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Registered number: 11872778









VYNE TECHNOLOGIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
VYNE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 11872778

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
9,472
10,722

Tangible assets
 5 
22,642
57,958

  
32,114
68,680

Current assets
  

Debtors: amounts falling due within one year
 6 
767,835
872,799

Cash at bank and in hand
 7 
88,714
2,141,598

  
856,549
3,014,397

Creditors: amounts falling due within one year
 8 
(278,114)
(348,931)

Net current assets
  
 
 
578,435
 
 
2,665,466

Total assets less current liabilities
  
610,549
2,734,146

  

Net assets
  
610,549
2,734,146


Capital and reserves
  

Called up share capital 
  
316
316

Share premium account
  
14,202,736
14,517,103

Profit and loss account
  
(13,592,503)
(11,783,273)

  
610,549
2,734,146


Page 1

 
VYNE TECHNOLOGIES LIMITED
REGISTERED NUMBER: 11872778
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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.

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.

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 statement of comprehensive income 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 on 30 January 2025.




R A Ocampo
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Vyne Technologies Limited is a private company, limited by shares, domiciled in England and Wales, registration number 11872778. The registered office is 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ. The principal activity of the company continued to be that of the provision of payment technology services.

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.

 
2.2

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.

Page 3

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Leases

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight line basis over the lease term.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

Page 4

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Share-based payments

The Company operates an EMI share option scheme available to employees. During the year 15,398 options vested with an exercise price of £0.0001, an adjustment has been made to the balance sheet to reflect the options vested but not yet exercised. At the year end, 150,181 options were available other than those already vested all with an exercise price of £0.0001. 52,353 options lapsed during the year.

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.8

Taxation

Tax is recognised in profit or loss except that a credit attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax credit is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

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

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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:

Plant and machinery
-
33%
Motor vehicles
-
33%
Office equipment
-
33%
Computer equipment
-
33%

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 22).

Page 6

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Trademarks
Web Domains
Total

£
£
£



Cost


At 1 April 2023
7,290
5,212
12,502



At 31 March 2024

7,290
5,212
12,502



Amortisation


At 1 April 2023
911
869
1,780


Charge for the year on owned assets
729
521
1,250



At 31 March 2024

1,640
1,390
3,030



Net book value



At 31 March 2024
5,650
3,822
9,472



At 31 March 2023
6,379
4,343
10,722



Page 7

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
5,569
100,881
106,450


Disposals
(200)
(4,624)
(4,824)



At 31 March 2024

5,369
96,257
101,626



Depreciation


At 1 April 2023
2,763
45,729
48,492


Charge for the year on owned assets
1,856
29,408
31,264


Disposals
(194)
(578)
(772)



At 31 March 2024

4,425
74,559
78,984



Net book value



At 31 March 2024
944
21,698
22,642



At 31 March 2023
2,806
55,152
57,958


6.


Debtors

2024
2023
£
£


Trade debtors
49,751
30,152

Other debtors
640,030
687,893

Prepayments and accrued income
78,054
154,754

767,835
872,799


Page 8

 
VYNE TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
88,714
2,141,598

Less: bank overdrafts
(39)
-

88,675
2,141,598



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
39
-

Trade creditors
68,539
98,657

Other taxation and social security
88,431
111,024

Other creditors
6,185
5,512

Accruals and deferred income
114,920
133,738

278,114
348,931



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £32,090 (2023 - £35,707).
Contributions totalling £6,186 (2023 - £5,515) were payable to the fund at the balance sheet date and are
included in creditors.


10.


Controlling party

At 2 September 2022, the Company took part in a share-for-share exchange with Vyne Group Holdings Limited (company number: 13740523), a company incorporated in England and Wales. The registered office of Vyne Group Holdings Limited is 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ. From 2 September 2022, Vyne Group Holdings Limited is the controlling party.

 
Page 9