Company No:
Contents
DIRECTORS | Professor Chris Ballentine (Appointed 27 July 2023, Resigned 30 December 2024) |
Professor Michael Christopher Daly (Appointed 27 July 2023) | |
Rawan Farwana (Appointed 27 July 2023, Resigned 09 October 2024) | |
Martin Guy Fiennes (Appointed 09 October 2024) | |
Mark Gainsborough (Appointed 01 June 2024) | |
Daniel McMahon (Appointed 19 June 2023) | |
Kevin Rodrigues (Appointed 30 December 2024) |
REGISTERED OFFICE | 46 Woodstock Road |
Oxford | |
OX2 6HT | |
United Kingdom |
COMPANY NUMBER | 14946145 (England and Wales) |
ACCOUNTANT | Shaw Gibbs Limited |
264 Banbury Road | |
Oxford | |
OX2 7DY | |
United Kingdom |
Note | 30.06.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 5 |
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10,563 | ||
Current assets | ||
Debtors | 6 |
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Cash at bank and in hand |
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2,035,807 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 2,002,721 | |
Total assets less current liabilities | 2,013,284 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Snowfox Discovery Limited (registered number:
Daniel McMahon
Director |
Mark Gainsborough
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Snowfox Discovery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 46 Woodstock Road, Oxford, OX2 6HT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
As this is the company's first trading period the reporting period is from 19th June 2023 to 30 June 2024
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been reviewed, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. No adjustment to this expected life was deemed necessary compared to when the options originally vested.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Going Concern
As per note 10, the company received significant investment after the year end which enabled the directors to come to the conclusion that the company is a going concern.
Share options
The directors have factored externally agreed valuations for the company and share option restrictions to determine the values entered into the Black-Scholes model in order to derive the fair value of the share options at the year end.
Period from 19.06.2023 to 30.06.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Equity-settled share-based payment schemes
The options outstanding at the period end had an exercise price of £0.00001 and a remaining contractual life of nine years.
Details of the share options outstanding during the financial year are as follows:
30.06.2024 | ||
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Weighted Average | ||
Number of share options | Average exercise price (£) | |
Outstanding at beginning of period |
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Granted during the period |
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 19 June 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 19 June 2023 |
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Charge for the financial period |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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30.06.2024 | |
£ | |
Prepayments |
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Other debtors |
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30.06.2024 | |
£ | |
Trade creditors |
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Accruals |
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Other creditors |
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30.06.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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15 |
The seed preference shares have full rights in the company with respect to voting and dividend rights. In respect of distributions, the seed preferred shares rank in priority to any other class such that the holders receive an amount equal to the greater of: (i) the preference amount of such seed preferred share, and (ii) the amount that would be received if each of the seed preferred shares were converted into ordinary shares.
The company also holds a share premium account representing the amount paid for shares issued above the par value per share. The balance at the year end is £2,999,995.
Transactions with the entity's directors
30.06.2024 | |
£ | |
Consultancy Services | 57,855 |
In the year a director invoiced for consultancy services rendered. A balance of £NIL was owed to them at year end.