03-31 07919560 d:CurrentFinancialInstruments 2023-03-31 07919560 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07919560 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07919560 d:ShareCapital 2024-03-31 07919560 d:ShareCapital 2023-03-31 07919560 d:SharePremium 2024-03-31 07919560 d:SharePremium 2023-03-31 07919560 d:RetainedEarningsAccumulatedLosses 2024-03-31 07919560 d:RetainedEarningsAccumulatedLosses 2023-03-31 07919560 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07919560 c:OrdinaryShareClass1 2024-03-31 07919560 c:OrdinaryShareClass1 2023-03-31 07919560 c:OrdinaryShareClass2 2023-04-01 2024-03-31 07919560 c:OrdinaryShareClass2 2024-03-31 07919560 c:OrdinaryShareClass2 2023-03-31 07919560 c:OrdinaryShareClass3 2023-04-01 2024-03-31 07919560 c:OrdinaryShareClass3 2024-03-31 07919560 c:OrdinaryShareClass3 2023-03-31 07919560 c:OrdinaryShareClass4 2023-04-01 2024-03-31 07919560 c:OrdinaryShareClass4 2024-03-31 07919560 c:OrdinaryShareClass4 2023-03-31 07919560 c:FRS102 2023-04-01 2024-03-31 07919560 c:Audited 2023-04-01 2024-03-31 07919560 c:FullAccounts 2023-04-01 2024-03-31 07919560 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07919560 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07919560 c:Consolidated 2024-03-31 07919560 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 07919560 2 2023-04-01 2024-03-31 07919560 6 2023-04-01 2024-03-31 07919560 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07919560









SKIN ANALYTICS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SKIN ANALYTICS LIMITED
REGISTERED NUMBER: 07919560

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Intangible assets
 5 
7
7

Tangible assets
 6 
38,590
23,568

  
38,597
23,575

CURRENT ASSETS
  

Stocks
  
18,515
81,777

Debtors: amounts falling due within one year
 8 
1,987,784
2,217,633

Cash at bank and in hand
  
1,557,238
1,688,684

  
3,563,537
3,988,094

Creditors: amounts falling due within one year
 9 
(3,897,819)
(1,680,393)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(334,282)
 
 
2,307,701

NET (LIABILITIES)/ASSETS
  
(295,685)
2,331,276


CAPITAL AND RESERVES
  

Called up share capital 
 10 
5
5

Share premium account
  
13,837,563
13,837,563

Foreign exchange reserve
  
735
1,798

Profit and loss account
  
(14,133,988)
(11,508,090)

  
(295,685)
2,331,276


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Daly
Director
Date: 2 August 2024

The notes on pages 5 to 14 form part of these financial statements.
Page 1

 
SKIN ANALYTICS LIMITED
REGISTERED NUMBER: 07919560
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Page 2

 
SKIN ANALYTICS LIMITED
REGISTERED NUMBER: 07919560

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Intangible assets
 5 
7
7

Tangible assets
 6 
38,590
23,568

Investments
 7 
8
8

  
38,605
23,583

CURRENT ASSETS
  

Stocks
  
18,515
81,777

Debtors: amounts falling due within one year
 8 
1,987,390
2,212,203

Cash at bank and in hand
  
1,549,510
1,684,148

  
3,555,415
3,978,128

Creditors: amounts falling due within one year
 9 
(3,914,641)
(1,697,721)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(359,226)
 
 
2,280,407

  

  

NET (LIABILITIES)/ASSETS
  
(320,621)
2,303,990


CAPITAL AND RESERVES
  

Called up share capital 
 10 
5
5

Share premium account
  
13,837,563
13,837,563

Profit and loss account
  
(14,158,189)
(11,533,578)

  
(320,621)
2,303,990


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

Page 3

 
SKIN ANALYTICS LIMITED
REGISTERED NUMBER: 07919560
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





N Daly
Director

Date: 2 August 2024

The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Skin Analytics Limited is a private limited company incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.  Its principal place of business is 4th Floor, Kingsbourne House, 229-231 High Holborn, London, WC1V 7DN.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

GOING CONCERN

The Group made a loss of £2,625,898 for the year and had net liabilities of £295,685 at 31 March 2024. The directors have considered the Group's obligations, not only to its shareholders, but also to its employees and other creditors as a whole.  
Management have prepared detailed forecasts for the parent Company, and its subsidiaries, with consideration given to the current macroeconomic conditions. These forecasts show that the Group and Company will not be able to operate without the need for additional funding for a period of at least 12 months from the date of approval of the financial statements. The Parent Company when required will enter into discussions with new and existing investors and the directors believe that the most likely outcome is that the Parent Company will raise funding which will allow the Group and Parent Company to operate for a period of at least 12 months from the date of approval of the financial statements. However as this additional funding is not yet secured the directors have concluded that a material uncertainty exists over the appropriateness to prepare the financial statements on a going concern basis.

Page 5

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

TURNOVER

Turnover comprises the fair value of the consideration received or receivable for the provision of AI supported dermatology solutions. Turnover is shown exclusive of Value Added Tax. 
Turnover is recognised in line with the terms of the contract.  For the majority of the public sector contracts this on a straight line basis over the period of the contact.  For contracts with private healthcare providers revenue is recognised based on the number of cases processed.  There are two contracts where turnover is recognised on a percentage completion basis based on costs incurred to date compared to budgeted costs.

 
2.6

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 6

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.11

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 7

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, the directors are required to make significant judgements, estimates and assumptions in particular in relation to revenue recognition policies.  The estimates and associated assumptions are based on the directors knowledge and experience of the contracts that are in place.  Although these estimates are based on management's best knowledge of the amounts and events, actual results ultimately may differ from those estimates. 
As detailed in note 2.5 different revenue contracts are accounted for differently dependent upon the nature of the contract and the individual deliverables of the contract.  This has resulted in the majority of the public sector contracts being recognised on a straight line basis over the period of the contract.  For contracts with private healthcare providers revenue is recognised based on the number of cases processed.  There are two contracts that finished during the year where turnover was recognised on a percentage completion basis based on costs incurred to date compared to budgeted costs.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 44 (2023 - 42).


5.


INTANGIBLE ASSETS

Group and Company





Intellectual property

£



COST


At 1 April 2023
7



At 31 March 2024

7






NET BOOK VALUE



At 31 March 2024
7



At 31 March 2023
7



Page 9

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


TANGIBLE FIXED ASSETS

Group






Office equipment
Computer equipment
Total

£
£
£



COST


At 1 April 2023
12,540
55,211
67,751


Additions
-
34,492
34,492


Disposals
-
(20,975)
(20,975)



At 31 March 2024

12,540
68,728
81,268



DEPRECIATION


At 1 April 2023
12,540
31,643
44,183


Charge for the year on owned assets
-
14,788
14,788


Disposals
-
(16,293)
(16,293)



At 31 March 2024

12,540
30,138
42,678



NET BOOK VALUE



At 31 March 2024
-
38,590
38,590



At 31 March 2023
-
23,568
23,568

Page 10

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           6.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Computer equipment

£

COST


At 1 April 2023
54,621


Additions
34,492


Disposals
(20,975)



At 31 March 2024

68,138



DEPRECIATION


At 1 April 2023
31,053


Charge for the year on owned assets
14,788


Disposals
(16,293)



At 31 March 2024

29,548



NET BOOK VALUE



At 31 March 2024
38,590



At 31 March 2023
23,568






Page 11

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 April 2023
8



At 31 March 2024
8






8.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,815,599
1,626,994
1,815,599
1,626,994

Other debtors
15,394
32,391
15,000
26,961

Prepayments and accrued income
139,263
107,247
139,263
107,247

Tax recoverable
17,528
451,001
17,528
451,001

1,987,784
2,217,633
1,987,390
2,212,203



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
311,478
135,340
311,478
132,875

Amounts owed to group undertakings
-
-
18,298
32,316

Other taxation and social security
578,172
237,113
578,172
237,113

Other creditors
33,414
30,814
31,938
18,291

Accruals and deferred income
2,974,755
1,277,126
2,974,755
1,277,126

3,897,819
1,680,393
3,914,641
1,697,721


Included within other creditors are amounts due to defined contribution pension schemes of £28,731 (2023 - £18,006).

Page 12

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



23,000,116 (2023 - 22,791,691) A Ordinary shares of - £0.0000001 each
2.30
2.28
353,678 (2023 - 353,678) B Investment shares of - £0.0000001 each
0.04
0.04
25,066,261 (2023 - 25,066,261) Series A1 shares of - £0.0000001 each
2.51
2.51
3,307,799 (2023 - 3,307,799) Series A2 shares of - £0.0000001 each
0.33
0.33

5.18

5.16


On 25 April 2023, 208,425 A Ordinary shares of £0.0000001 were issued at par.


11.


EQUITY-SETTLED SHARE-BASED PAYMENT ARRANGEMENTS

SHARE OPTIONS
The Company has a share option scheme over the A Ordinary shares for certain employees.  Share options are exercisable at prices determined at the date of grant. During the year 1,774,583 (2023 -  401,095) options were granted, 115,690 (2023 - 418,392) lapsed and 144,718 (2022 - Nil) were cancelled.  At 31 March 2024 the Company had 5,067,024 (2023 - 3,552,849)  outstanding options over the A Ordinary shares.
No charge has been recognised in respect of these options under FRS 102 section 26 as the value is deemed to be immaterial.
WARRANTS
In September 2022 the Company granted 275,000 warrants for Series A1 shares at an exercise price of £0.457. The warrants are exercisable immediately and have a contractual life of 10 years from the date of grant after which they expire if unexercised. No further warrants have been issued this year.


12.OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £63,000 (2023 - £75,000).

Page 13

 
SKIN ANALYTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.3 in the financial statements, which indicates that the Group and Parent Company will not be able to operate without the need for additional funding for a period of at least 12 months from the date of approval of the financial statements. The Parent Company when required will enter into discussions with new and existing investors and the Directors believe that the most likely outcome is that the Parent Company will raise funding which will allow the Group and Parent Company to operate for a period of at least 12 months from the date of approval of the financial statements. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern.

The audit report was signed on 2 August 2024 by Kelly Bretherick (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.


 
Page 14