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REGISTERED NUMBER: SC387903















AURUM BIOSCIENCES LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






AURUM BIOSCIENCES LIMITED (REGISTERED NUMBER: SC387903)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


AURUM BIOSCIENCES LIMITED (REGISTERED NUMBER: SC387903)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 200,194 220,729
Tangible assets 5 - -
200,194 220,729

CURRENT ASSETS
Debtors 6 90,362 152,381
Cash at bank 546,751 258,509
637,113 410,890
CREDITORS
Amounts falling due within one year 7 1,352,563 1,534,367
NET CURRENT LIABILITIES (715,450 ) (1,123,477 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(515,256

)

(902,748

)

CAPITAL AND RESERVES
Called up share capital 365 280
Share premium 2,377,308 1,684,271
Retained earnings (2,892,929 ) (2,587,299 )
(515,256 ) (902,748 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





Dr D Brennan - Director


AURUM BIOSCIENCES LIMITED (REGISTERED NUMBER: SC387903)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Aurum Biosciences Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Imaging Centre of Excellence, Queen Elizabeth University Hospital, Langlands Drive, Glasgow, Scotland, G51 4LB.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There have been no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The validity of this however is dependent on continued support from creditors. If support was to be withdrawn, adjustments may have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may arise. After reviewing the company's forecasts, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis despite these uncertainties.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Website costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like intangible assets and plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

AURUM BIOSCIENCES LIMITED (REGISTERED NUMBER: SC387903)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash held at bank.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Operating lease 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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

AURUM BIOSCIENCES LIMITED (REGISTERED NUMBER: SC387903)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed by uncertain future events that are not wholly within the control of the entity. Contingent liabilities also include obligations that are not recognised because their amount cannot be measured reliably or because settlement is not probable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 243,165
AMORTISATION
At 1 April 2023 22,436
Charge for year 20,535
At 31 March 2024 42,971
NET BOOK VALUE
At 31 March 2024 200,194
At 31 March 2023 220,729

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 80,363
DEPRECIATION
At 1 April 2023
and 31 March 2024 80,363
NET BOOK VALUE
At 31 March 2024 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 90,362 152,381

AURUM BIOSCIENCES LIMITED (REGISTERED NUMBER: SC387903)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 37,390 223,894
Taxation and social security 8,965 2,951
Other creditors 1,306,208 1,307,522
1,352,563 1,534,367

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gavin Curr FCCA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd

9. CONTINGENT LIABILITIES

Included in other creditors is a loan from The Wellcome Trust totalling £1,297,667 which at their discretion is repayable in cash or convertible to share capital at any time upon request. The Wellcome Trust may elect for the conversion of the loan to share capital or alternatively defer demand for cash repayment in the event that repayment in cash would lead to the company becoming insolvent.

The directors are not aware of any indications that The Wellcome Trust are likely to elect for the conversion to share capital or to demand repayment.

10. RELATED PARTY DISCLOSURES

There were no related party transactions during the current or prior year.

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.