Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-07-01falsetrue2120truefalse 10246957 2023-07-01 2024-06-30 10246957 2022-07-01 2023-06-30 10246957 2024-06-30 10246957 2023-06-30 10246957 2022-07-01 10246957 1 2023-07-01 2024-06-30 10246957 d:Director2 2023-07-01 2024-06-30 10246957 c:Buildings c:ShortLeaseholdAssets 2023-07-01 2024-06-30 10246957 c:Buildings c:ShortLeaseholdAssets 2024-06-30 10246957 c:Buildings c:ShortLeaseholdAssets 2023-06-30 10246957 c:FurnitureFittings 2023-07-01 2024-06-30 10246957 c:FurnitureFittings 2024-06-30 10246957 c:FurnitureFittings 2023-06-30 10246957 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10246957 c:OfficeEquipment 2023-07-01 2024-06-30 10246957 c:OfficeEquipment 2024-06-30 10246957 c:OfficeEquipment 2023-06-30 10246957 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10246957 c:ComputerEquipment 2023-07-01 2024-06-30 10246957 c:ComputerEquipment 2024-06-30 10246957 c:ComputerEquipment 2023-06-30 10246957 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10246957 c:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 10246957 c:OtherPropertyPlantEquipment 2024-06-30 10246957 c:OtherPropertyPlantEquipment 2023-06-30 10246957 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10246957 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10246957 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-01 2024-06-30 10246957 c:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 10246957 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 10246957 c:CurrentFinancialInstruments 2024-06-30 10246957 c:CurrentFinancialInstruments 2023-06-30 10246957 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 10246957 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 10246957 c:ShareCapital 2024-06-30 10246957 c:ShareCapital 2023-06-30 10246957 c:ShareCapital 2022-07-01 10246957 c:SharePremium 2023-07-01 2024-06-30 10246957 c:SharePremium 2024-06-30 10246957 c:SharePremium 2022-07-01 2023-06-30 10246957 c:SharePremium 2023-06-30 10246957 c:SharePremium 2022-07-01 10246957 c:CapitalRedemptionReserve 2023-07-01 2024-06-30 10246957 c:CapitalRedemptionReserve 2024-06-30 10246957 c:CapitalRedemptionReserve 2022-07-01 2023-06-30 10246957 c:CapitalRedemptionReserve 2023-06-30 10246957 c:CapitalRedemptionReserve 2022-07-01 10246957 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 10246957 c:RetainedEarningsAccumulatedLosses 2024-06-30 10246957 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10246957 c:RetainedEarningsAccumulatedLosses 2023-06-30 10246957 c:RetainedEarningsAccumulatedLosses 2022-07-01 10246957 d:OrdinaryShareClass1 2023-07-01 2024-06-30 10246957 d:OrdinaryShareClass1 2024-06-30 10246957 d:OrdinaryShareClass1 2023-06-30 10246957 d:FRS102 2023-07-01 2024-06-30 10246957 d:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10246957 d:FullAccounts 2023-07-01 2024-06-30 10246957 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10246957 c:WithinOneYear 2024-06-30 10246957 c:WithinOneYear 2023-06-30 10246957 6 2023-07-01 2024-06-30 10246957 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2023-07-01 2024-06-30 10246957 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10246957










IOTA SCIENCES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024



 
IOTA SCIENCES LIMITED
REGISTERED NUMBER: 10246957

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
8,290
11,975

Tangible assets
 5 
21,343
30,530

Investments
 6 
24,535
24,535

  
54,168
67,040

Current assets
  

Stocks
 7 
250,171
256,772

Debtors: amounts falling due within one year
 8 
286,276
467,656

Cash at bank and in hand
 9 
83,792
307,051

  
620,239
1,031,479

Creditors: amounts falling due within one year
 10 
(1,459,280)
(234,471)

Net current (liabilities)/assets
  
 
 
(839,041)
 
 
797,008

Total assets less current liabilities
  
(784,873)
864,048

  

Net (liabilities)/assets
  
(784,873)
864,048


Capital and reserves
  

Called up share capital 
 11 
576
576

Share premium account
  
9,029,585
9,029,585

Share-based payment reserve
  
901,041
834,204

Profit and loss account
  
(10,716,075)
(9,000,317)

  
(784,873)
864,048


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.

Page 1

 
IOTA SCIENCES LIMITED
REGISTERED NUMBER: 10246957

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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




Dr T J Nicholls
Director

Date: 5 February 2025

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
IOTA SCIENCES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
576
9,029,585
741,106
(7,558,492)
2,212,775



Loss for the year
-
-
-
(1,441,825)
(1,441,825)

Share based payment charge
-
-
93,098
-
93,098



At 1 July 2023
576
9,029,585
834,204
(9,000,317)
864,048



Loss for the year
-
-
-
(1,715,758)
(1,715,758)


Contributions by and distributions to owners

Share based payment charge
-
-
66,837
-
66,837


At 30 June 2024
576
9,029,585
901,041
(10,716,075)
(784,873)


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Iota Sciences Limited is a private company, limited by share capital and incorporated in England & Wales.
The Company's registered office and principal place of business is Begbroke Science Park, Begbroke Hill, Woodstock Road, Yarnton, Oxfordshire, OX5 1PF. The registered number of the Company is 10246957.

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

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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.

 The estimated useful lives range as follows:

IP Costs
-
10
years

 
2.4

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, this is provided on the following basis:.


Short-term leasehold property
-
10%
straight line
Fixtures and fittings
-
33%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
33%
straight line
Project equipment
-
25%
reducing balance

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Share-based payments

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.

Page 6

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Borrowing costs

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

 
2.14

Taxation

Tax is recognised in profit or loss except that a charge 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 charge 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.



3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 20).

Page 7

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




IP Costs

£



Cost


At 1 July 2023
35,924



At 30 June 2024

35,924



Amortisation


At 1 July 2023
23,949


Charge for the year on owned assets
3,685



At 30 June 2024

27,634



Net book value



At 30 June 2024
8,290



At 30 June 2023
11,975



Page 8

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Project equipment

£
£
£
£
£



Cost or valuation


At 1 July 2023
3,907
157,007
7,678
40,376
36,186


Additions
-
-
818
1,288
-



At 30 June 2024

3,907
157,007
8,496
41,664
36,186



Depreciation


At 1 July 2023
1,595
157,007
5,637
28,879
21,506


Charge for the year on owned assets
391
-
1,153
6,078
3,671



At 30 June 2024

1,986
157,007
6,790
34,957
25,177



Net book value



At 30 June 2024
1,921
-
1,706
6,707
11,009



At 30 June 2023
2,312
-
2,041
11,497
14,680
Page 9

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 July 2023
245,154


Additions
2,106



At 30 June 2024

247,260



Depreciation


At 1 July 2023
214,624


Charge for the year on owned assets
11,293



At 30 June 2024

225,917



Net book value



At 30 June 2024
21,343



At 30 June 2023
30,530


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
24,535



At 30 June 2024
24,535






Net book value



At 30 June 2024
24,535



At 30 June 2023
24,535

Page 10

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
250,171
256,772

250,171
256,772



8.


Debtors

2024
2023
£
£


Trade debtors
55,304
158,324

Other debtors
63,731
56,287

Prepayments and accrued income
44,019
61,162

Tax recoverable
123,222
191,883

286,276
467,656



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
83,792
307,051

83,792
307,051



10.


Creditors: amounts falling due within one year

2024
2023
£
£

Other loans
1,166,855
-

Trade creditors
48,909
26,462

Other taxation and social security
22,935
26,268

Other creditors
15,102
15,049

Accruals and deferred income
205,479
166,692

1,459,280
234,471


After the year end, the loan was converted into Ordinary shares of £0.001 each. 

Page 11

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



576,308 (2023 - 576,308) Ordinary shares of £0.001 each
576
576



12.


Share-based payments

The fair value of the equity-settled options is measured at the grant date using the Black-Scholes option pricing model taking into account the terms and conditions upon which the instruments were granted. The services received and charge related to those services are recognised over the expected vesting period. A charge of £66,837 (2023: £93,098) has been recognised within these financial statements.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

5.99

3,731

2.8
 
14,478
 
Granted during the year

0.001

13,398

0.001
 
900
 
Forfeited during the year


(644)

 
-
 
Exercised during the year

0.41

(6,295)

1.56
 
(11,647)
 
Outstanding at the end of the year
4.55

10,190

5.99
 
3,731
 

2024
2023

Weighted average share price (pence)


4.55

24.64
 
Exercise price (pence)


0.41

5.99
 
Weighted average contractual life (years)


3

3
 
Expected volatility


70

70
 
Risk-free interest rate


0.5

0.5
 


Page 12

 
IOTA SCIENCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Commitments under operating leases

At 30 June 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
2,490

-
2,490


14.


Related party transactions

During the year £17,896 (2023: £6,108) relating to business expenses was paid to a director. As at the year end £Nil (2023: £1,072) was outstanding as due to a director.
During the year £Nil (2023: £238,137) was paid to shareholders, relating to expenses, patent applications and consultancy services. As at the year end, £Nil (2023: £2,592) was due to shareholders. 
During the year £81,500 (2023: £120,000) was paid to Omicron Automation Limited a related unlisted company, relating to research and development activities. As at the year end £19,102 (2023: £24,535) was outstanding.


15.


Post balance sheet events

Since the year end, the Company has converted the loan of £1,166,855 into Ordinary shares of £0.001 each. 
During July 2024 282,438 Ordinary shares of £0.001 were issued for total consideration of £900,000, and 515,560 Ordinary shares of £0.001 were issued for total consideration of £1,149,998.


16.


Controlling party

The directors believe that the Company has no one controlling party.


Page 13