REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
ANTIVERSE LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
ANTIVERSE LTD |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
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 |
ANTIVERSE LTD |
Company Information |
for the year ended 30 April 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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. |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
ANTIVERSE LTD is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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. |
Share based payments have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 - 4 years straight line |
Plant and machinery - 1.5 years straight line |
Government grants |
During the year the company was in receipt of government grant income. The company makes claims for grants under a reimbursement model and it receives grant income as compensation for expenses or losses already incurred. The company therefore recognises its grant income in the Income statement in the period in which it becomes receivable. |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
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 of current 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. |
Tax credits shown on the Income Statement represent tax credits received from HMRC as a result of claims made under HMRC’s R&D tax relief schemes. |
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. |
Share-based payments |
The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled. |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
Going concern |
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the balance sheet date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements. |
Investments |
Investments in subsidiaries are measured at cost less any accumulated impairment losses. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
Additions |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
The Company owns 100% of the equity share capital of Antiverse US Inc (2023: Nil). The address of the registered office of Antiverse US Inc is 1 Broadway, 14th floor, Cambridge, MA 02142. |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
A balance of £2,421,917 within other creditors relates to convertible loan notes. The loan notes are redeemable on the longstop date of 30 April 2024 or on an earlier qualifying event. The loan notes do not bear interest. |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 0.000001 | 6 | 6 |
Ordinary A | 0.000001 | 1 | 1 |
7 | 7 |
10. | Post balance sheet events |
On 13 June 2024 the company issued 6,171,033 series seed 1 preferred shares for a total consideration of £3,480,463. |
On 13 June 2024 the convertible loan notes converted into £5,456,557 series seed 2 preferred shares. |
ANTIVERSE LTD (REGISTERED NUMBER: 10736975) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
11. | Share-based payment transactions |
The company operates an EMI qualifying share option scheme and during the period the company granted 400,785 EMI qualifying share options to employees of the company (2023: 0). At the statement of financial position date, the company had granted a total of 1,138,872 share options (2023: 738,087) at an average weighted exercise price of £0.000001 per share (2023: £0.000001). At the statement of financial position date, 56,346 options had lapsed (2023: 50,415), 0 options were exercised (2023: 0), 862,305 options had vested and remained exercisable (2023: 570,301) and 220,221 options had yet to vest (2023: 117,371). An amount of £47,467 has been charged to the income statement in respect of the EMI qualifying share options (2023: £33,144). |
The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the shares of the company. |