REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CAMBRIDGE GAN DEVICES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CAMBRIDGE GAN DEVICES LIMITED |
CAMBRIDGE GAN DEVICES LIMITED (REGISTERED NUMBER: 10430656) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CAMBRIDGE GAN DEVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Unit 1, Cambridge House |
Camboro Business Park |
Oakington Road, Girton |
CAMBRIDGE |
Cambridgeshire |
CB3 0QH |
CAMBRIDGE GAN DEVICES LIMITED (REGISTERED NUMBER: 10430656) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAMBRIDGE GAN DEVICES LIMITED (REGISTERED NUMBER: 10430656) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Cambridge GaN Devices Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset (other than Assets Under Construction) over its estimated useful life. |
Improvements to property | - 20% on cost |
Plant and machinery | - 50% on cost and 20% on cost |
Computer equipment | - 33% on cost |
Plant and machinery - Assets Under Construction are carried at cost less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use and are reallocated into their appropriate asset category and depreciated at a rate appropriate to their final categorisation. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CAMBRIDGE GAN DEVICES LIMITED (REGISTERED NUMBER: 10430656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Payment of creditors |
The average payment terms taken with those creditors that offer credit for the payment of their costs varies according to the individual payment terms set by each creditor, with typical credit terms being, 14, 30 or End of Month. The policy of the company being that of payment to suppliers by the due date as stipulated on each supplier's bills to retain the use of credit where offered. |
Share premium account |
As the Share Premium, generated by the investments received in excess of the share nominal value, has limited uses as part of the company accounts, it is the policy to utilise the ability to allocate any allowable costs of fundraising against this balance for all historical and any future investments in the company's share capital. |
Going concern |
At the balance sheet date, the company had cash of £8.4m. Following reviews of the company's cash flow forecasts, operating plans and fundraising plans (including an expected further raise which is currently in its later stages during 2024), the directors are of the opinion that the company has adequate financial resources to continue in operational existence for the foreseeable future. |
The directors therefore are adopting the going concern basis of the preparation of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CAMBRIDGE GAN DEVICES LIMITED (REGISTERED NUMBER: 10430656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
Improvements | - Assets |
to | Plant and | Under | Computer |
property | machinery | Construction | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
CAMBRIDGE GAN DEVICES LIMITED (REGISTERED NUMBER: 10430656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid |
Number |
Class |
Nominal Value |
2023 |
2022 |
£ | £ |
2,214,941 | Ordinary | 0.01p | 222 | 218 |
4,723,359 | A Ordinary | 0.01p | 472 | 472 |
154,188 | Growth | 0.01p | 15 | 13 |
1,066 | Deferred | 0.01p | - | - |
709 | 703 |
During the year |
31,967 Ordinary shares were issued for cash at 1p per share. |
26,685 Growth shares were issued for cash at 1p per share. |
During the year 31,967 EMI share options were exercised, 47,033 options lapsed and 188,019 were granted with an exercise price of 1p. 4,800 unapproved share options lapsed and 27,500 were granted with an exercise price of 1p. |
At the year end the total share options held were 479,157 (2022: 370,138) EMI options and 137,500 (2022: 114,800) unapproved options. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
As at the date of approval of these financial statements, there is insufficient cash to provide a full year of operations without the need to obtain further funding. |
The directors are aware of this and are actively seeking funding, with discussions ongoing as at the date of approval, for a funding round to be completed before the end of the 2024 calendar year. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
There are no material related party transactions which were not concluded under normal market conditions. |
11. | ULTIMATE CONTROLLING PARTY |
As at the balance sheet date there is no single ultimate controlling party. |