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REGISTERED NUMBER: 10430656 (England and Wales)
















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: G Longobardi
Parkwalk Advisors Limited
P R Hutton
IQ Capital Directors Nominees Limited
D Atkinson
I Lane
F Udrea





REGISTERED OFFICE: Jeffreys Building, Suite 8
St Johns Innovation Park
Cowley Road
CAMBRIDGE
Cambridgeshire
CB4 0DS





REGISTERED NUMBER: 10430656 (England and Wales)





AUDITORS: Staffords
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 4 724,034 570,872

CURRENT ASSETS
Stocks 72,634 222,703
Debtors 5 1,554,717 1,189,618
Cash at bank 8,416,179 15,156,606
10,043,530 16,568,927
CREDITORS
Amounts falling due within one year 6 671,208 651,465
NET CURRENT ASSETS 9,372,322 15,917,462
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,096,356

16,488,334

CAPITAL AND RESERVES
Called up share capital 8 709 703
Share premium 23,770,793 23,770,212
Retained earnings (13,675,146 ) (7,282,581 )
SHAREHOLDERS' FUNDS 10,096,356 16,488,334

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

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 1 August 2024 and were signed on its behalf by:





P R Hutton - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 40 (2022 - 28 ) .

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 98,210 444,513 35,136 119,571 697,430
Additions 1,322 332,438 37,847 26,379 397,986
Disposals - - (30,047 ) (749 ) (30,796 )
At 31 December 2023 99,532 776,951 42,936 145,201 1,064,620
DEPRECIATION
At 1 January 2023 4,911 94,802 - 26,845 126,558
Charge for year 19,686 161,468 - 33,049 214,203
Eliminated on disposal - - - (175 ) (175 )
At 31 December 2023 24,597 256,270 - 59,719 340,586
NET BOOK VALUE
At 31 December 2023 74,935 520,681 42,936 85,482 724,034
At 31 December 2022 93,299 349,711 35,136 92,726 570,872

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,620 984
Other debtors 1,553,097 1,188,634
1,554,717 1,189,618

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 236,593 203,582
Other creditors 434,615 447,883
671,208 651,465

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 151,185 128,500
Between one and five years 300,191 180,000
451,376 308,500

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.

Steven Ellis MA FCA (Senior Statutory Auditor)
for and on behalf of Staffords

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.