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Registration number: 07767528








Nu Nano Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

Pages for filing with Registrar

 

Nu Nano Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Nu Nano Ltd

Company Information

Directors

M J Miles

J A Vicary

R J Humm

R S M Chapman

Registered office

Science Creates
St Phillips
Albert Road
Bristol
BS2 0XJ

Registered number

07767528

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Nu Nano Ltd

(Registration number: 07767528)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,035,591

957,700

Tangible assets

5

177,158

209,482

 

1,212,749

1,167,182

Current assets

 

Stocks

45,433

35,263

Debtors

6

65,556

67,608

Cash at bank and in hand

 

13,022

11,805

 

124,011

114,676

Creditors: Amounts falling due within one year

7

(76,559)

(68,327)

Net current assets

 

47,452

46,349

Total assets less current liabilities

 

1,260,201

1,213,531

Creditors: Amounts falling due after more than one year

7

(651,263)

(629,118)

Net assets

 

608,938

584,413

Capital and reserves

 

Called up share capital

267

262

Share premium reserve

1,590,010

1,494,388

Revaluation reserve

28,250

28,250

Other reserves

7,723

7,723

Profit and loss account

(1,017,312)

(946,210)

Total equity

 

608,938

584,413

 

Nu Nano Ltd

(Registration number: 07767528)
Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 23 April 2025 and signed on its behalf by:
 

.........................................

J A Vicary

Director

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Science Creates
St Phillips
Albert Road
Bristol
BS2 0XJ

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s continued investment in product and market development has resulted in a loss for the year. The company is expecting improved trading prospects in the current year and has reviewed a range of alternative scenarios which would enable the company to continue in operational existence for the foreseeable future. Having prepared forecasts and budgets for forthcoming periods, and taking account of the above, the directors continue to adopt the going concern basis in preparing the annual financial statements.

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Grants

Grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit and loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Computer equipment

33% on cost

Fixtures & fittings

20% on cost

Laboratory equipment

10% on cost

Intangible fixed assets

Intangible assets are stated in the balance sheet at cost. Amortisation will commence once the assets currently under development become marketable.

The of cost of intangible assets includes directly attributable costs incurred in their development.

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Development costs

Development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2

Accounting policies (continued)

Share based payments

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured based on company specific observable market data, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.

3

Staff numbers

The average number of persons employed by the company during the year, was 9 (2023 - 9).

4

Intangible fixed assets

Development costs
£

Cost

At 1 October 2023

957,700

Additions internally developed

77,891

At 30 September 2024

1,035,591

Amortisation

At 1 October 2023

-

Amortisation charge

-

At 30 September 2024

-

Carrying amount

At 30 September 2024

1,035,591

At 30 September 2023

957,700

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible fixed assets

Computer equipment
 £

Laboratory equipment
 £

Fixtures & fittings
 £

Total
£

Cost

At 1 October 2023

10,769

306,770

19,285

336,824

Additions

392

-

-

392

At 30 September 2024

11,161

306,770

19,285

337,216

Depreciation

At 1 October 2023

9,881

99,431

18,030

127,342

Charge for the year

784

30,677

1,255

32,716

At 30 September 2024

10,665

130,108

19,285

160,058

Carrying amount

At 30 September 2024

496

176,662

-

177,158

At 30 September 2023

888

207,339

1,255

209,482

The net book value of tangible fixed assets includes an amount of £84,881 (2023: £145,888) in respect of assets held under hire purchase contracts. The depreciation charge for the year was £14,146 (2023: £24,645).

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

38,377

43,556

VAT

4,962

4,757

Prepayments and accrued income

-

295

Corporation tax

22,217

19,000

65,556

67,608

7

Creditors

2024
£

2023
£

Due within one year

Hire purchase liability

24,000

24,000

Other loans

8,750

-

Trade creditors

26,153

24,124

Social security and other taxes

5,515

4,095

Other creditors

3,218

2,966

Accruals and deferred income

8,923

13,142

76,559

68,327

Due after one year

Other loans

603,766

568,276

Hire purchase liability

25,000

39,000

Directors' loan accounts

22,497

21,842

651,263

629,118


Related party transcations
The £8,750 (2023: £Nil) of other loans which are due in under one year relate to loans from entities where a director of Nu Nano Ltd has significant control. Additionally, included within other loans due after one year is £16,250 (2023: £Nil) relating to these loans.

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors (continued)


Other Loans
Included within Other Loans is a £500,000 loan from Innovate UK which has accrued intrest of £63,870. The loan was drawn down, starting March 2020, quarterly over two and a half years and accrues interest at a rate of 7.4% annually. The loan is secured over the companys assets.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.0001 each

2,671,980

267.20

2,621,650

262.17

         

During the year 50,330 Ordinary shares with an aggregate nominal value of £5.03 were alloted for an aggregate consideration of £95,627.

9

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Total

60,305

69,116

10

Share-based payments

EMI Scheme

Scheme details and movements

Share options were granted to certain directors and employees under an EMI share options scheme during the year ended 30 September 2018 and year ended 30 September 2023. The exercise price of the options is £0.4 and £0.32 respectively.

The options vest immediately after the grant date.

The term of each option is 10 years from the date of the grant.

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Share-based payments (continued)

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

180,000

120,000

Granted during the period

-

90,000

Transferred during the period

-

(30,000)

Outstanding, end of period

180,000

180,000

Exercisable, end of period

180,000

180,000

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

0.36

0.40

Transferred during the period

-

0.40

Outstanding, end of period

0.36

0.36

Exercisable, end of period

0.36

0.36





 

 

Nu Nano Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Share-based payments (continued)

Unapproved share options scheme

Scheme details and movements

Share options were granted to certain employees under an EMI share option scheme during the year ended 30 September 2018. The exercise price of the options was £0.40. During the year ended 30 September 2019 2 employees left the company but retained their share options so these options are now part of an unapproved share option scheme. During the current year, a further employee left the company, and they also retained their share options which are now part of an unapproved option scheme.

The options vest immediately.

The term of each option is 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

60,000

30,000

Transferred during the period

-

30,000

Outstanding, end of period

60,000

60,000

Exercisable, end of period

60,000

60,000

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

0.40

0.40

Transferred during the period

-

0.40

Outstanding, end of period

0.40

0.40

Exercisable, end of period

0.40

0.40