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REGISTERED NUMBER: 10100283 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PETAGENE LTD

PETAGENE LTD (REGISTERED NUMBER: 10100283)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PETAGENE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Dr D L Greenfield
K Gupta
Dr V W Wittorff





REGISTERED OFFICE: 31 High Street
Haverhill
Suffolk
CB9 8AD





REGISTERED NUMBER: 10100283 (England and Wales)





ACCOUNTANTS: Hackett Griffey LLP
Chartered Certified Accountants
31 High Street
Haverhill
Suffolk
CB9 8AD

PETAGENE LTD (REGISTERED NUMBER: 10100283)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,719 11,092
Investments 5 - 1
7,719 11,093

CURRENT ASSETS
Debtors 6 265,882 335,927
Cash at bank 436,447 352,573
702,329 688,500
CREDITORS
Amounts falling due within one year 7 183,878 3,552,170
NET CURRENT ASSETS/(LIABILITIES) 518,451 (2,863,670 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

526,170

(2,852,577

)

CREDITORS
Amounts falling due after more than one
year

8

11,667

21,667
NET ASSETS/(LIABILITIES) 514,503 (2,874,244 )

CAPITAL AND RESERVES
Called up share capital 6,018 6,010
Share premium 3,827,093 233,664
Retained earnings (3,318,608 ) (3,113,918 )
SHAREHOLDERS' FUNDS 514,503 (2,874,244 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

PETAGENE LTD (REGISTERED NUMBER: 10100283)

BALANCE SHEET - continued
31 MARCH 2024


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 3 September 2024 and were signed on its behalf by:





Dr D L Greenfield - Director


PETAGENE LTD (REGISTERED NUMBER: 10100283)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Petagene Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The company is in a growth phase and as expected has incurred a trading loss.

Following the equity investment and conversion of loan notes during the year the company has substantial liquidity which the directors consider is sufficient for the company to continue through the next stage of its growth.

The directors therefore consider it appropriate to prepare the financial statements on the basis that the company is a going concern.

Preparation of consolidated financial statements
The financial statements contain information about Petagene Ltd 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.

Turnover
Turnover is the amount derived from ordinary activities, stated after trade discounts, other sales taxes and net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer & office equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

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.


PETAGENE LTD (REGISTERED NUMBER: 10100283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Computer
& office
equipment
£   
COST
At 1 April 2023 47,045
Additions 3,221
Disposals (12,964 )
At 31 March 2024 37,302
DEPRECIATION
At 1 April 2023 35,953
Charge for year 6,038
Eliminated on disposal (12,408 )
At 31 March 2024 29,583
NET BOOK VALUE
At 31 March 2024 7,719
At 31 March 2023 11,092

PETAGENE LTD (REGISTERED NUMBER: 10100283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 1
Disposals (1 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 255,389 197,386
Amounts owed by group undertakings 733 4,048
Other debtors 9,760 134,493
265,882 335,927

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,000
Trade creditors 12,049 2,520
Taxation and social security 45,432 72,881
Other creditors 116,397 3,466,769
183,878 3,552,170

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 11,667 21,667

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
Convertible loan - 3,099,082
10,000 3,109,082

PETAGENE LTD (REGISTERED NUMBER: 10100283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. LOANS - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans 10,000 10,000

Amounts falling due between two and five years:
Bank loans 1,667 11,667

10. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies is £Nil (2023: £Nil).