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REGISTERED NUMBER: 11918540 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

NORTHFLANK LTD

NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Contents of the Financial Statements
for the year ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NORTHFLANK LTD

Company Information
for the year ended 30 April 2024







Directors: S Bhadra
F Brix
S Jang
W J Stewart
S Stich





Secretary: Oakwood Corporate Secretary Limited





Registered office: 20-22 Wenlock Road
London
N1 7GU





Registered number: 11918540 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Balance Sheet
30 April 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 4,596 7,437
Tangible assets 5 17,142 20,422
21,738 27,859

Current assets
Debtors 6 21,400 16,265
Cash at bank 2,043,597 3,705,265
2,064,997 3,721,530
Creditors
Amounts falling due within one year 7 418,107 46,756
Net current assets 1,646,890 3,674,774
Total assets less current liabilities 1,668,628 3,702,633

Capital and reserves
Called up share capital 8 3,743 3,001
Share premium 6,617,846 6,617,846
Other reserves 72,473 25,810
Retained earnings (5,025,434 ) (2,944,024 )
Shareholders' funds 1,668,628 3,702,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Balance Sheet - continued
30 April 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





W J Stewart - Director


NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Notes to the Financial Statements
for the year ended 30 April 2024


1. Statutory information

Northflank 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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - Straight line over 3 years

NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

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


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

3. Employees and directors

The average number of employees during the year was 6 (2023 - 7 ) .

NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


4. Intangible fixed assets
Patents and
licences
£
Cost
At 1 May 2023
and 30 April 2024 14,206
Amortisation
At 1 May 2023 6,769
Amortisation for year 2,841
At 30 April 2024 9,610
Net book value
At 30 April 2024 4,596
At 30 April 2023 7,437

5. Tangible fixed assets
Computer
equipment
£
Cost
At 1 May 2023 42,878
Additions 5,530
At 30 April 2024 48,408
Depreciation
At 1 May 2023 22,456
Charge for year 8,810
At 30 April 2024 31,266
Net book value
At 30 April 2024 17,142
At 30 April 2023 20,422

6. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 21,400 16,265

NORTHFLANK LTD (REGISTERED NUMBER: 11918540)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 3,071 160
Taxation and social security 13,627 10,643
Other creditors 401,409 35,953
418,107 46,756

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
106,250 Ordinary £0.01 1,805 1,063
61,480 Series Seed 1 £0.01 615 615
132,331 Series Seed 2 £0.01 1,323 1,323
3,743 3,001

74,244 Ordinary shares of £0.01 each were allotted and fully paid for cash at par during the year.

9. Related party disclosures

As at year ended 30-Apr-2024 the company owed to director of £4,178 (2023: £4,175).

10. Share-based payment transactions

The company operates an EMI qualifying share option scheme. As at the year-end, the company had granted 3,586 (2022: 3,586) EMI qualifying share options to company employees at an average weighted exercise price of £0.01 per share. At the statement of financial position date 2,598 share options had vested (2023: 1,920), 313 had lapsed (2023:0) and 675 share options had yet to vest (2023: 1,666), none were exercised (2023: 80).

The company also operates an unapproved share option scheme. As at the year end, the company had granted 4,495 (2023: 4,495) unapproved share options to contractors and advisers with an average weighted exercise price of £0.01 per share. At the statement of financial position date 3,329 share options had vested (2023: 2,827), 607 share options had yet to vest (2023: 2,1,668) and 559 lapsed (2023: 143).

The share options vest over varying periods of up to 4 years from the date of the grant with a cliff ranging up to 12 months.