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Company Registration No. SC685619 (Scotland)
MemCrypt Limited Unaudited accounts for the year ended 31 March 2024
MemCrypt Limited Unaudited accounts Contents
Page
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MemCrypt Limited Company Information for the year ended 31 March 2024
Directors
Mr Andrew McGoff Dr Peter McLaren Mr Kevin Maguire
Company Number
SC685619 (Scotland)
Registered Office
Suite 2, Orchard Brae House 30 Queensferry Road Edinburgh EH4 2HS United Kingdom
Accountants
FinFlare Limited Mitchell House 5 Mitchell Street Edinburgh Midlothian EH6 7BD
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MemCrypt Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Debtors
49,081 
35,040 
Cash at bank and in hand
135,079 
20,246 
184,160 
55,286 
Creditors: amounts falling due within one year
(175,108)
(21,125)
Net current assets
9,052 
34,161 
Total assets less current liabilities
9,052 
34,161 
Creditors: amounts falling due after more than one year
(710,153)
(400,000)
Net liabilities
(701,101)
(365,839)
Capital and reserves
Called up share capital
20 
20 
Profit and loss account
(701,121)
(365,859)
Shareholders' funds
(701,101)
(365,839)
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by
Mr Kevin Maguire Director Company Registration No. SC685619
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MemCrypt Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
MemCrypt Limited is a private company, limited by shares, registered in Scotland, registration number SC685619. The registered office is Suite 2, Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The company continued to make a significant loss which was in line with the company's plan to invest in its technology and wider the platform to create a scalable platform for future growth. The directors continually assess the funding needs of the company. At he point of approving the financial statements, the directors are confident they will be able to ensure that the company has sufficient funds for a 12 month period after signing of the accounts based on their activity in considering various funding routes. The directors therefore consider it is appropriate to prepare the financial statements on a going concern basis.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
25,003 
2,629 
Other debtors
24,078 
32,411 
49,081 
35,040 
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MemCrypt Limited Notes to the Accounts for the year ended 31 March 2024
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
30,035 
8,521 
Taxes and social security
(20,000)
- 
Accruals
165,073 
12,604 
175,108 
21,125 
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
710,153 
400,000 
Creditors greater than one year comprise convertible loan note instruments. The convertible loan notes are interest bearing and convert to equity upon an exit event or equity raise.
7
Average number of employees
During the year the average number of employees was 2 (2023: 3).
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