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Registration number: NI638333

Re-Vana Therapeutics Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Re-Vana Therapeutics Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Re-Vana Therapeutics Ltd

Company Information

Directors

Mr Michael Joseph O'Rourke

Mr Garrett Hamontree

Mr James Murray

Anna Sumeray

Dr Robert Logan Avery

Registered office

63 University Road
Belfast
Antrim
BT7 1NF

Accountants

Baxterworld Limited Unit 3 Dargan Industrial Park
60-84 Dargan Crescent
Belfast
Co. Antrim
BT3 9JP

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Re-Vana Therapeutics Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Re-Vana Therapeutics Ltd for the year ended 31 May 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com

This report is made solely to the Board of Directors of Re-Vana Therapeutics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Re-Vana Therapeutics Ltd and state those matters that we have agreed to state to the Board of Directors of Re-Vana Therapeutics Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Re-Vana Therapeutics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Re-Vana Therapeutics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Re-Vana Therapeutics Ltd. You consider that Re-Vana Therapeutics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Re-Vana Therapeutics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Baxterworld Limited
Unit 3 Dargan Industrial Park
60-84 Dargan Crescent
Belfast
Co. Antrim
BT3 9JP

17 February 2025

 

Re-Vana Therapeutics Ltd

(Registration number: NI638333)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

233,766

69,767

Current assets

 

Debtors

5

216,838

206,060

Cash at bank and in hand

 

5,533,346

5,072,835

 

5,750,184

5,278,895

Prepayments and accrued income

 

51,894

-

Creditors: Amounts falling due within one year

(214,198)

(136,076)

Net current assets

 

5,587,880

5,142,819

Total assets less current liabilities

 

5,821,646

5,212,586

Accruals and deferred income

 

(1,350)

(1,950)

Net assets

 

5,820,296

5,210,636

Capital and reserves

 

Called up share capital

6

210

161

Share premium reserve

13,949,937

9,291,461

Retained earnings

(8,129,851)

(4,080,986)

Shareholders' funds

 

5,820,296

5,210,636

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 

.........................................
Mr Michael Joseph O'Rourke
Director

 

Re-Vana Therapeutics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
63 University Road
Belfast
Antrim
BT7 1NF
Northern Ireland

These financial statements were authorised for issue by the Board on 17 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Re-Vana Therapeutics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% Straight Line

Furniture & Fittings

20% Straight Line

Plant & Machinery

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Re-Vana Therapeutics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

4,232

85,959

90,191

Additions

12,861

216,083

228,944

At 31 May 2024

17,093

302,042

319,135

Depreciation

At 1 June 2023

3,232

17,192

20,424

Charge for the year

4,537

60,408

64,945

At 31 May 2024

7,769

77,600

85,369

Carrying amount

At 31 May 2024

9,324

224,442

233,766

At 31 May 2023

1,000

68,767

69,767

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.00 each

582,508

58

582,508

58

Preference Shares of £0.00 each

168,343

17

168,343

17

Series 1 Preference Shares of £0.00 each

292,867

29

292,867

29

Series A Preference SharesNewRow_4 of £0.00 each

1,053,223

105

569,389

57

2,096,941

210

1,613,107

161

 

Re-Vana Therapeutics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

7

Related party transactions

 

Re-Vana Therapeutics Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

329,087

173,561

Contributions paid to money purchase schemes

36,323

38,424

365,410

211,985