Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true9Research, development and exploitation of novel assays in the field of protein aggregation and other protein aggregates2023-07-01false9trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03797261 2023-07-01 2024-06-30 03797261 2022-07-01 2023-06-30 03797261 2024-06-30 03797261 2023-06-30 03797261 2022-07-01 03797261 2 2023-07-01 2024-06-30 03797261 2 2022-07-01 2023-06-30 03797261 d:Director4 2023-07-01 2024-06-30 03797261 e:Buildings e:LongLeaseholdAssets 2023-07-01 2024-06-30 03797261 e:Buildings e:LongLeaseholdAssets 2024-06-30 03797261 e:Buildings e:LongLeaseholdAssets 2023-06-30 03797261 e:LandBuildings 2024-06-30 03797261 e:LandBuildings 2023-06-30 03797261 e:FurnitureFittings 2023-07-01 2024-06-30 03797261 e:FurnitureFittings 2024-06-30 03797261 e:FurnitureFittings 2023-06-30 03797261 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03797261 e:ComputerEquipment 2023-07-01 2024-06-30 03797261 e:ComputerEquipment 2024-06-30 03797261 e:ComputerEquipment 2023-06-30 03797261 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03797261 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03797261 e:PatentsTrademarksLicencesConcessionsSimilar 2024-06-30 03797261 e:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 03797261 e:Goodwill 2023-07-01 2024-06-30 03797261 e:Goodwill 2024-06-30 03797261 e:Goodwill 2023-06-30 03797261 e:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 03797261 e:CurrentFinancialInstruments 2024-06-30 03797261 e:CurrentFinancialInstruments 2023-06-30 03797261 e:Non-currentFinancialInstruments 2024-06-30 03797261 e:Non-currentFinancialInstruments 2023-06-30 03797261 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 03797261 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 03797261 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 03797261 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 03797261 e:ShareCapital 2024-06-30 03797261 e:ShareCapital 2023-06-30 03797261 e:ShareCapital 2022-07-01 03797261 e:SharePremium 2024-06-30 03797261 e:SharePremium 2 2023-07-01 2024-06-30 03797261 e:SharePremium 2023-06-30 03797261 e:SharePremium 2022-07-01 03797261 e:SharePremium 2 2022-07-01 2023-06-30 03797261 e:OtherMiscellaneousReserve 2024-06-30 03797261 e:OtherMiscellaneousReserve 2 2023-07-01 2024-06-30 03797261 e:OtherMiscellaneousReserve 2023-06-30 03797261 e:OtherMiscellaneousReserve 2022-07-01 03797261 e:OtherMiscellaneousReserve 2 2022-07-01 2023-06-30 03797261 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03797261 e:RetainedEarningsAccumulatedLosses 2024-06-30 03797261 e:RetainedEarningsAccumulatedLosses 2 2023-07-01 2024-06-30 03797261 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03797261 e:RetainedEarningsAccumulatedLosses 2023-06-30 03797261 e:RetainedEarningsAccumulatedLosses 2022-07-01 03797261 e:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 03797261 d:FRS102 2023-07-01 2024-06-30 03797261 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03797261 d:FullAccounts 2023-07-01 2024-06-30 03797261 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03797261 6 2023-07-01 2024-06-30 03797261 e:Goodwill e:OwnedIntangibleAssets 2023-07-01 2024-06-30 03797261 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2023-07-01 2024-06-30 03797261 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 03797261






MICROSENSDX LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024











 
MICROSENSDX LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Statement of Changes in Equity
 
 
3
Notes to the Financial Statements
 
 
4 - 13


 
MICROSENSDX LIMITED
REGISTERED NUMBER:03797261

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
20,100
50,249

Tangible assets
 5 
206,000
341,952

Investments
 6 
12,160
12,160

  
238,260
404,361

Current assets
  

Stocks
 7 
139,038
145,284

Debtors: amounts falling due within one year
 8 
265,546
287,719

Cash at bank and in hand
 9 
333,459
140,045

  
738,043
573,048

Creditors: amounts falling due within one year
 10 
(458,600)
(410,362)

Net current assets
  
 
 
279,443
 
 
162,686

Total assets less current liabilities
  
517,703
567,047

Creditors: amounts falling due after more than one year
 11 
(250,000)
-

  

Net assets
  
267,703
567,047


Capital and reserves
  

Called up share capital 
  
2,011
2,011

Share premium account
  
2,731,316
2,731,316

Other reserves
 12 
12,590
7,055

Profit and loss account
  
(2,478,214)
(2,173,335)

  
267,703
567,047


Page 1

 
MICROSENSDX LIMITED
REGISTERED NUMBER:03797261
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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: 




................................................
D A Dooley
Director

Date: 26 September 2024

Page 2

 
MICROSENSDX LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
2,011
2,731,316
39,133
(1,889,706)
882,754



Loss for the year
-
-
-
(283,629)
(283,629)

Share option movement
-
-
(32,078)
-
(32,078)



At 1 July 2023
2,011
2,731,316
7,055
(2,173,335)
567,047



Loss for the year
-
-
-
(304,879)
(304,879)

Share option movement
-
-
5,535
-
5,535


At 30 June 2024
2,011
2,731,316
12,590
(2,478,214)
267,703


Page 3

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

MicrosensDX Limited is a company limited by shares, incorporated in England and Wales. Its registered office is 204 Cambridge Science Park Milton Road Cambridge CB4 0GZ.
The principal activity of the company is to enable improved healthcare diagnostics. The company does this with research, development and exploitation of novel sample preparation and assay technologies in the fields of protein aggregation, nucleic acid handling and biomarker development.
Royalty revenues and product sales continue.

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

Going concern

The company is reliant on the continued support of its shareholders and the Directors expect this to continue. Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements.

 
2.3

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.

Page 4

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover comprises revenue recognised in respect of royalties received and product sales.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Royalties are recognised on an accrued basis.

 
2.5

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.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. No costs have been capitalised to date.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

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.

Page 6

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other 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.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Intellectual Property
-
5
years

 
2.13

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:

L/Term Leasehold Property
-
Over the term of the lease
Fixtures & fittings
-
20% Straight Line
Computer equipment
-
33.3% Straight Line

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.

 
2.14

Valuation of investments

Investments held as fixed assets are measured at cost less provision for impairment.

Page 7

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable 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.

 
2.17

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.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 8

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).

Page 9

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Intellectual property
Goodwill
Total

£
£
£



Cost


At 1 July 2023
70,744
80,000
150,744



At 30 June 2024

70,744
80,000
150,744



Amortisation


At 1 July 2023
47,162
53,333
100,495


Charge for the year on owned assets
14,149
16,000
30,149



At 30 June 2024

61,311
69,333
130,644



Net book value



At 30 June 2024
9,433
10,667
20,100



At 30 June 2023
23,582
26,667
50,249

Intangible assets consist of Goodwill and Intellectual Property, amortised over a useful economic life of 5 years.



Page 10

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





L/Term Leasehold Property
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
290,896
304,984
50,050
645,930


Additions
-
257
-
257


Disposals
-
-
(1,601)
(1,601)



At 30 June 2024

290,896
305,241
48,449
644,586



Depreciation


At 1 July 2023
129,851
138,052
36,075
303,978


Charge for the year on owned assets
61,783
60,705
13,575
136,063


Disposals
-
-
(1,455)
(1,455)



At 30 June 2024

191,634
198,757
48,195
438,586



Net book value



At 30 June 2024
99,262
106,484
254
206,000



At 30 June 2023
161,045
166,932
13,975
341,952




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
99,262
161,045

99,262
161,045


Page 11

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
12,160



At 30 June 2024
12,160





7.


Stocks

2024
2023
£
£

Stocks
139,038
145,284

139,038
145,284



8.


Debtors

2024
2023
£
£


Trade debtors
11,461
816

Other debtors
16,779
82,094

Prepayments and accrued income
237,306
204,809

265,546
287,719



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
333,459
140,045

333,459
140,045


Page 12

 
MICROSENSDX LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
175,000
175,000

Trade creditors
98,675
86,626

Other taxation and social security
7,330
12,877

Other creditors
674
7,283

Accruals and deferred income
176,921
128,576

458,600
410,362


The loan is secured by a fixed and floating charge over the company's assets.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
250,000
-

250,000
-


The loan is secured by a fixed and floating charge over the company's assets.


12.


Share-based payments

During the financial year the company issued a number of share options against an Unapproved Share Option Plan and an Enterprise Management Incentive Share Option Plan. The number of share options outstanding at 30 June 2024 was 5,586 (2023: 1,117).
The Black-Scholes model has been used to calculate the fair value of each share option at the date of grant and has been charged to profit or loss over the vesting period of the share option agreement. The charge made for the year ending 30 June 2024 was £5,535 (2023: £32,078 credit).


13.


Pension commitments

The company operates a defined contribution 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 £6,867 (2023: £7,657).  Pension contributions of £1,182 (2023: £1,386) remained outstanding as payable at the balance sheet date.

 
Page 13