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REGISTERED NUMBER: 11400246 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

METOMIC LTD

METOMIC LTD (REGISTERED NUMBER: 11400246)

Contents of the Financial Statements
for the year ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


METOMIC LTD

Company Information
for the year ended 30 June 2024







Directors: Y Ben-Itzhak
B Van Enckevort
R Vibert





Registered office: Office One
1 Coldbath Square
London
EC1R 5HL





Registered number: 11400246 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

METOMIC LTD (REGISTERED NUMBER: 11400246)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 11,096 19,408

Current assets
Debtors 5 880,382 463,677
Cash at bank 8,167,745 13,410,439
9,048,127 13,874,116
Creditors
Amounts falling due within one year 6 457,164 342,508
Net current assets 8,590,963 13,531,608
Total assets less current liabilities 8,602,059 13,551,016

Capital and reserves
Called up share capital 7 305 305
Share premium 20,841,125 20,834,935
Other reserves 1,033,799 -
Retained earnings (13,273,170 ) (7,284,224 )
Shareholders' funds 8,602,059 13,551,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 4 April 2025 and were signed on its behalf by:





R Vibert - Director


METOMIC LTD (REGISTERED NUMBER: 11400246)

Notes to the Financial Statements
for the year ended 30 June 2024


1. Statutory information

Metomic Ltd 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.

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


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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Share based payments have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black-Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

METOMIC LTD (REGISTERED NUMBER: 11400246)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


2. Accounting policies - continued

Taxation
Taxation for the year comprises of current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Tax credits shown on the Income Statement represent tax credits received from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.

Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred.

The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits received or receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure 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.

Hire purchase and leasing 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.

Share-based payments
The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

3. Employees and directors

The average number of employees during the year was 40 (2023 - 23 ) .

METOMIC LTD (REGISTERED NUMBER: 11400246)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


4. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 July 2023 3,233 44,515 47,748
Additions 6,398 400 6,798
Disposals (748 ) (33,433 ) (34,181 )
At 30 June 2024 8,883 11,482 20,365
Depreciation
At 1 July 2023 178 28,162 28,340
Charge for year 2,416 8,897 11,313
Eliminated on disposal (124 ) (30,260 ) (30,384 )
At 30 June 2024 2,470 6,799 9,269
Net book value
At 30 June 2024 6,413 4,683 11,096
At 30 June 2023 3,055 16,353 19,408

5. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 118,093 82,344
Other debtors 762,289 381,333
880,382 463,677

6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 56,164 90,503
Taxation and social security 92,333 84,664
Other creditors 308,667 167,341
457,164 342,508

7. Called up share capital

Allotted, issued and fully
paid:

Number Class Nominal value 2024 2023
8,525,229 Ordinary 0.00001 85 85
1,000,000 A Ordinary 0.00001 10 10
13,251,702 Series A Preferred 0.00001 132 132
3,567,567 Series Seed 1 Preferred 0.00001 36 36
4,192,060 Series Seed 2 Preferred 0.00001 42 42
305 305

METOMIC LTD (REGISTERED NUMBER: 11400246)

Notes to the Financial Statements - continued
for the year ended 30 June 2024


8. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£ £
R Vibert
Balance outstanding at start of year 238 -
Amounts advanced - 238
Amounts repaid - -
Amounts written off (238 ) -
Amounts waived - -
Balance outstanding at end of year - 238

9. Share-based payment transactions

The company operates an EMI qualifying share option scheme and during the year the company granted 4,013,451 (2023: 0) EMI qualifying share options to employees at an average weighted exercise price of £0.0032 per share (2023: £nil). During the year 1,791,090 share options vested (2023: 0), 247,440 lapsed (2023: 0) and 0 options were exercised (2023: 0). At the statement of financial position date, 1,543,650 vested share options remained exercisable (2023: 0) and 2,222,361 options had yet to vest (2023: 0). An amount of £941,890 has been charged to the income statement in respect of the EMI qualifying share options (2023: £nil).

The company also operates an unapproved share option scheme and during the year the company granted 431,650 (2023: 0) unapproved share options to contractors at an average weighted exercise price of £0.00001 per share (2023: £nil). During the year 151,798 share options vested (2023: 0), 16,770 lapsed (2023: 0) and no options were exercised (2023: 0). At the statement of financial position date, 135,028 vested share options remained exercisable (2023: 0) and 279,852 options had yet to vest (2023: 0). An amount of £91,909 has been charged to the income statement in respect of the unapproved share options (2023: £nil).

The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the company's Ordinary shares.