Silverfin false false 31/12/2023 21/10/2022 31/12/2023 Sir M A J Ferguson 25/09/2023 Mr H P Rounding 07/02/2024 25/09/2023 Professor C R Wolf 21/10/2022 Mr R Wolfe 25/09/2023 27 September 2024 The principal activity of the Company during the financial year was research and experimental development on biotechnology. SC748032 2023-12-31 SC748032 bus:Director1 2023-12-31 SC748032 bus:Director2 2023-12-31 SC748032 bus:Director3 2023-12-31 SC748032 bus:Director4 2023-12-31 SC748032 core:CurrentFinancialInstruments 2023-12-31 SC748032 core:ShareCapital 2023-12-31 SC748032 core:SharePremium 2023-12-31 SC748032 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC748032 bus:OrdinaryShareClass1 2023-12-31 SC748032 2022-10-21 2023-12-31 SC748032 bus:FilletedAccounts 2022-10-21 2023-12-31 SC748032 bus:SmallEntities 2022-10-21 2023-12-31 SC748032 bus:AuditExemptWithAccountantsReport 2022-10-21 2023-12-31 SC748032 bus:PrivateLimitedCompanyLtd 2022-10-21 2023-12-31 SC748032 bus:Director1 2022-10-21 2023-12-31 SC748032 bus:Director2 2022-10-21 2023-12-31 SC748032 bus:Director3 2022-10-21 2023-12-31 SC748032 bus:Director4 2022-10-21 2023-12-31 SC748032 bus:OrdinaryShareClass1 2022-10-21 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC748032 (Scotland)

PHASER BIOMEDICAL LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 21 OCTOBER 2022 TO 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

PHASER BIOMEDICAL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 21 OCTOBER 2022 TO 31 DECEMBER 2023

Contents

PHASER BIOMEDICAL LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
PHASER BIOMEDICAL LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 31.12.2023
£
Current assets
Stocks 3 8,277
Cash at bank and in hand 4 983,297
991,574
Creditors: amounts falling due within one year 5 ( 740,925)
Net current assets 250,649
Total assets less current liabilities 250,649
Net assets 250,649
Capital and reserves
Called-up share capital 6 1
Share premium account 266,999
Profit and loss account ( 16,351 )
Total shareholders' funds 250,649

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Phaser Biomedical Ltd (registered number: SC748032) were approved and authorised for issue by the Board of Directors on 27 September 2024. They were signed on its behalf by:

Professor C R Wolf
Director
PHASER BIOMEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 21 OCTOBER 2022 TO 31 DECEMBER 2023
PHASER BIOMEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 21 OCTOBER 2022 TO 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Phaser Biomedical Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Burges Salmon Llp Atria One, 144 Morrison Street, Edinburgh, EH3 8EX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Grant Revenue

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to revenue. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Where part of a grant relating to an revenue is accrued, it is recognised as accrued income.

2. Employees

Period from
21.10.2022 to
31.12.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 3

3. Stocks

31.12.2023
£
Stocks 8,277

4. Cash and cash equivalents

31.12.2023
£
Cash at bank and in hand 983,297

5. Creditors: amounts falling due within one year

31.12.2023
£
Trade creditors 28,227
Other taxation and social security ( 6,384)
Other creditors 719,082
740,925

6. Called-up share capital

31.12.2023
£
Allotted, called-up and fully-paid
11,092 Ordinary shares of £ 0.0001 each 1