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COMPANY REGISTRATION NUMBER: 08441066
Neurence Limited
Unaudited Financial Statements
30 June 2024
Neurence Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Neurence Limited
Director's Report
Year ended 30 June 2024
The director presents her report and the unaudited financial statements of the company for the year ended 30 June 2024 .
Director
The director who served the company during the year was as follows:
EJ Harris
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 December 2024 and signed on behalf of the board by:
EJ Harris
Director
Registered office:
St John's Innovation Centre
Cowley Road
Cambridge
CB4 0WS
Neurence Limited
Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Administrative expenses
235,142
401,975
---------
---------
Operating loss
( 235,142)
( 401,975)
---------
---------
Loss before taxation
5
( 235,142)
( 401,975)
Tax on loss
---------
---------
Loss for the financial year and total comprehensive income
( 235,142)
( 401,975)
---------
---------
Retained losses at the start of the year
( 5,553,012)
( 5,151,037)
------------
------------
Retained losses at the end of the year
( 5,788,154)
( 5,553,012)
------------
------------
All the activities of the company are from continuing operations.
Neurence Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
10,609
5,804
Current assets
Debtors
7
4,522
2
Cash at bank and in hand
24,002
115,538
--------
---------
28,524
115,540
Creditors: amounts falling due within one year
8
5,817,287
5,664,356
------------
------------
Net current liabilities
5,788,763
5,548,816
------------
------------
Total assets less current liabilities
( 5,778,154)
( 5,543,012)
------------
------------
Net liabilities
( 5,778,154)
( 5,543,012)
------------
------------
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss account
( 5,788,154)
( 5,553,012)
------------
------------
Shareholders deficit
( 5,778,154)
( 5,543,012)
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
EJ Harris
Director
Company registration number: 08441066
Neurence Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St John's Innovation Centre, Cowley Road, Cambridge, CB4 0WS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Administrative staff
2
2
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
106,700
110,111
Social security costs
11,220
13,311
Other pension costs
4,128
4,323
---------
---------
122,048
127,745
---------
---------
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
8,299
8,144
-------
-------
6. Tangible assets
Equipment
£
Cost
At 1 July 2023
12,021
Additions
13,104
--------
At 30 June 2024
25,125
--------
Depreciation
At 1 July 2023
6,217
Charge for the year
8,299
--------
At 30 June 2024
14,516
--------
Carrying amount
At 30 June 2024
10,609
--------
At 30 June 2023
5,804
--------
7. Debtors
2024
2023
£
£
Other debtors
4,522
2
-------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22
396
Amounts owed to group undertakings
5,800,000
5,650,000
Accruals and deferred income
12,500
9,000
Social security and other taxes
2,845
3,040
Other creditors
1,920
1,920
------------
------------
5,817,287
5,664,356
------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
1,000,000
10,000
1,000,000
10,000
------------
--------
------------
--------
10. Related party transactions
During the year the Company received cash funding of £150,000 (2023 - £500,000) and has been recharged costs amounting to £84,504 (2023 - £244,301) from ICP London Limited, the immediate parent undertaking. As at 30 June 2023, the Company owed ICP London Limited £5,800,000 (2022 - £5,650,000).
11. Controlling party
At 30 June 2024, the immediate parent undertaking was ICP London Limited, a company registered in the British Virgin Islands and the ultimate parent undertaking was ICP London Holdings Limited, a company registered in the British Virgin Islands. At 30 June 2024 and at the date of approval of these financial statements, the Director considers that the ultimate controlling party is Invoke Capital, by virtue of its management of the funds invested in ICP London Holdings Limited.