IRIS Accounts Production v24.3.2.46 08485006 Board of Directors 1.5.23 29.2.24 29.2.24 true false true false false false true false Ordinary 0.01000 Ordinary A 0.01000 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh084850062023-04-30084850062024-02-29084850062023-05-012024-02-29084850062022-04-30084850062022-05-012023-04-30084850062023-04-3008485006ns15:EnglandWales2023-05-012024-02-2908485006ns14:PoundSterling2023-05-012024-02-2908485006ns10:Director12023-05-012024-02-2908485006ns10:PrivateLimitedCompanyLtd2023-05-012024-02-2908485006ns10:SmallEntities2023-05-012024-02-2908485006ns10:AuditExempt-NoAccountantsReport2023-05-012024-02-2908485006ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-02-2908485006ns10:SmallCompaniesRegimeForAccounts2023-05-012024-02-2908485006ns10:FullAccounts2023-05-012024-02-290848500612023-05-012024-02-2908485006ns10:OrdinaryShareClass12023-05-012024-02-2908485006ns10:OrdinaryShareClass22023-05-012024-02-290848500611ns10:OrdinaryShareClass12023-05-012024-02-2908485006ns10:Director22023-05-012024-02-2908485006ns10:Director32023-05-012024-02-2908485006ns10:Director42023-05-012024-02-2908485006ns10:Director52023-05-012024-02-2908485006ns10:Director62023-05-012024-02-2908485006ns10:Director72023-05-012024-02-2908485006ns10:CompanySecretary12023-05-012024-02-2908485006ns10:RegisteredOffice2023-05-012024-02-2908485006ns5:CurrentFinancialInstruments2024-02-2908485006ns5:CurrentFinancialInstruments2023-04-3008485006ns5:Non-currentFinancialInstruments2024-02-2908485006ns5:Non-currentFinancialInstruments2023-04-3008485006ns5:ShareCapital2024-02-2908485006ns5:ShareCapital2023-04-3008485006ns5:SharePremium2024-02-2908485006ns5:SharePremium2023-04-3008485006ns5:FurtherSpecificReserve1ComponentTotalEquity2024-02-2908485006ns5:FurtherSpecificReserve1ComponentTotalEquity2023-04-3008485006ns5:RetainedEarningsAccumulatedLosses2024-02-2908485006ns5:RetainedEarningsAccumulatedLosses2023-04-3008485006ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-02-2908485006ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-02-2908485006ns5:FurnitureFittings2023-05-012024-02-2908485006ns5:ComputerEquipment2023-05-012024-02-2908485006ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3008485006ns5:PatentsTrademarksLicencesConcessionsSimilar2024-02-2908485006ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3008485006ns5:FurnitureFittings2023-04-3008485006ns5:ComputerEquipment2023-04-3008485006ns5:FurnitureFittings2024-02-2908485006ns5:ComputerEquipment2024-02-2908485006ns5:FurnitureFittings2023-04-3008485006ns5:ComputerEquipment2023-04-3008485006ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-04-3008485006ns5:UnlistedNon-exchangeTraded2024-02-2908485006ns5:UnlistedNon-exchangeTraded2023-04-3008485006ns5:Subsidiary12023-05-012024-02-29084850061ns5:Subsidiary12023-05-012024-02-2908485006ns5:Subsidiary22023-05-012024-02-2908485006ns5:Subsidiary232023-05-012024-02-2908485006ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2908485006ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-3008485006ns10:OrdinaryShareClass12024-02-2908485006ns10:OrdinaryShareClass22024-02-29
REGISTERED NUMBER: 08485006 (England and Wales)


















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: Mr J S Synett
Mr O S Bates
Dr S Fiore
Mr E Mcveigh
Ms A K Niederstaetter
Mr G Singh Sachdeva
Mr J N Thorniley





SECRETARY: Amba Secretaries Limited





REGISTERED OFFICE: 167-169 Great Portland Street
5th Floor
London
London
W1W 5PF





REGISTERED NUMBER: 08485006 (England and Wales)





ACCOUNTANTS: AMS Accountancy Limited
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 4 289,068 291,170
Tangible assets 5 2,799 5,340
Investments 6 1,703,037 1,703,037
1,994,904 1,999,547

CURRENT ASSETS
Debtors 7 120,846 183,976
Cash at bank 57,165 162,470
178,011 346,446
CREDITORS
Amounts falling due within one year 8 (800,658 ) (652,725 )
NET CURRENT LIABILITIES (622,647 ) (306,279 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,372,257

1,693,268

CREDITORS
Amounts falling due after more than one
year

9

(34,221

)

(32,493

)
NET ASSETS 1,338,036 1,660,775

CAPITAL AND RESERVES
Called up share capital 10 561,225 551,106
Share premium 270,685 167,636
Merger relief reserve 845,062 845,062
Retained earnings (338,936 ) 96,971
SHAREHOLDERS' FUNDS 1,338,036 1,660,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mr O S Bates - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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 13 (2023 - 13 ) .

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 910,405
Additions 5,788
At 29 February 2024 916,193
AMORTISATION
At 1 May 2023 619,235
Amortisation for period 7,890
At 29 February 2024 627,125
NET BOOK VALUE
At 29 February 2024 289,068
At 30 April 2023 291,170

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2023 4,139 12,145 16,284
Disposals - (693 ) (693 )
At 29 February 2024 4,139 11,452 15,591
DEPRECIATION
At 1 May 2023 1,494 9,450 10,944
Charge for period 1,150 1,391 2,541
Eliminated on disposal - (693 ) (693 )
At 29 February 2024 2,644 10,148 12,792
NET BOOK VALUE
At 29 February 2024 1,495 1,304 2,799
At 30 April 2023 2,645 2,695 5,340

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 1,703,037
NET BOOK VALUE
At 29 February 2024 1,703,037
At 30 April 2023 1,703,037

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Bigel Limited
Registered office: Incorporated in England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Viramal Scandinavia AB
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 71,516 -
Other debtors 49,330 183,976
120,846 183,976

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,830 5,583
Trade creditors 187,065 210,669
Taxation and social security 21,775 -
Other creditors 587,988 436,473
800,658 652,725

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 34,221 32,493

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: £    £   
52,455,984 Ordinary £0.01 524,560 514,441
3,666,480 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 at a premium of 0.111838 per share during the period.

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.