REGISTERED NUMBER: |
Viramal Limited |
Unaudited Financial Statements |
for the Period 1 May 2023 to 29 February 2024 |
REGISTERED NUMBER: |
Viramal Limited |
Unaudited Financial Statements |
for the Period 1 May 2023 to 29 February 2024 |
Viramal Limited (Registered number: 08485006) |
Contents of the Financial Statements |
for the Period 1 May 2023 to 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Viramal Limited |
Company Information |
for the Period 1 May 2023 to 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Delta 606 |
Welton Road |
Delta Office Park |
Swindon |
Wiltshire |
SN5 7XF |
Viramal Limited (Registered number: 08485006) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Merger relief reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Viramal Limited (Registered number: 08485006) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Viramal Limited (Registered number: 08485006) |
Notes to the Financial Statements |
for the Period 1 May 2023 to 29 February 2024 |
1. | STATUTORY INFORMATION |
Viramal Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
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. |
Viramal Limited (Registered number: 08485006) |
Notes to the Financial Statements - continued |
for the Period 1 May 2023 to 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Convertible loan notes |
Convertible loans comprised £50,000 of unsecured interest-free convertible loan notes. Conversion takes place in certain circumstances, including on an exit, or on new funding round, at a discount of 25% to the then share price, or at the maturity date of 30th September 2022 at £17 per share (amended to £1.13 per share following the bonus issue the previous financial year). The loan notes were converted during the period, at a value of £1.13 per share. |
Share-based payments |
Equity-settled share-based payments are measured at fair value at the date of the grant by reference to the fair value of the equity instruments granted. |
Share options are valued using the Black Scholes model. Ordinary A shares (growth shares) are valued based on a projected share evolution with a lognormal geometric Brownian motion process and simulated using Monte Carlo. |
The fair value determined at the grant date is expensed on a straight-line basis over the besting period, based, for share options on the estimate of shares that will eventually vest, and for growth shares on the expected number of shares to be forfeited under the conditions attached to their grant. A corresponding adjustment is made to equity. |
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions are under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. |
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. |
Going concern disclosure |
The company carries out research and development and, to date, has generated only modest revenues. As a consequence, it is reliant on raising external funding to continue its activities. The directors have prepared forecasts for the next financial year which indicate that the additional funding is required to support the company's ongoing activities and, as such, there are uncertainties surrounding going concern. However, since incorporation, the directors have successfully raised external funding and they have a reasonable expectation that sufficient funding will continue to be available. These financial statements have, therefore, been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Viramal Limited (Registered number: 08485006) |
Notes to the Financial Statements - continued |
for the Period 1 May 2023 to 29 February 2024 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 May 2023 |
Additions |
At 29 February 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for period |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 30 April 2023 |
Viramal Limited (Registered number: 08485006) |
Notes to the Financial Statements - continued |
for the Period 1 May 2023 to 29 February 2024 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 30 April 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Incorporated in England and Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Viramal Limited (Registered number: 08485006) |
Notes to the Financial Statements - continued |
for the Period 1 May 2023 to 29 February 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 524,560 | 514,441 |
Ordinary A | £0.01 | 36,665 | 36,665 |
561,225 | 551,106 |
1,011,898 Ordinary shares of £0.01 each were allotted as fully paid |
Share-based payment transactions: |
The company operates three separate share-based incentive and remuneration schemes, an Enterprise Management Incentive ("EMI") share option scheme, an unapproved share option scheme and the use of A Ordinary shares, referred to as "growth" shares, which only have a value if a hurdle share price is exceeded in the event of the sale of the company. The exercise price, in the case of the two share option schemes, and the subscription price in the case of the A Ordinary shares, is par value, 1p per share. |
As described above, the fair value of the share-based payments at the time of grant/subscription is expensed on a straight-line basis over the vesting period, adjusted where relevant for changed in non market-related vesting criteria. |
44,130 ordinary shares were issued during the period at a value of £1.133 per share. |
877,104 ordinary shares were issued during the period at a value of £0.01 per share. |
90,664 ordinary shares were issued during the period at a value of £0.60 per share. |