REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
FIBRILLOGENESIS LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( | ) | ( | ) |
( | ) | ( | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
FIBRILLOGENESIS LTD (REGISTERED NUMBER: 12380800) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Fibrillogenesis Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
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. |
for and on behalf of |
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. |