Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseResearch and experimental development on biotechnology84truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13429166 2023-04-01 2024-03-31 13429166 2022-04-01 2023-03-31 13429166 2024-03-31 13429166 2023-03-31 13429166 c:Director3 2023-04-01 2024-03-31 13429166 d:PlantMachinery 2023-04-01 2024-03-31 13429166 d:PlantMachinery 2024-03-31 13429166 d:PlantMachinery 2023-03-31 13429166 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13429166 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 13429166 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 13429166 d:CurrentFinancialInstruments 2024-03-31 13429166 d:CurrentFinancialInstruments 2023-03-31 13429166 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13429166 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13429166 d:ShareCapital 2024-03-31 13429166 d:ShareCapital 2023-03-31 13429166 d:SharePremium 2024-03-31 13429166 d:SharePremium 2023-03-31 13429166 d:RetainedEarningsAccumulatedLosses 2024-03-31 13429166 d:RetainedEarningsAccumulatedLosses 2023-03-31 13429166 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13429166 c:OrdinaryShareClass1 2024-03-31 13429166 c:OrdinaryShareClass1 2023-03-31 13429166 c:FRS102 2023-04-01 2024-03-31 13429166 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13429166 c:FullAccounts 2023-04-01 2024-03-31 13429166 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13429166 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-04-01 2024-03-31 13429166 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13429166









17CICADA LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
17CICADA LTD
REGISTERED NUMBER: 13429166

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
1,567
1,745

Tangible assets
 5 
18,182
31,487

  
19,749
33,232

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
108,064
17,466

Cash at bank and in hand
  
1,108
101,512

  
109,172
118,978

Creditors: amounts falling due within one year
 7 
(143,905)
(90,905)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(34,733)
 
 
28,073

  

NET (LIABILITIES)/ASSETS
  
(14,984)
61,305


CAPITAL AND RESERVES
  

Called up share capital 
 8 
134
134

Share premium account
  
119,986
119,986

Profit and loss account
  
(135,104)
(58,815)

  
(14,984)
61,305


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
17CICADA LTD
REGISTERED NUMBER: 13429166
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared 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.

Page 2

 
17CICADA LTD
REGISTERED NUMBER: 13429166
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Rogan
Director

Date: 26 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

17Cicada Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office address is St. John's Innovation Centre, Cowley Road, Cambridge, England, CB4 0WS.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared of the going concern basis which assumes that the Company will continue as a going concern for the forseeable future. The trading losses reported to date are consistent with the Company's business plan. Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Laboratory Equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


EMPLOYEES

2024
2023
£
£

Wages and salaries
168,470
46,802

Social security costs
10,608
-

Cost of defined contribution scheme
3,801
1,435

182,879
48,237


The average monthly number of employees, including directors, during the year was 8 (2023 - 4).

Page 7

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


INTANGIBLE ASSETS




Trademarks

£



COST


At 1 April 2023
1,775



At 31 March 2024

1,775



AMORTISATION


At 1 April 2023
30


Charge for the year on owned assets
178



At 31 March 2024

208



NET BOOK VALUE



At 31 March 2024
1,567



At 31 March 2023
1,745



Page 8

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery

£



COST OR VALUATION


At 1 April 2023
39,916



At 31 March 2024

39,916



DEPRECIATION


At 1 April 2023
8,429


Charge for the year on owned assets
13,305



At 31 March 2024

21,734



NET BOOK VALUE



At 31 March 2024
18,182



At 31 March 2023
31,487


6.


DEBTORS

2024
2023
£
£


Other debtors
1,431
44

Called up share capital not paid
12
12

Prepayments and accrued income
106,621
17,410

108,064
17,466


Page 9

 
17CICADA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
74,266
2,130

Other taxation and social security
6,128
13,643

Other creditors
60,961
72,772

Accruals and deferred income
2,550
2,360

143,905
90,905


Included within other creditors is a year end pension liability of £454 (2023: £335).


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



13,374 (2023 - 13,374) Ordinary shares of £0.01 each
134
134


 
Page 10