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Registered number: 11093861









LIMBIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LIMBIC LIMITED
REGISTERED NUMBER: 11093861

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
12,644
10,683

  
12,644
10,683

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
547,655
277,449

Cash at bank and in hand
  
7,448,293
3,810,791

  
7,995,948
4,088,240

Creditors: amounts falling due within one year
 6 
(1,105,554)
(518,179)

NET CURRENT ASSETS
  
 
 
6,890,394
 
 
3,570,061

TOTAL ASSETS LESS CURRENT LIABILITIES
  
6,903,038
3,580,744

  

NET ASSETS
  
6,903,038
3,580,744


CAPITAL AND RESERVES
  

Called up share capital 
 7 
166
144

Share premium account
  
11,214,973
5,729,103

Profit and loss account
  
(4,312,101)
(2,148,503)

  
6,903,038
3,580,744


Page 1

 
LIMBIC LIMITED
REGISTERED NUMBER: 11093861
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 R Harper
Director

Date: 28 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LIMBIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Limbic Limited ss a private company limited by shares and incorporated in England and Wales. Its registered office address is Kemp House, 160 City Road, London, EC1V 2NX.

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 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received, together with development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the forseeable future and therefore continue to adopt the going concern basis.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue 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. 

 
2.4

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.

Page 3

 
LIMBIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

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
-
3 years straight line
Computer equipment
-
3 years 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.

 
2.5

DEBTORS

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

 
2.6

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.

 
2.7

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 4

 
LIMBIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.9

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

 
LIMBIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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.

 
2.11

RESEARCH AND DEVELOPMENT

Research and development costs are written off to the Profit and Loss Account in the period in which they are incurred.


3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 18 (2022 - 10).

Page 6

 
LIMBIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Office equipment
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 January 2023
1,154
15,637
16,791


Additions
-
7,649
7,649


Disposals
-
(2,833)
(2,833)



At 31 December 2023

1,154
20,453
21,607



DEPRECIATION


At 1 January 2023
321
5,787
6,108


Charge for the year on owned assets
384
5,304
5,688


Disposals
-
(2,833)
(2,833)



At 31 December 2023

705
8,258
8,963



NET BOOK VALUE



At 31 December 2023
449
12,195
12,644



At 31 December 2022
833
9,850
10,683

Page 7

 
LIMBIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


DEBTORS

2023
2022
£
£


Trade debtors
331,817
104,024

Other debtors
160,494
105,819

Prepayments and accrued income
55,344
67,606

547,655
277,449



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
53,105
58,313

Other taxation and social security
98,498
9,932

Other creditors
21,361
6,642

Accruals and deferred income
932,590
443,292

1,105,554
518,179


Other creditors include contributions of £19,966 (2022 - £4,464) payable to the Company's defined contribution pension scheme at the balance sheet date.
Other loans represents advance subscriptions received from investors. These converted to equity as the result of a qualifying financing event as outlined by the agreements.


7.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



826,253 (2022 - 826,253) Ordinary shares of £0.0001 each
82.63
82.63
342,735 (2022 - 342,735) A Ordinary shares of £0.0001 each
34.27
34.27
492,899 (2022 - 269,324) Series A shares of £0.0001 each
49.29
26.93

166.19

143.83


On 22 December 2023, the company issued 223,575 Series A shares of  £0.0001 at $31.31 (USD) per share.

 
Page 8