Company No:
Contents
Note | 2025 | 2024 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 6 |
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Tangible assets | 7 |
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364,504 | 435,324 | |||
Current assets | ||||
Debtors | 8 |
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Cash at bank and in hand |
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2,724,867 | 4,540,383 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets | 2,443,632 | 4,060,031 | ||
Total assets less current liabilities | 2,808,136 | 4,495,355 | ||
Creditors: amounts falling due after more than one year | 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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The financial statements of Elasmogen Limited (registered number:
Dr Caroline Barelle
Director |
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.
Elasmogen Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Liberty Building, Foresterhill, AB25 2ZP, United Kingdom.
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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account 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.
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 Profit and Loss Account 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.
Equity-settled share-based payment transactions are measured at fair value at the date of grant using the Black-Scholes model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Other intangible assets |
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Plant and machinery | 25 -
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Computer equipment |
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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.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
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.
Government grants are recognised based on the performance model and are measured 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.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2025 | 2024 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2025 | 2024 | ||
£ | £ | ||
Directors' emoluments |
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Sums paid to third parties in respect of directors’ services |
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273,028 | 266,346 |
Equity-settled share-based payment schemes
Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The vesting period is four years. If the options remain unexercised after a period of ten years from the date of grant the options expire. Options are forfeited if the employee leaves the Company before the options vest.
Details of the share options outstanding during the financial year are as follows:
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Weighted Average | Weighted Average | ||||
Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
Outstanding at beginning of period |
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Granted during the period |
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Forfeited during the period | (
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Outstanding at the end of the period |
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Exercisable at the end of the period |
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The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
The share options are of equity-settled EMI options and have a maximum term of 5 years.
The Company recognised total expenses of £
Other intangible assets | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 February 2024 |
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Impairment adjustment | (
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At 31 January 2025 |
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Accumulated amortisation | |||
At 01 February 2024 |
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Charge for the financial year |
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Impairment losses | (
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At 31 January 2025 |
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Net book value | |||
At 31 January 2025 |
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At 31 January 2024 |
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Plant and machinery | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 February 2024 |
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Additions |
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At 31 January 2025 |
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Accumulated depreciation | |||||
At 01 February 2024 |
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Charge for the financial year |
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At 31 January 2025 |
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Net book value | |||||
At 31 January 2025 |
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At 31 January 2024 |
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2025 | 2024 | ||
£ | £ | ||
Corporation tax |
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Other debtors |
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2025 | 2024 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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2025 | 2024 | ||
£ | £ | ||
Bank loans |
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2025 | 2024 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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30 | 30 |
During the year, the company did not incur charges from Rockridge Medical Limited (2024 - £7,504), a company of which a previous director of Elasmogen Limited was also a director.
The audit report was signed by Ryan Allan on behalf of A J B Scholes Ltd.