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REGISTERED NUMBER: 08186993 (England and Wales)
















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEVIDIAN NANOSYSTEMS LIMITED

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 4

Report of the Independent Auditors 5

Profit and Loss Account 9

Balance Sheet 10

Notes to the Financial Statements 11


LEVIDIAN NANOSYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr James Somerset Edmiston
Prof Krzysztof Koziol
Mr John Hartley
Mr Alexander Holden
Mr Ian Anthony Hopkins
Mr David John Rumble
Mr Sean Patrick Martyn
Mr Ismail Ali Abdulla
Mr Alistair Stuart Donaldson





REGISTERED OFFICE: 17 Mercers Row
CAMBRIDGE
Cambridgeshire
CB5 8HY





REGISTERED NUMBER: 08186993 (England and Wales)





AUDITORS: Staffords
Chartered Accountants
& Statutory Auditors
Unit 1, Cambridge House
Camboro Business Park
Oakington Road, Girton
CAMBRIDGE
Cambridgeshire
CB3 0QH

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of advance materials production and trading as well as provision of engineering research and development services.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr James Somerset Edmiston
Prof Krzysztof Koziol
Mr John Hartley
Mr Alexander Holden
Mr Ian Anthony Hopkins

Other changes in directors holding office are as follows:

Mr Andrew Yeow - resigned 13 February 2023
Mr Luca-Maria Rossi - resigned 15 June 2023
Mr David John Rumble - appointed 13 February 2023
Mr Sean Patrick Martyn - appointed 15 June 2023
Mr Ismail Ali Abdulla - appointed 29 November 2023
Mr Alistair Stuart Donaldson - appointed 29 November 2023

DIRECTORS INDEMNITIES
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors.

GOING CONCERN
The company incurred a loss for the year ended 31 December 2023 and anticipates that operating losses will continue for the immediate future due to investment in research and development and therefore it remains reliant on securing further funding to be able to operate for the foreseeable future. The directors have assessed the forecast spend as part of the preparation of its business plan and the availability of funding and based on the continued management of its expenditure during the next 12 month period and the likelihood of the availability of further funding, the directors consider that the company can meet liabilities as they fall due and therefore continue to adopt the going concern basis in preparing the financial statements.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Staffords, will be proposed for re-appointment at the forthcoming Annual General Meeting.


LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr John Hartley - Director


9 May 2024

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVIDIAN NANOSYSTEMS LIMITED


Opinion
We have audited the financial statements of Levidian Nanosystems Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVIDIAN NANOSYSTEMS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVIDIAN NANOSYSTEMS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have obtained an understanding of the legal and regulatory framework applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements.

We have considered the nature of the industry and sector, control environment and business framework, including the design of the company's remuneration policies.

We have enquired of management in regard to their own assessment of the risks of irregularities, including fraud.

We have obtained relevant documentation and representations in order to form an opinion on potential irregularities, including fraud.

We have reviewed the company's documentation of their policies and procedures relating to identifying, evaluating, and complying with laws and regulations, detecting and responding to the risks of fraud, and the internal controls established to mitigate the risks of fraud and non-compliance with laws and regulations.

Audit procedures performed during the audit included transaction testing with a focus on areas of judgement and estimations, and entries determined to be large or relating to unusual transactions. These audit procedures are designed to provide reasonable assurance that the Financial Statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.

No instances of non compliance with laws and regulations or of fraud were communicated to us during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVIDIAN NANOSYSTEMS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Pettifer (Senior Statutory Auditor)
for and on behalf of Staffords
Chartered Accountants
& Statutory Auditors
Unit 1, Cambridge House
Camboro Business Park
Oakington Road, Girton
CAMBRIDGE
Cambridgeshire
CB3 0QH

18 July 2024

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 840,567 227,471

Cost of sales (1,806,829 ) (798,364 )
GROSS LOSS (966,262 ) (570,893 )

Administrative expenses (4,357,119 ) (2,781,237 )
(5,323,381 ) (3,352,130 )

Other operating income 3 154,216 689,730
OPERATING LOSS 5 (5,169,165 ) (2,662,400 )

Intra group bad debt 6 - (12,278 )
(5,169,165 ) (2,674,678 )

Interest receivable and similar income 51,624 -
LOSS BEFORE TAXATION (5,117,541 ) (2,674,678 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (5,117,541 ) (2,674,678 )

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 239,101 -
Tangible assets 8 3,593,252 1,694,711
3,832,353 1,694,711

CURRENT ASSETS
Stocks 3,739,152 -
Debtors 9 727,808 1,346,796
Cash at bank 13,014,752 7,433,679
17,481,712 8,780,475
CREDITORS
Amounts falling due within one year 10 4,592,310 1,713,716
NET CURRENT ASSETS 12,889,402 7,066,759
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,721,755

8,761,470

CREDITORS
Amounts falling due after more than one
year

11

77,825

-
NET ASSETS 16,643,930 8,761,470

CAPITAL AND RESERVES
Called up share capital 13 143 129
Share premium 32,649,888 19,649,901
Retained earnings (16,006,101 ) (10,888,560 )
SHAREHOLDERS' FUNDS 16,643,930 8,761,470

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2024 and were signed on its behalf by:





Mr John Hartley - Director


LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

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


1. STATUTORY INFORMATION

Levidian Nanosystems 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Levidian Nanosystems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the assumption of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and other associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed upon payment. These criteria are considered to be met when the goods are despatched to the buyer.

Patents and licences
Patents and licences are being amortised evenly over their useful economic life of twenty years.

Development costs
Development costs comprise expenditure on the development of a LOOP1000. These costs will be amortised over the useful economic life of the LOOP1000 once the development phase has been completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - 33% on cost, 25% on cost and 10% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Going concern
The company incurred a loss for the year ended 31 December 2023 and anticipates that operating losses will continue for the immediate future due to investment in research and development and therefore it remains reliant on securing further funding to be able to operate for the foreseeable future. The directors have assessed the forecast spend as part of the preparation of its business plan and the availability of funding and based on the continued management of its expenditure during the next 12 month period and the likelihood of the availability of further funding, the directors consider that the company can meet liabilities as they fall due and therefore continue to adopt the going concern basis in preparing the financial statements.

Impairment reviews
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Grant income 154,216 689,730

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 20 ) .

2023 2022
£    £   
Directors' remuneration 716,638 470,258
Directors' pension contributions to money purchase schemes 27,893 24,811

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 245,440 270,999
Pension contributions to money purchase schemes 23,820 23,820

5. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 240,846 63,221
Patents and licences amortisation 332 -
Auditors' remuneration 10,426 9,412

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Intra group bad debt - (12,278 )

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
Additions 19,280 220,153 239,433
At 31 December 2023 19,280 220,153 239,433
AMORTISATION
Amortisation for year 332 - 332
At 31 December 2023 332 - 332
NET BOOK VALUE
At 31 December 2023 18,948 220,153 239,101

8. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,717,524 1,648,454 3,365,978
Additions 641,327 2,215,337 2,856,664
Reclassification/transfer - (717,277 ) (717,277 )
At 31 December 2023 2,358,851 3,146,514 5,505,365
DEPRECIATION
At 1 January 2023 1,042,241 629,026 1,671,267
Charge for year 65,073 175,773 240,846
At 31 December 2023 1,107,314 804,799 1,912,113
NET BOOK VALUE
At 31 December 2023 1,251,537 2,341,715 3,593,252
At 31 December 2022 675,283 1,019,428 1,694,711

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 253,239 508,100
Other debtors 474,569 838,696
727,808 1,346,796

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,117,043 460,464
Social security and other taxes 374,822 177,280
Other creditors 197,985 6,783
Accruals and deferred income 2,902,460 1,069,189
4,592,310 1,713,716

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 77,825 -

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 26,000 26,000
Between one and five years 104,000 104,000
In more than five years 1,417,000 1,443,000
1,547,000 1,573,000

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
NIL Ordinary 1p - 110
NIL Preferred 1p - 19
110,000 £0.001 Ordinary 0.1p 110 -
33,000 £0.001 Preferred 0.1p 33 -
143 129

The following shares were issued during the year:

14,300 £0.001 Preferred shares of 0.1p for cash of £13,000,000

14. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 314,451

LEVIDIAN NANOSYSTEMS LIMITED (REGISTERED NUMBER: 08186993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.