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REGISTERED NUMBER: 12456594 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ALGENUITY LIMITED

ALGENUITY LIMITED (REGISTERED NUMBER: 12456594)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


ALGENUITY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S J Spicer
Dr A P Spicer





REGISTERED OFFICE: Eden Laboratory Broadmead Road
Stewartby
Bedfordshire
MK43 9ND





REGISTERED NUMBER: 12456594 (England and Wales)





ACCOUNTANTS: TC Group
Baird House
Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR

ALGENUITY LIMITED (REGISTERED NUMBER: 12456594)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,682 51,772
Tangible assets 5 363,509 481,795
414,191 533,567

CURRENT ASSETS
Debtors 6 90,387 733,690
Cash at bank 84,445 89,199
174,832 822,889
CREDITORS
Amounts falling due within one year 7 171,133 118,953
NET CURRENT ASSETS 3,699 703,936
TOTAL ASSETS LESS CURRENT LIABILITIES 417,890 1,237,503

CREDITORS
Amounts falling due after more than one
year

8

3,180,000

2,000,000
NET LIABILITIES (2,762,110 ) (762,497 )

CAPITAL AND RESERVES
Called up share capital 3 3
Share premium 695,119 695,119
Retained earnings (3,457,232 ) (1,457,619 )
(2,762,110 ) (762,497 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ALGENUITY LIMITED (REGISTERED NUMBER: 12456594)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Dr A P Spicer - Director


ALGENUITY LIMITED (REGISTERED NUMBER: 12456594)

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


1. STATUTORY INFORMATION

Algenuity 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of fifty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 3 years and Straight line over 7 years
Computer equipment - Straight line over 4 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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.

ALGENUITY LIMITED (REGISTERED NUMBER: 12456594)

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


2. ACCOUNTING POLICIES - continued

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to remain appropriate, despite the balance sheet deficit. The company's business activities, together with factors likely to affect its future development, performance and position have been considered.

Based on the results of their forecasts and assessments, the directors consider that the company retains sufficient working capital options to continue to trade for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 54,497
AMORTISATION
At 1 January 2023 2,725
Amortisation for year 1,090
At 31 December 2023 3,815
NET BOOK VALUE
At 31 December 2023 50,682
At 31 December 2022 51,772

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 729,371 3,079 732,450
Additions 2,315 1,144 3,459
Disposals (21,604 ) - (21,604 )
At 31 December 2023 710,082 4,223 714,305
DEPRECIATION
At 1 January 2023 249,340 1,315 250,655
Charge for year 110,530 965 111,495
Eliminated on disposal (11,354 ) - (11,354 )
At 31 December 2023 348,516 2,280 350,796
NET BOOK VALUE
At 31 December 2023 361,566 1,943 363,509
At 31 December 2022 480,031 1,764 481,795

ALGENUITY LIMITED (REGISTERED NUMBER: 12456594)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 29,701
Amounts owed by group undertakings 10,517 10,457
Amounts owed by participating interests - 588,819
Tax - 93,606
VAT 67,310 -
Prepayments and accrued income 12,560 11,107
90,387 733,690

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 48,300 36,331
Social security and other taxes 28,355 23,173
Pension 6,436 -
VAT - 3,045
Other creditors 1,861 1,616
Accrued expenses 86,181 54,788
171,133 118,953

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans 3,180,000 2,000,000

9. RELATED PARTY DISCLOSURES

The parent entity is Algenuity Holdings Limited.

10. POST BALANCE SHEET EVENTS

At the balance sheet date the company had provided for a specific bad debt provision in respect of its trade debtor owed by Alegnuity Ingredients Limited. The loan of £250,000 due to Algenuity Ingredients Limited was also fully impaired.

On the 31 July 2024, the trade debt and loan to Algenuity Ingredients Limited were formally written off. The formal bad debt and loan write off will therefore be recorded in next years accounts.