REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2023 TO 30 SEPTEMBER 2024 |
FOR |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2023 TO 30 SEPTEMBER 2024 |
FOR |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 November 2023 to 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED |
COMPANY INFORMATION |
For The Period 1 November 2023 to 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
BALANCE SHEET |
30 September 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 November 2023 to 30 September 2024 |
1. | STATUTORY INFORMATION |
C3 Biotechnologies (Acrylics) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no departures from that standard. |
The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised on long term contracts where the outcome of the contract can reliably be |
estimated. Revenue and costs are recognised based on the work performed at the date of the |
balance sheet. This is measured looking at the actual costs incurred to date. The estimated costs of a contract are based on detailed models of expected costs, which are regularly reviewed as the project progresses. Adjustments to total expected costs are updated as required. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Scientific equipment | Straight line over 3 years |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of income and retained earnings. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 November 2023 to 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed forobjective evidence of impairment. If an asset is impaired the impairment loss is the differencebetween the carrying amount and the present value of the estimated cash flows discounted at theasset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the assetexpire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset aretransferred to another party or (c) despite having retained some significant risks and rewards ofownership, control of the asset has been transferred to another party who has the practical ability tounilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities, including trade and other payables, and loans from fellow groupcompanies, are initially recognised at transaction price, unless the arrangement constitutes afinancing transaction, where the debt instrument is measured at the present value of the futurereceipts discounted at a market rate of interest. Debt instruments are subsequently carried atamortised cost, using the effective interest rate method. |
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
obligation is discharged, cancelled or expires. |
Financial assets and liabilities are offset and the net amounts presented in the financial statementswhen there is a legally enforceable right to set off the recognised amounts and there is an intentionto settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 November 2023 to 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company, as also supported by fellow group companies, has adequate resources and funding in place to continue in operational existence for the foreseeable future and pay its liabilities as they fall due. Furthermore, the directors have prepared detailed financial forecasts including cash flow forecasts, based on the results of these, and the support noted above, they consider the company retains sufficient working capital to continue trading for the foreseeable future. |
The directors have considered the impact the current economic environment in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 November 2023 to 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Scientific |
equipment |
£ |
COST |
Additions |
At 30 September 2024 |
DEPRECIATION |
Charge for period |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
Tax |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Accruals and deferred income |
Within accruals and deferred income, is deferred income relating to the Spind contract that the company is undertaking of £111,179 which will be used against future allowable expenditure. |
7. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax | 38,714 |
Deferred |
tax |
£ |
Charge to Income Statement during period |
Balance at 30 September 2024 |
C3 BIOTECHNOLOGIES (ACRYLICS) LIMITED (REGISTERED NUMBER: 15251696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 November 2023 to 30 September 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
100 Ordinary shares of £1 each were allotted and fully paid for |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is C3 Biotechnologies Limited. |
The ultimate controlling party is the directors of C3 Biotechnologies Limited by virtue of their shareholdings. |
The registered office is 20 Mannin Way Lancaster Business Park, Caton Road, Lancaster, Lancashire, United Kingdom, LA1 3SW. |