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REGISTERED NUMBER: 08742201 (England and Wales)












GLYCONICS LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






GLYCONICS LIMITED (REGISTERED NUMBER: 08742201)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GLYCONICS LIMITED

Company Information
for the Year Ended 31 March 2024







Directors: Dr A Parton
Dr G S Pooni





Registered office: B4 Parkside Knowledge Gateway
Nesfield Road
Colchester
Essex
CO4 3ZL





Registered number: 08742201 (England and Wales)





Accountants: Outsource-FD Limited t/a eFM
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

GLYCONICS LIMITED (REGISTERED NUMBER: 08742201)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Intangible assets 4 2,598,584 1,671,255
Tangible assets 5 51,008 78,210
2,649,592 1,749,465

Current assets
Stocks 225,165 -
Debtors 6 393,365 179,558
Cash at bank 216,453 498,265
834,983 677,823
Creditors
Amounts falling due within one year 7 69,673 85,016
Net current assets 765,310 592,807
Total assets less current liabilities 3,414,902 2,342,272

Creditors
Amounts falling due after more than one year 8 8,832 8,832
Net assets 3,406,070 2,333,440

Capital and reserves
Called up share capital 9 379 297
Share premium 10 4,646,519 3,134,639
Cost of Share Issue 10 (273,403 ) (172,405 )
Retained earnings 10 (967,425 ) (629,091 )
Shareholders' funds 3,406,070 2,333,440

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.

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 11 October 2024 and were signed on its behalf by:




Dr G S Pooni - Director


GLYCONICS LIMITED (REGISTERED NUMBER: 08742201)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Glyconics Limited 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.

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.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is
separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intangibles 5-10 years straight line basis.

The directors are not currently amortising these assets, given that the asset is yet to deliver commercial values as they are still in the build phase.

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:

Computer Equipment: 4 Years (Straight Line)
Plant & Machinery: 4 Years (Straight Line)

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.


GLYCONICS LIMITED (REGISTERED NUMBER: 08742201)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Foreign currencies
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.

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 2 (2023 - 2 ) .

4. Intangible fixed assets
Development
costs
£   
Cost
At 1 April 2023 1,671,255
Additions 927,329
At 31 March 2024 2,598,584
Net book value
At 31 March 2024 2,598,584
At 31 March 2023 1,671,255

5. Tangible fixed assets
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 April 2023 100,352 20,855 121,207
Additions - 6,093 6,093
At 31 March 2024 100,352 26,948 127,300
Depreciation
At 1 April 2023 25,507 17,490 42,997
Charge for year 30,803 2,492 33,295
At 31 March 2024 56,310 19,982 76,292
Net book value
At 31 March 2024 44,042 6,966 51,008
At 31 March 2023 74,845 3,365 78,210

6. Debtors
31/3/24 31/3/23
£    £   
Amounts falling due within one year:
Tax 315,119 137,872
VAT 29,627 29,507
Prepayments 27,616 12,179
372,362 179,558

GLYCONICS LIMITED (REGISTERED NUMBER: 08742201)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. Debtors - continued
31/3/24 31/3/23
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 21,003 -

Aggregate amounts 393,365 179,558

7. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade creditors 37,980 56,262
Social security and other taxes 10,409 258
Pension Payable 1,173 661
Barclaycard Business 1,832 3,556
Accruals 18,279 24,279
69,673 85,016

8. Creditors: amounts falling due after more than one year
31/3/24 31/3/23
£    £   
Directors' loan accounts 8,832 8,832

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
37,856 Ordinary Shares 0.01 379 297

10. Reserves
Cost of
Retained Share Share
earnings premium Issue Totals
£    £    £    £   

At 1 April 2023 (629,091 ) 3,134,639 (172,405 ) 2,333,143
Deficit for the year (338,334 ) (338,334 )
Cash share issue - 1,511,880 (100,998 ) 1,410,882
At 31 March 2024 (967,425 ) 4,646,519 (273,403 ) 3,405,691