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MOMENTUM BIOSCIENCE LIMITED

Registered Number
05594335
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

MOMENTUM BIOSCIENCE LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

FROHN, Matthew Gerard Winston
MALHOTRA, Rajat
MANENT RELATS, Jose
MULLEN, William Henry, Dr
THAKER, Saumil
THURLOW, James William

Registered Address

Unit 19 Willowbrook Technology Park
Llandogo Road, St. Mellons
Cardiff
CF3 0EF

Registered Number

05594335 (England and Wales)
MOMENTUM BIOSCIENCE LIMITED
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets44,629,3984,416,615
Tangible assets598,962115,204
4,728,3604,531,819
Current assets
Debtors1,082,316595,031
Cash at bank and on hand446,167395,818
1,528,483990,849
Creditors amounts falling due within one year6(372,457)(590,383)
Net current assets (liabilities)1,156,026400,466
Total assets less current liabilities5,884,3864,932,285
Creditors amounts falling due after one year7(3,438,359)(3,497,480)
Net assets2,446,0271,434,805
Capital and reserves
Called up share capital27,03924,623
Share premium20,076,49218,708,429
Profit and loss account(17,657,504)(17,298,247)
Shareholders' funds2,446,0271,434,805
The financial statements were approved and authorised for issue by the Board of Directors on 22 November 2024, and are signed on its behalf by:
THAKER, Saumil
Director
Registered Company No. 05594335
MOMENTUM BIOSCIENCE LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The company is in the research and development phase of its technology and has incurred losses since it commenced activities in 2008. During the year to 31 October 2024 the company incurred a loss before taxation of £2,993,805 and, at 31 October 2024, the company had net assets of £2,446,027. The accounts have been prepared on the "going concern" basis which assumes that the company will be able to continue to meet its financial obligations for a period of at least twelve months from the date of this report. In deciding that this basis was appropriate the Board considered: - its cashflow forecasts - the rate of successful development - the strength of commercial discussions - the appetite of the shareholder base for continued funding of the business and the likelihood of securing new investment if and as required.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible fixed assets are measured at cost less any accumulative impairment losses. Amortisation is not yet charged on intangible assets as the related benefits have not yet begun to flow.
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in the profit or loss as an expense as incurred.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Government grants or assistance
The Company is participating in a grant program that partially reimburses R&D expenditure. The scheme is subject to regular review and it is reasonable to believe that performance criteria have been met, and therefore the quantum of grant reliably assessed. On this basis, the Company has accrued grant income in the same period as expenditure is incurred.
2.Average number of employees

20242023
Average number of employees during the year1317
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 234,416,6154,416,615
Additions212,783212,783
At 31 October 244,629,3984,629,398
Net book value
At 31 October 244,629,3984,629,398
At 31 October 234,416,6154,416,615
5.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 November 23827,620827,620
Additions19,93319,933
At 31 October 24847,553847,553
Depreciation and impairment
At 01 November 23712,416712,416
Charge for year36,17536,175
At 31 October 24748,591748,591
Net book value
At 31 October 2498,96298,962
At 31 October 23115,204115,204
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables283,007218,577
Bank borrowings and overdrafts1,920709
Taxation and social security18,73977,363
Other creditors64,58264,582
Accrued liabilities and deferred income4,209229,152
Total372,457590,383
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Other creditors3,438,3593,497,480
Total3,438,3593,497,480
The company purchased intellectual property in 2017 for $5m. The consideration was principally a revenue share with a minimal pre revenue instalment. The long term creditor is the balance due after historic payments have been deducted and presentation of the next annual instalment in short term creditors.