Registered number
13517470
Expressionedits Ltd
Unaudited Filleted Accounts
31 December 2023
Expressionedits Ltd
Registered number: 13517470
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 6,671 6,671
Tangible assets 5 80,142 86,921
86,813 93,592
Current assets
Debtors 6 31,382 19,157
Cash at bank and in hand 1,129,258 2,219,075
1,160,640 2,238,232
Creditors: amounts falling due within one year 7 (37,404) (31,025)
Net current assets 1,123,236 2,207,207
Net assets 1,210,049 2,300,799
Capital and reserves
Called up share capital 11 11
Called Up share capital prior year adjustment 5 -
Share Premuim Account 9 2,813,020 2,813,020
Share Premium Account prior year adjustment 9 (16) -
Profit and loss account (1,602,971) (512,232)
Shareholders' funds 1,210,049 2,300,799
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Kärt Tomberg
Director
Approved by the board on 25 September 2024
Expressionedits Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Share Based Payment
The company has a share option plan under which it makes equity-settled share-based payments. The plan does not feature any options for cash settlement. Equity-settled share-based payments are measured at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes option pricing model. Options vest in monthly tranches, with some subject to an initial cliff. The fair value determined at the grant date is recognised for each tranche from the grant date, such that a larger proportion of the charge is recognised earlier in the life of the option based on the Company's profit & loss, together with a corresponding credit to equity.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
4 Intangible fixed assets £ £
Cost
At 1 January 2023 6,671
At 31 December 2023 6,671
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 6,671
At 31 December 2022 6,671
5 Tangible fixed assets
Office equipment Computer equipment Laboratory equipment Total Total
£ £ £ £ £
Cost
At 1 January 2023 18,127 14,198 62,079 94,404
Additions 920 3,714 19,783 24,417
Prior year adjustment (12,790) - 4,443 (8,347)
At 31 December 2023 6,257 17,912 86,305 110,474
Depreciation
At 1 January 2023 1,621 1,315 4,547 7,483
Charge for the year 1,446 3,940 17,830 23,216
Prior year adjustment (1,066) - 699 (367)
At 31 December 2023 2,001 5,255 23,076 30,332
Net book value
At 31 December 2023 4,256 12,657 63,229 80,142
At 31 December 2022 16,506 12,883 57,532 86,921
6 Debtors 2023 2022
£ £
Other debtors 31,382 19,157
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 20,887 -
Other creditors 16,517 31,025
37,404 31,025
8 Prior Year Adjustments
During the year, an internal audit was carried out of the fixed asset register and some items had been allocated incorrectly to the register. The company has now rectified this and all amendments are shown as prior year adjustments in the profit & loss account and the fixed assets in note 5.
During a review, there was a correction made to the Called Up Share capital - please refer to note 9.
9 Called Up Share Capital
2023 2022 2023 2022
Number Number £ £
Ordinary share capital 11,272,258 11,272,258 11.272258 11.272258
Issued and fully paid
Ordinary shares 0.000001p
Seed preferred share capital 4,696,726 4,696,726 4.696726 4.696726
Issued and fully paid 
Seed preferred shares of 0.000001p 
B ordinary share capital  16,750 16,750 0.01675 0.01675
Issued and fully paid
B ordinary shares of 0.000001p 
Total equity share capital   15.985734 15.985734
10 Share Based Payment Transactions 2023 2022
£ £
Options brought forward 753,223
Options granted 51,340 753,223
Options expired/cancelled - -
Options exercised - -
Options carried forward 804,563 753,223
Excerisable on 31 December - -
The company adopted an equity-settled share-based renumeration plan for its employees during 2022, under which between 19-26 October 2022 share options over a total of 723,343 ordinary shares were granted as qualifying EMI options.
Non-EMI options were granted to service providers in 2023: On 31 March 2023 non-EMI options of 29,880 ordinary shares were granted, on 05 July 2023 non-EMI options of 21,460 ordinary shares were granted and on 14 December 2023 non-EMI options of 29,880 ordinary shares were granted.
The rights to the shares transfer to the holder over the vesting period. The EMI options vest in monthly tranches over the vesting period of four years subject to an initial cliff. Non-EMI options granted in March and December 2023 vest over a 3-year period. Those granted in July 2023, vest over a 12-month period. Options expire ten years after grant. None of the shares under option lapsed, were exercised or cancelled during the year.
All goods and services received in exchange for the grant of any share-based payments are measured at their fair values. Where employees are rewarded using share-based payments, the fair value of the employees’ services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions.
All share based renumeration is ultimately recognised as an expense in profit or loss with a corresponding credit to retained earnings. (Note the charges for 2022 and 2023 are not shown in the accounts due to the low value.) If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of shared options expect to vest. Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, are allocated to share capital up to the nominal (or par) value of the shares issued with any excess being recorded as share premium.



The weighted average fair value of options granted in 2022 and 2023 was determined using the Black Scholes option pricing model. The Black-Scholes model is considered to apply to the most appropriate method due to the relatively short contractual lives of the options.
Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to the cumulative share-based compensation resulting from a revision is recognised in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.
Inputs are as follows:
2023 2022
Share price, £ 0.000001 0.000001
Exercise price, £ 0.000001 0.000001
Expected volatility 59.30% 59.00%
Expected option life, years 10 10
Expected dividend yield 0 0
Risk free interest rate 1.42%-3.73% 3.69%-4.83%
Charge for the period 0.30 0.06
11 Events after reporting date
On 3 April 2024, a SEED-2 funding round was closed with the associated allotment of 12,499,998 SEED-2 Preferred shares.
12 Related party transactions
Dr Allan Bradley, director, provided advisory services to the company.
13 Controlling party
The ultimate controlling party is Dr Kärt Tomberg by virtue of her majority shareholding in the company.
14 Other information
Expressionedits Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3rd Floor
1 Ashley Road
Altrincham
Cheshire
WA14 2DT
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