Registration number:
Nu Nano Ltd
for the Year Ended 30 September 2024
Pages for filing with Registrar
Nu Nano Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Nu Nano Ltd
Company Information
Directors |
M J Miles J A Vicary R J Humm R S M Chapman |
Registered office |
|
Registered number |
07767528 |
Accountant |
|
Nu Nano Ltd
(Registration number: 07767528)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
1,035,591 |
957,700 |
|
Tangible assets |
|
209,482 |
|
1,212,749 |
1,167,182 |
||
Current assets |
|||
Stocks |
|
35,263 |
|
Debtors |
|
67,608 |
|
Cash at bank and in hand |
|
11,805 |
|
124,011 |
114,676 |
||
Creditors: Amounts falling due within one year |
(76,559) |
(68,327) |
|
Net current assets |
|
46,349 |
|
Total assets less current liabilities |
|
1,213,531 |
|
Creditors: Amounts falling due after more than one year |
(651,263) |
(629,118) |
|
Net assets |
|
584,413 |
|
Capital and reserves |
|||
Called up share capital |
|
262 |
|
Share premium reserve |
|
1,494,388 |
|
Revaluation reserve |
|
28,250 |
|
Other reserves |
|
7,723 |
|
Profit and loss account |
( |
(946,210) |
|
Total equity |
|
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 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
.........................................
J A Vicary
Director
Nu Nano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Intangible fixed assets |
Development costs |
|
Cost |
|
At 1 October 2023 |
|
Additions internally developed |
|
At 30 September 2024 |
|
Amortisation |
|
At 1 October 2023 |
- |
Amortisation charge |
- |
At 30 September 2024 |
- |
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
Nu Nano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tangible fixed assets |
Computer equipment |
Laboratory equipment |
Fixtures & fittings |
Total |
|
Cost |
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At 1 October 2023 |
|
|
|
|
Additions |
|
- |
- |
|
At 30 September 2024 |
|
|
|
|
Depreciation |
||||
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Carrying amount |
||||
At 30 September 2024 |
|
|
- |
|
At 30 September 2023 |
|
|
|
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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
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 |
|
67,608 |
Creditors |
2024 |
2023 |
|
Due within one year |
||
Hire purchase liability |
24,000 |
24,000 |
Other loans |
8,750 |
- |
Trade creditors |
|
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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
267.20 |
|
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.
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Total |
|
|
Share-based payments |
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 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Transferred during the period |
- |
(30,000) |
Outstanding, end of period |
|
|
Exercisable, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Transferred during the period |
- |
|
Outstanding, end of period |
|
|
Exercisable, end of period |
|
|
|
Nu Nano Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
10 |
Share-based payments (continued) |
Scheme details and movements
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 |
2023 |
|
Outstanding, start of period |
|
|
Transferred during the period |
- |
30,000 |
Outstanding, end of period |
|
|
Exercisable, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Transferred during the period |
- |
|
Outstanding, end of period |
|
|
Exercisable, end of period |
|
|
|