IRIS Accounts Productionv24.3.2.4612380800Board of Directors1.1.2431.12.2431.12.2414.4.2500falsetruefalsefalsetruefalseAuditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123808002023-12-31123808002024-12-31123808002024-01-012024-12-31123808002022-12-31123808002023-01-012023-12-31123808002023-12-3112380800ns15:EnglandWales2024-01-012024-12-3112380800ns14:PoundSterling2024-01-012024-12-3112380800ns10:Director12024-01-012024-12-3112380800ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3112380800ns10:SmallEntities2024-01-012024-12-3112380800ns10:Audited2024-01-012024-12-3112380800ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3112380800ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3112380800ns10:FullAccounts2024-01-012024-12-3112380800ns10:Director22024-01-012024-12-3112380800ns10:Director32024-01-012024-12-3112380800ns10:Director42024-01-012024-12-3112380800ns10:RegisteredOffice2024-01-012024-12-3112380800ns5:CurrentFinancialInstruments2024-12-3112380800ns5:CurrentFinancialInstruments2023-12-3112380800ns5:ShareCapital2024-12-3112380800ns5:ShareCapital2023-12-3112380800ns5:SharePremium2024-12-3112380800ns5:SharePremium2023-12-3112380800ns5:RetainedEarningsAccumulatedLosses2024-12-3112380800ns5:RetainedEarningsAccumulatedLosses2023-12-3112380800ns5:PlantMachinery2023-12-3112380800ns5:PlantMachinery2024-01-012024-12-3112380800ns5:PlantMachinery2024-12-3112380800ns5:PlantMachinery2023-12-3112380800ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3112380800ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31

REGISTERED NUMBER: 12380800 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


FOR



FIBRILLOGENESIS LTD



FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024





Page




Company Information  

1




Statement of Financial Position  

2




Notes to the Financial Statements  

3





FIBRILLOGENESIS LTD



COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024









DIRECTORS:

Dr D N O'Leary


K T Schneider


U Hutzler


K Yu Siu Ming







REGISTERED OFFICE:

1 Park Gardens


Yeovil


Somerset


BA20 1DW







REGISTERED NUMBER:

12380800 (England and Wales)







AUDITORS:

Accura Accountants Ltd

(Statutory Auditor)


Langley House


Park Road


East Finchley


London


N2 8EY



FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800)



STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024



31.12.24

31.12.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

8,547


20,519




CURRENT ASSETS

Debtors

5

1,377


1,575



Cash at bank

111,363


40,119



112,740


41,694



CREDITORS

Amounts falling due within one year

6

343,064


164,189



NET CURRENT LIABILITIES

(230,324

)

(122,495

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(221,777

)

(101,976

)



CAPITAL AND RESERVES

Called up share capital

100


100



Share premium

190,236


190,236



Retained earnings

(412,113

)

(292,312

)


(221,777

)

(101,976

)



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 14 April 2025 and were signed on its behalf by:






Dr D N O'Leary - Director




FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


1.

STATUTORY INFORMATION



Fibrillogenesis 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.


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.    



Functional and presentation currency


The company's functional and presentational current is £ sterling. Monetary amounts in these financial statements are rounded to the nearest £.



Going concern


The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, on this basis, continue to adopt the going concern basis in preparing the financial statements.



At the year end, the company had net current liabilities of £230,324 (2023: £122,495) and net liabilities of £221,777 (2023: £101,976). It remains dependent on the continued financial support of its ultimate parent company, ISA Industrial Limited, which has confirmed its intention to provide ongoing support with no plans to withdraw it. The company continues to meet its day-to-day liabilities as they fall due.



Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 20% straight line on cost
Computer equipment - 20% straight line on cost



FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including accruals, 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.


Taxation

Taxation for the year 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.



FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


2.

ACCOUNTING POLICIES - continued



Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.


Cash and cash equivalents


Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are included within borrowings under current liabilities.


3.

EMPLOYEES AND DIRECTORS



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


4.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


At 1 January 2024

63,601




Additions

892




At 31 December 2024

64,493




DEPRECIATION


At 1 January 2024

43,082




Charge for year

12,864




At 31 December 2024

55,946




NET BOOK VALUE


At 31 December 2024

8,547




At 31 December 2023

20,519




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.24


31.12.23

£   

£   



Other debtors

1,377


1,575




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.24


31.12.23

£   

£   



Amounts owed to group undertakings

212,763


102,763




Other creditors

130,301


61,426



343,064


164,189





FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


7.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was unqualified.



Brian Melville Leighton (Senior Statutory Auditor)


for and on behalf of Accura Accountants Ltd (Statutory Auditor)


8.

RELATED PARTY DISCLOSURES



During the accounting period, the company contracted services from Materials Science Solutions Limited. Dr D N O'Leary is a director of Fibrillogenesis Ltd and beneficial owner and director of Materials Science Solutions Limited. Consultancy services of £75,000 (2023: £37,500) were provided from Materials Science Solutions Limited to Fibrillogenesis Ltd. The balance owed to Materials Science Solutions Limited  at 31 December 2024 was £125,631 (2023: £56,881).



During the accounting period, there was an intercompany loan with ISA Capital Limited, the parent company of Fibrillogenesis Ltd. The balance of the loan at 31 December 2024 was £212,763 (2023: £102,763). During the year, a further £110,000 was loaned to the company. No interest is charged on the loan as the loan is repayable on demand.


9.

ULTIMATE CONTROLLING PARTY



Fibrillogenesis Ltd is a subsidiary undertaking of ISA Capital Limited which holds 85% of the shareholding in Fibrillogenesis Ltd. ISA Capital Limited is incorporated in Hong Kong. Fibrillogenesis Ltd is also part of a large group whose consolidated financial statements are prepared by its ultimate parent company ISA Industrial Limited. ISA Industrial Limited is the ultimate controlling party of Fibrillogenesis Ltd which is incorporated in the British Virgin Islands. The principal address of the ultimate parent undertaking, ISA Industrial Limited, is Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, VG 11110, British Virgin Islands.