| Registered number |
| Company Information |
| for the Year Ended 31 March 2024 |
| Directors |
| Bankers |
| 99 - 101 Lord Street |
| Liverpool |
| Merseyside |
| L2 6PG |
| Registered office |
| Nexus |
| Discovery Way |
| University of Leeds |
| Leeds |
| LS2 3AA |
| Registered number |
| Registered number: | |||||||
| Statement of Financial Position | |||||||
| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Intangible assets | 6 | ||||||
| Tangible assets | 7 | ||||||
| Current assets | |||||||
| Debtors | 8 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 9 | ( |
( |
||||
| Net current assets | |||||||
| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | 11 | ||||||
| Share premium | 11 | ||||||
| Profit and loss account | ( |
( |
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| Shareholders' funds | |||||||
| Dr S Bloor | |||||||
| Director | |||||||
| Approved by the board on |
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| Notes to the Accounts | ||||||||
| for the Year Ended |
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| 1 | Statutory information | |||||||
| Videregen Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
| Nexus | ||||||||
| Discovery Way | ||||||||
| University of Leeds | ||||||||
| Leeds | ||||||||
| LS2 3AA | ||||||||
| 2 | Accounting policies | |||||||
| Basis of preparing the financial information | ||||||||
| Going concern | ||||||||
| Research and development costs | ||||||||
Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. No development expenditure has met the criteria for capitalisation since the year ended 31st March 2012. |
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| Other intangible assets | ||||||||
Amortisation will be provided on capitalised IP so as to write off the cost, less any residual value, over its expected economic life, from the commencement of commercialisation. Current capitalised IP relates to a licence agreement signed in the year ended 31st March 2019 for a product which has not yet reached commercial sales, so is not currently being amortised. Amortisation of capitalised patent costs is calculated using the straight line method to allocate the cost of the patents over their estimated useful life of ten years once the patents have been granted. |
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| Property, plant and equipment | ||||||||
Depreciation on these assets is calculated using the reducing balance method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, with a full year's depreciation in the purchase year, as follows: |
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| Plant and equipment | 25% per annum | |||||||
| Government grants | ||||||||
| Taxation | ||||||||
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 substantially enacted by the balance sheet date. |
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| Deferred tax | ||||||||
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 substantially 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. |
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| Pension costs | ||||||||
| Foreign currencies | ||||||||
| Leased assets | ||||||||
| Debtors | ||||||||
| Creditors | ||||||||
| 3 | Employees and directors | 2024 | 2023 | |||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 4 | Operating loss | 2024 | 2023 | |||||
| £ | £ | |||||||
| The operating loss is stated after charging / (crediting) | ||||||||
| Fixed asset depreciation | ||||||||
| Patents amortisation | ||||||||
| 5 | Taxation | |||||||
| Analysis of the tax credit | ||||||||
| Income taxes recognised in the income statement | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Current tax: | ||||||||
| Tax on above the line tax credits | ( |
( |
||||||
| R&D tax credit | - | |||||||
| Changes to prior year tax credits | ( |
( |
||||||
| ( |
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| Reconciliation of total tax credit included in profit and loss | ||||||||
| The tax charge for each period can be reconciled to the loss per the income statement as follows: | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Loss before tax | ( |
( |
||||||
| Standard rate of corporation tax in the UK | ||||||||
| Loss multiplied by the standard rate of corporation tax in the UK | ( |
( |
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| Effects of: | ||||||||
| Disallowables | ||||||||
| Capital allowances | ( |
( |
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| R&D tax credit adjustments | ( |
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| Losses surrendered | ( |
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| Unused tax losses carried forward | ||||||||
| 13,287 | (14,256) | |||||||
| The Company has a deferred tax asset of £1,151,316 at the period end, which has not been recognised in the financial statements due to uncertainty of future profits. The Company has an estimated tax loss of £4,605,264 available to be carried forward against future profits | ||||||||
| 6 | Intangible fixed assets | £ | ||||||
| Goodwill: | Capitalised IP | Patents | Development costs | Total | ||||
| £ | £ | £ | £ | |||||
| Cost | ||||||||
| At 1 April 2023 | 23,000 | 20,362 | 1,350 | |||||
| At 31 March 2024 | 23,000 | 20,362 | 1,350 | |||||
| Amortisation | ||||||||
| At 1 April 2023 | - | 18,326 | 1,350 | |||||
| Provided during the year | - | 2,036 | - | |||||
| At 31 March 2024 | - | 20,362 | 1,350 | |||||
| Net book value | ||||||||
| At 31 March 2024 | 23,000 | - | - | |||||
| At 31 March 2023 | 23,000 | 2,036 | - | |||||
| 7 | Property, plant and equipment | |||||||
| Plant and machinery | ||||||||
| £ | ||||||||
| Cost | ||||||||
| At 1 April 2023 | ||||||||
| Additions | ||||||||
| At 31 March 2024 | ||||||||
| Depreciation | ||||||||
| At 1 April 2023 | ||||||||
| Charge for the year | ||||||||
| At 31 March 2024 | ||||||||
| Net book value | ||||||||
| At 31 March 2024 | ||||||||
| At 31 March 2023 | ||||||||
| 8 | Debtors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Other debtors | ||||||||
| Tax | ||||||||
| Prepayments and accrued income | ||||||||
| 9 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade creditors | ||||||||
| Social security and other taxes | ||||||||
| Accruals | ||||||||
| 10 | Leasing agreements | 2024 | 2023 | |||||
| £ | £ | |||||||
| Minimum lease payments under non-cancellable operating leases fall due as follows: | ||||||||
| 11 | Called up share capital | |||||||
| Called up share capital | Share | |||||||
| premium | ||||||||
| No. of shares | £ | £ | ||||||
| Allotted, issued and fully paid | ||||||||
| As at 1 April 2022 | 4,707,124 | |||||||
| Shares issued in year | 463,789 | |||||||
| As at 31 March 2023 | 5,170,912 | |||||||
| Shares issued in year | 199,236 | |||||||
| At 31 March 2024 | 5,370,148 | |||||||
| During the year 7,564 ordinary shares (2023: 17,390) of £0.01 each were issued fully paid for cash at £29.00 each (2023: £29.00). | ||||||||
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. | ||||||||
| Called-up share capital represents the nominal value of shares that have been issued. | ||||||||
| The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. | ||||||||
| 12 | Events after the reporting date | |||||||