Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01scientific and technical activitiestrue49true48The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07986624 2023-04-01 2024-03-31 07986624 2022-02-01 2023-03-31 07986624 2024-03-31 07986624 2023-03-31 07986624 c:Director8 2023-04-01 2024-03-31 07986624 d:FurnitureFittings 2023-04-01 2024-03-31 07986624 d:FurnitureFittings 2024-03-31 07986624 d:FurnitureFittings 2023-03-31 07986624 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07986624 d:OfficeEquipment 2023-04-01 2024-03-31 07986624 d:OfficeEquipment 2024-03-31 07986624 d:OfficeEquipment 2023-03-31 07986624 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07986624 d:ComputerEquipment 2023-04-01 2024-03-31 07986624 d:ComputerEquipment 2024-03-31 07986624 d:ComputerEquipment 2023-03-31 07986624 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07986624 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07986624 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 07986624 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 07986624 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 07986624 d:CurrentFinancialInstruments 2024-03-31 07986624 d:CurrentFinancialInstruments 2023-03-31 07986624 d:Non-currentFinancialInstruments 2024-03-31 07986624 d:Non-currentFinancialInstruments 2023-03-31 07986624 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07986624 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07986624 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07986624 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07986624 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 07986624 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07986624 d:ShareCapital 2024-03-31 07986624 d:ShareCapital 2023-03-31 07986624 d:SharePremium 2024-03-31 07986624 d:SharePremium 2023-03-31 07986624 d:OtherMiscellaneousReserve 2024-03-31 07986624 d:OtherMiscellaneousReserve 2023-03-31 07986624 d:RetainedEarningsAccumulatedLosses 2024-03-31 07986624 d:RetainedEarningsAccumulatedLosses 2023-03-31 07986624 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07986624 c:OrdinaryShareClass1 2024-03-31 07986624 c:OrdinaryShareClass1 2023-03-31 07986624 c:OrdinaryShareClass2 2023-04-01 2024-03-31 07986624 c:OrdinaryShareClass2 2024-03-31 07986624 c:OrdinaryShareClass2 2023-03-31 07986624 c:OrdinaryShareClass3 2023-04-01 2024-03-31 07986624 c:OrdinaryShareClass3 2024-03-31 07986624 c:FRS102 2023-04-01 2024-03-31 07986624 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07986624 c:FullAccounts 2023-04-01 2024-03-31 07986624 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07986624 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-04-01 2024-03-31 07986624 6 2023-04-01 2024-03-31 07986624 13 2023-04-01 2024-03-31 07986624 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07986624 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07986624









CYDAR LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CYDAR LIMITED
REGISTERED NUMBER: 07986624

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
34,975
31,500

Tangible assets
 5 
42,588
65,372

Investments
 6 
33,591
32,384

  
111,154
129,256

CURRENT ASSETS
  

Stocks
  
105,241
164,970

Debtors: amounts falling due after more than one year
 7 
3,404,696
3,203,797

Debtors: amounts falling due within one year
 7 
1,292,258
1,446,092

Cash at bank and in hand
  
3,907,741
2,938,699

  
8,709,936
7,753,558

Creditors: amounts falling due within one year
 8 
(880,816)
(691,582)

NET CURRENT ASSETS
  
 
 
7,829,120
 
 
7,061,976

TOTAL ASSETS LESS CURRENT LIABILITIES
  
7,940,274
7,191,232

Creditors: amounts falling due after more than one year
  
(4,455,625)
-

  

NET ASSETS
  
3,484,649
7,191,232


CAPITAL AND RESERVES
  

Called up share capital 
 11 
77
74

Share premium account
  
30,172,899
28,264,206

Other reserves
  
705,873
659,405

Profit and loss account
  
(27,394,200)
(21,732,453)

  
3,484,649
7,191,232


Page 1

 
CYDAR LIMITED
REGISTERED NUMBER: 07986624
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 profit and loss account 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: 




Dr P Mussenden
Director

Date: 6 August 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

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

1.


GENERAL INFORMATION

Cydar Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is address is 20 Station Road, Cambridgeshire, CB1 2JD.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis. In making this assessment the directors have considered the adequacy of the Company's financial resources at the time of approving the financial statements, noting the cash held and the cost base of the Company. 
The Company incurred a net loss of £5,660,073 (2023 - £,5,273,719) and had net assets of £3,484,649 (2023 - net assets of £7,191,232), as a result of fundraising rounds completed in the period. 
The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Whilst the current fundraising environment is difficult, based on the investment received and progress achieved with both product development and commercial expansion, the directors are satisfied, with the continuing support of its shareholders and investors, the Company will continue to have sufficient resources to meet its liabilities as they fall due. Accordingly the directors remain comfortable with their assessment of going concern.

Page 3

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES

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

Page 4

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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.

 
2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 5

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

SHARE-BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
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 operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

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

2.ACCOUNTING POLICIES (CONTINUED)

 
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.

 The estimated useful lives range as follows:

Patents
-
33% straight-line

 
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:

Fixtures and fittings
-
33%
straight-line
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.

Page 7

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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.

 
2.18

CONVERTIBLE DEBT

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 48 (2023 - 49).

Page 8

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

4.


INTANGIBLE ASSETS




Patents

£



COST


At 1 April 2023
379,660


Additions
34,863



At 31 March 2024

414,523



AMORTISATION


At 1 April 2023
348,160


Charge for the year on owned assets
31,388



At 31 March 2024

379,548



NET BOOK VALUE



At 31 March 2024
34,975



At 31 March 2023
31,500



Page 9

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

5.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 April 2023
78,948
38,083
326,865
443,896


Additions
-
-
9,887
9,887



At 31 March 2024

78,948
38,083
336,752
453,783



DEPRECIATION


At 1 April 2023
78,948
38,027
261,549
378,524


Charge for the year on owned assets
-
43
32,628
32,671



At 31 March 2024

78,948
38,070
294,177
411,195



NET BOOK VALUE



At 31 March 2024
-
13
42,575
42,588



At 31 March 2023
-
56
65,316
65,372


6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 April 2023
32,384


Additions
1,207



At 31 March 2024
33,591



NET BOOK VALUE



At 31 March 2024
33,591



At 31 March 2023
32,384

Page 10

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

7.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Amounts owed by group undertakings
3,404,696
3,203,797

3,404,696
3,203,797


2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
117,872
264,481

Other debtors
1,055,425
1,013,745

Prepayments and accrued income
118,961
167,866

1,292,258
1,446,092



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
73,895
56,660

Other taxation and social security
139,682
112,028

Other creditors
22,506
24,735

Accruals and deferred income
644,733
498,159

880,816
691,582


Other creditors include contributions of £24,670 (2023 - £23,061) payable to the Company's defined contribution pension scheme at the balance sheet date.


9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Other loans
4,455,625
-

4,455,625
-


Page 11

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

10.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£



AMOUNTS FALLING DUE 2-5 YEARS

Other loans
4,455,625
-


4,455,625
-


4,455,625
-



11.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



718,119 (2023 - 711,196) Ordinary shares of £0.0001 each
71
71
25,555 (2023 - 25,555) Hurdle shares of £0.0001 each
3
3
19,038 (2023 - NIL ) Hurdle A shares of £0.0001 each
2
-

76

74

ALLOTTED, CALLED UP AND PARTLY PAID



9,390 (2023 - NIL ) Hurdle A shares of £0.0001 each
1
-


During the period the company issued:
- 2,163 Ordinary shares of £0.0001 each on 31 May 2023 at a rate of £57.78 per share.
- 2,163 Ordinary shares of £0.0001 each on 13 June 2023 at a rate of £5.78 per share.
- 28,428 Hurdle A shares of £0.0001 each on 26 April 2023 at a rate of £57.78 per share
- 2,597 Ordinary shares of £0.0001 each on 15 June 2023 at a rate of £57.78 per share.
Amounts received from the allotments above in excess of the nominal value have been recorded in share premium.

 
Page 12