Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3162023-04-01falseNo description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10685524 2023-04-01 2024-03-31 10685524 2022-04-01 2023-03-31 10685524 2024-03-31 10685524 2023-03-31 10685524 c:Director2 2023-04-01 2024-03-31 10685524 d:PlantMachinery 2023-04-01 2024-03-31 10685524 d:PlantMachinery 2024-03-31 10685524 d:PlantMachinery 2023-03-31 10685524 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10685524 d:ComputerEquipment 2023-04-01 2024-03-31 10685524 d:ComputerEquipment 2024-03-31 10685524 d:ComputerEquipment 2023-03-31 10685524 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10685524 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10685524 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 10685524 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 10685524 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 10685524 d:CurrentFinancialInstruments 2024-03-31 10685524 d:CurrentFinancialInstruments 2023-03-31 10685524 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10685524 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10685524 d:ShareCapital 2024-03-31 10685524 d:ShareCapital 2023-03-31 10685524 d:SharePremium 2024-03-31 10685524 d:SharePremium 2023-03-31 10685524 d:RetainedEarningsAccumulatedLosses 2024-03-31 10685524 d:RetainedEarningsAccumulatedLosses 2023-03-31 10685524 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10685524 c:OrdinaryShareClass1 2024-03-31 10685524 c:OrdinaryShareClass1 2023-03-31 10685524 c:FRS102 2023-04-01 2024-03-31 10685524 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10685524 c:FullAccounts 2023-04-01 2024-03-31 10685524 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10685524 d:WithinOneYear 2024-03-31 10685524 d:WithinOneYear 2023-03-31 10685524 d:BetweenOneFiveYears 2024-03-31 10685524 d:BetweenOneFiveYears 2023-03-31 10685524 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 10685524 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10685524










RENOVOS BIOLOGICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
RENOVOS BIOLOGICS LIMITED
REGISTERED NUMBER: 10685524

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,085
8,502

Tangible assets
 5 
1,885
3,896

  
8,970
12,398

Current assets
  

Debtors: amounts falling due within one year
 6 
39,021
45,115

Cash at bank and in hand
 7 
646,676
15,828

  
685,697
60,943

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(15,612)
(13,780)

Net current assets
  
 
 
670,085
 
 
47,163

Net assets
  
679,055
59,561


Capital and reserves
  

Called up share capital 
 9 
37
28

Share premium account
  
1,492,918
728,603

Profit and loss account
  
(813,900)
(669,070)

  
679,055
59,561


Page 1

 
RENOVOS BIOLOGICS LIMITED
REGISTERED NUMBER: 10685524

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 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: 




J A Otter
Director

Date: 8 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
RENOVOS BIOLOGICS LIMITED
 

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

1.


General information

Renovos Biologics Limited is a private company, limited by shares and incorporated in England & Wales. The registered office and principal place of business is The Catalyst Centre 2 Venture Road, Southampton Science Park, Chilworth, Southampton, SO16 7NP.

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

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.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 3

 
RENOVOS BIOLOGICS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 Amortisation is provided on the following bases:

Product development
-
10%
per annum

 
2.8

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:

Laboratory equipment
-
20%
per annum
Computer equipment
-
20%
per annum

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.

Page 4

 
RENOVOS BIOLOGICS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Financial instruments

Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 4).


4.


Intangible assets




Product development

£



Cost


At 1 April 2023
14,170



At 31 March 2024

14,170



Amortisation


At 1 April 2023
5,668


Charge for the year on owned assets
1,417



At 31 March 2024

7,085



Net book value



At 31 March 2024
7,085



At 31 March 2023
8,502



Page 5

 
RENOVOS BIOLOGICS LIMITED
 

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

5.


Tangible fixed assets





Laboratory equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
53,655
776
54,431


Additions
-
2,010
2,010



At 31 March 2024

53,655
2,786
56,441



Depreciation


At 1 April 2023
49,818
717
50,535


Charge for the year on owned assets
3,837
184
4,021



At 31 March 2024

53,655
901
54,556



Net book value



At 31 March 2024
-
1,885
1,885



At 31 March 2023
3,837
59
3,896


6.


Debtors: amounts falling due within one year

2024
2023
£
£


Other debtors
9,815
6,113

Prepayments and accrued income
-
5,999

Tax recoverable
29,206
33,003

39,021
45,115



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
646,676
15,828


Page 6

 
RENOVOS BIOLOGICS LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
750
6,040

Other taxation and social security
7,153
2,971

Other creditors
2,709
769

Accruals and deferred income
5,000
4,000

15,612
13,780



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



368,072 (2023 - 284,448) Ordinary shares of £0.0001 each
37
28


During the year, 83,624 Ordinary shares with a nominal value of £0.0001 were issued for a total consideration of £764,324.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,169 (2023: £5,220). Contributions totalling £2,585 (2023: £53) were payable to the fund at the balance sheet date and are included in other creditors.


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
983
5,896

Later than 1 year and not later than 5 years
-
983

983
6,879


Page 7