Silverfin false false 31/07/2024 01/08/2023 31/07/2024 P Bennell 20/01/2024 C Dolan 06/06/2021 A Fletcher 03/07/2020 J Mitchell 18/10/2021 03 February 2025 The principal activity of the company continued to be that of operating as a bakery. 12716172 2024-07-31 12716172 bus:Director1 2024-07-31 12716172 bus:Director2 2024-07-31 12716172 bus:Director3 2024-07-31 12716172 bus:Director4 2024-07-31 12716172 2023-07-31 12716172 core:CurrentFinancialInstruments 2024-07-31 12716172 core:CurrentFinancialInstruments 2023-07-31 12716172 core:Non-currentFinancialInstruments 2024-07-31 12716172 core:Non-currentFinancialInstruments 2023-07-31 12716172 core:ShareCapital 2024-07-31 12716172 core:ShareCapital 2023-07-31 12716172 core:SharePremium 2024-07-31 12716172 core:SharePremium 2023-07-31 12716172 core:RetainedEarningsAccumulatedLosses 2024-07-31 12716172 core:RetainedEarningsAccumulatedLosses 2023-07-31 12716172 core:OtherResidualIntangibleAssets 2023-07-31 12716172 core:OtherResidualIntangibleAssets 2024-07-31 12716172 core:LeaseholdImprovements 2023-07-31 12716172 core:PlantMachinery 2023-07-31 12716172 core:FurnitureFittings 2023-07-31 12716172 core:ComputerEquipment 2023-07-31 12716172 core:LeaseholdImprovements 2024-07-31 12716172 core:PlantMachinery 2024-07-31 12716172 core:FurnitureFittings 2024-07-31 12716172 core:ComputerEquipment 2024-07-31 12716172 bus:OrdinaryShareClass1 2024-07-31 12716172 bus:OrdinaryShareClass2 2024-07-31 12716172 bus:OrdinaryShareClass3 2024-07-31 12716172 2023-08-01 2024-07-31 12716172 bus:FilletedAccounts 2023-08-01 2024-07-31 12716172 bus:SmallEntities 2023-08-01 2024-07-31 12716172 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 12716172 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12716172 bus:Director1 2023-08-01 2024-07-31 12716172 bus:Director2 2023-08-01 2024-07-31 12716172 bus:Director3 2023-08-01 2024-07-31 12716172 bus:Director4 2023-08-01 2024-07-31 12716172 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-08-01 2024-07-31 12716172 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-01 2024-07-31 12716172 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-01 2024-07-31 12716172 core:LeaseholdImprovements core:TopRangeValue 2023-08-01 2024-07-31 12716172 core:PlantMachinery core:TopRangeValue 2023-08-01 2024-07-31 12716172 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 12716172 core:ComputerEquipment core:TopRangeValue 2023-08-01 2024-07-31 12716172 2022-08-01 2023-07-31 12716172 core:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 12716172 core:LeaseholdImprovements 2023-08-01 2024-07-31 12716172 core:PlantMachinery 2023-08-01 2024-07-31 12716172 core:FurnitureFittings 2023-08-01 2024-07-31 12716172 core:ComputerEquipment 2023-08-01 2024-07-31 12716172 core:CurrentFinancialInstruments 2023-08-01 2024-07-31 12716172 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 12716172 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 12716172 bus:OrdinaryShareClass2 2023-08-01 2024-07-31 12716172 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 12716172 bus:OrdinaryShareClass3 2023-08-01 2024-07-31 12716172 bus:OrdinaryShareClass3 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12716172 ()

BELIEVE IN SCIENCE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

BELIEVE IN SCIENCE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

BELIEVE IN SCIENCE LTD

BALANCE SHEET

As at 31 July 2024
BELIEVE IN SCIENCE LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated
Fixed assets
Intangible assets 3 80,915 69,808
Tangible assets 4 1,081,498 955,810
1,162,413 1,025,618
Current assets
Stocks 126,819 75,981
Debtors 5 531,429 1,168,840
Cash at bank and in hand 1,196,450 2,452,451
1,854,698 3,697,272
Creditors: amounts falling due within one year 6 ( 879,170) ( 787,362)
Net current assets 975,528 2,909,910
Total assets less current liabilities 2,137,941 3,935,528
Creditors: amounts falling due after more than one year 7 ( 296,067) ( 383,819)
Net assets 1,841,874 3,551,709
Capital and reserves
Called-up share capital 8 3 3
Share premium account 13,348,121 10,348,252
Profit and loss account ( 11,506,250 ) ( 6,796,546 )
Total shareholders' funds 1,841,874 3,551,709

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Believe in Science Ltd (registered number: 12716172) were approved and authorised for issue by the Board of Directors on 03 February 2025. They were signed on its behalf by:

A Fletcher
Director
BELIEVE IN SCIENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
BELIEVE IN SCIENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Believe in Science Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in . The address of the Company's registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 46 46

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 August 2023 86,545 86,545
Additions 20,935 20,935
At 31 July 2024 107,480 107,480
Accumulated amortisation
At 01 August 2023 16,737 16,737
Charge for the financial year 9,828 9,828
At 31 July 2024 26,565 26,565
Net book value
At 31 July 2024 80,915 80,915
At 31 July 2023 69,808 69,808

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 August 2023 190,296 182,855 906,242 19,838 1,299,231
Additions 0 301,981 496,931 355 799,267
Disposals ( 119,437) ( 5,130) ( 241,893) ( 381) ( 366,841)
At 31 July 2024 70,859 479,706 1,161,280 19,812 1,731,657
Accumulated depreciation
At 01 August 2023 64,493 52,633 217,525 8,770 343,421
Charge for the financial year 32,087 86,243 386,925 6,511 511,766
Disposals ( 53,166) ( 2,736) ( 148,763) ( 364) ( 205,029)
At 31 July 2024 43,414 136,141 455,687 14,917 650,159
Net book value
At 31 July 2024 27,445 343,565 705,593 4,895 1,081,498
At 31 July 2023 125,803 130,222 688,717 11,068 955,810

5. Debtors

2024 2023
£ £
Trade debtors 221,294 262,350
Corporation tax 0 260,349
Other debtors 310,135 646,141
531,429 1,168,840

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 247,505 204,454
Other taxation and social security 51,606 62,784
Obligations under finance leases and hire purchase contracts 343,634 260,473
Other creditors 236,425 259,651
879,170 787,362

The directors consider that the carrying amount of trade payables approximates to their fair value.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 296,067 383,819

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
13,602 Ordinary shares of £ 0.0001 each (2023: 13,567 shares of £ 0.0001 each) 1.36 1.36
3,970 A Ordinary shares of £ 0.0001 each 0.40 0.40
11,983 A2 Ordinary shares of £ 0.0001 each (2023: 7,556 shares of £ 0.0001 each) 1.20 0.76
2.96 2.51

During the year, 35 Ordinary shares of £0.0001 each were issued and fully paid.

During the year, 4427 A2 Ordinary shares of £0.0001 each were issued at a premium of £677.63 and fully paid.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 640,238 644,292