Acorah Software Products - Accounts Production 15.0.600 false true true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 08898572 Berwyn Clarke Geoffrey Gower Thomas Green Alexandra Reid Marie Roskrow Jane Theaker Jonathan Yewdall iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08898572 2023-02-28 08898572 2024-02-29 08898572 2023-03-01 2024-02-29 08898572 frs-core:CurrentFinancialInstruments 2024-02-29 08898572 frs-core:Non-currentFinancialInstruments 2024-02-29 08898572 frs-core:ComputerEquipment 2024-02-29 08898572 frs-core:ComputerEquipment 2023-03-01 2024-02-29 08898572 frs-core:ComputerEquipment 2023-02-28 08898572 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 08898572 frs-core:OtherResidualIntangibleAssets 2024-02-29 08898572 frs-core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 08898572 frs-core:OtherResidualIntangibleAssets 2023-02-28 08898572 frs-core:PlantMachinery 2024-02-29 08898572 frs-core:PlantMachinery 2023-03-01 2024-02-29 08898572 frs-core:PlantMachinery 2023-02-28 08898572 frs-core:OtherReservesSubtotal 2024-02-29 08898572 frs-core:SharePremium 2024-02-29 08898572 frs-core:ShareCapital 2024-02-29 08898572 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 08898572 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08898572 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 08898572 frs-bus:SmallEntities 2023-03-01 2024-02-29 08898572 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08898572 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 08898572 frs-core:UnlistedNon-exchangeTraded 2024-02-29 08898572 frs-core:UnlistedNon-exchangeTraded 2023-02-28 08898572 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-02-28 08898572 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-02-29 08898572 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-02-28 08898572 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 08898572 frs-bus:Director1 2023-03-01 2024-02-29 08898572 frs-bus:Director2 2023-03-01 2024-02-29 08898572 frs-bus:Director3 2023-03-01 2024-02-29 08898572 frs-bus:Director4 2023-03-01 2024-02-29 08898572 frs-bus:Director5 2023-03-01 2024-02-29 08898572 frs-bus:Director6 2023-03-01 2024-02-29 08898572 frs-bus:Director7 2023-03-01 2024-02-29 08898572 frs-countries:EnglandWales 2023-03-01 2024-02-29 08898572 2022-02-28 08898572 2023-02-28 08898572 2022-03-01 2023-02-28 08898572 frs-core:CurrentFinancialInstruments 2023-02-28 08898572 frs-core:Non-currentFinancialInstruments 2023-02-28 08898572 frs-core:OtherReservesSubtotal 2023-02-28 08898572 frs-core:SharePremium 2023-02-28 08898572 frs-core:ShareCapital 2023-02-28 08898572 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 08898572
PBD Biotech Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08898572
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 138,333 158,333
Tangible Assets 5 14,173 7,713
152,506 166,046
CURRENT ASSETS
Debtors 7 241,298 225,685
Cash at bank and in hand 327,511 2,196,686
568,809 2,422,371
Creditors: Amounts Falling Due Within One Year 8 (152,496 ) (210,404 )
NET CURRENT ASSETS (LIABILITIES) 416,313 2,211,967
TOTAL ASSETS LESS CURRENT LIABILITIES 568,819 2,378,013
Creditors: Amounts Falling Due After More Than One Year 9 (6,667 ) (10,210 )
NET ASSETS 562,152 2,367,803
CAPITAL AND RESERVES
Called up share capital 10 204,208 204,208
Share premium account 5,938,519 5,938,519
Share option reserve 149,707 81,644
Profit and Loss Account (5,730,282 ) (3,856,568 )
SHAREHOLDERS' FUNDS 562,152 2,367,803
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Jane Theaker
Director
6 September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
PBD Biotech Limited is a private company,  limited by shares, incorporated in England & Wales, registered number 08898572 . The registered office is Grosvenor House, 11 St. Pauls Square, Birmingham, B3 1RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors believe that the company’s financial statements should be prepared on a going concern basis. The directors based their consideration on detailed projected cash-flow forecasts which cover a period of 12 months from the date of the approval of these financial statements. 
In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements. The financial statements do not include any adjustments that may result from any significant changes in the assumptions used in preparing the cash-flow forecasts.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the  significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated  contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are acquired patents. They are amortised to profit and loss account over their estimated economic life of 10 years.
2.5. Research and Development
Expenditure on research and development is written off in the year it is incurred.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.  Depreciation  is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 years on a straight line basis
Computer Equipment 3 years on a straight line basis
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. 
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. 
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss. 
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2.7. Stocks and Work in Progress
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 stocks.   Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Financial Instruments
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Investments
Investments in subsidiaries are held at cost less accumulated impairment losses.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.   Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow  all or  part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable  in accordance with the rules of the scheme.
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2.12. Government Grant
Government grants are recognised using the accruals model.
2.13. Preparation of consolidated accounts
The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.
2.14. Related party exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries in the group.
2.15. Share based payment
The grant date fair value of share-based payments awards granted to employees/ contractors is recognised as an employee/ contractor expense, with a corresponding increase in equity, over the period in which the employees/ contractors become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking in to account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do not meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 13 (2023: 10)
13 10
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 200,000
As at 29 February 2024 200,000
Amortisation
As at 1 March 2023 41,667
Provided during the period 20,000
As at 29 February 2024 61,667
Net Book Value
As at 29 February 2024 138,333
As at 1 March 2023 158,333
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 12,072 15,261 27,333
Additions 10,519 1,155 11,674
As at 29 February 2024 22,591 16,416 39,007
Depreciation
As at 1 March 2023 9,873 9,747 19,620
Provided during the period 2,504 2,710 5,214
As at 29 February 2024 12,377 12,457 24,834
Net Book Value
As at 29 February 2024 10,214 3,959 14,173
As at 1 March 2023 2,199 5,514 7,713
6. Investments
Unlisted
£
Cost
As at 1 March 2023 60
As at 29 February 2024 60
Provision
As at 1 March 2023 60
As at 29 February 2024 60
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 78 -
Other debtors 241,220 225,685
241,298 225,685
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 39,090 81,366
Bank loans and overdrafts 4,901 7,610
Other creditors 76,543 75,167
Taxation and social security 31,962 46,261
152,496 210,404
Included within other creditors are outstanding pension contributions totalling £2,176 (2023: £2,305).
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,667 10,210
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 204,208 204,208
11. Post Balance Sheet Events
On 4th March 2024, the company allotted 513,412 of A ordinary shares for which £646,899 was received. 
12. Share based payment
The company operates an equity based share option scheme to certain employees and contractors which provides additional pay for those individuals who are key to the company.  The options are granted under an approved EMI option plan, with the exercise price of £0.1759 and £0.1292.  The options expire ten years after the date of the grant.  Option holders are not entitled to dividends until the shares are exercised.  All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise. 
A reconciliation of share option movements during the year ended 29 February 2024 is shown below:
Number of options - Weighted average exercise price 
Outstanding as at 1 March 2023: 454,261 - £68,794
Granted during the year: 83,925 - £14,762
Forfeited during the year: nil - £Nil
Exercised during the year: nil - £Nil
Outstanding as at 29 February 2024: £538,186 - £83,556
Equity settled schemes - charges arising: £68,063 (2023: £18,702)
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