Registered number
07573593
Videregen Limited
Filleted Accounts
31 March 2024
Videregen Limited
Company Information
for the Year Ended 31 March 2024
Directors
Dr S Bloor
Mr D J Quinn (resigned 4 November 2024)
Mr M Hunt (resigned 4 November 2024)
Mr P G Felix
Deepbridge NED Limited (appointed 4 November 2024)
Bankers
HSBC plc
99 - 101 Lord Street
Liverpool
Merseyside
L2 6PG
Registered office
Nexus
Discovery Way
University of Leeds
Leeds
LS2 3AA
Registered number
07573593
Videregen Limited
Registered number: 07573593
Statement of Financial Position
31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 6 23,000 25,036
Tangible assets 7 22,171 26,410
45,171 51,446
Current assets
Debtors 8 223,219 206,034
Cash at bank and in hand 325,656 538,207
548,875 744,241
Creditors: amounts falling due within one year 9 (173,766) (86,801)
Net current assets 375,109 657,440
Net assets 420,280 708,886
Capital and reserves
Called up share capital 11 2,559 2,483
Share premium 11 5,370,148 5,170,912
Profit and loss account (4,952,427) (4,464,509)
Shareholders' funds 420,280 708,886
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr S Bloor
Director
Approved by the board on 12 May 2025
Videregen Limited
Notes to the Accounts
for the Year Ended 31 March 2024
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
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going concern
In the period since the year end the directors have taken steps to significantly reduce the company’s cost base and minimise its funding requirement. In support of this, investment funding was received immediately after the year end. The directors have structured the business to operate at a much reduced level whilst continuing to seek external investment or a realisation of value. The directors have a reasonable expectation that the company has adequate cash resources to continue for the next 12 months whilst these activities continue. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Research and development costs
Research expenditure is written off to the income statement in the year in which it is incurred.

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.
Other intangible assets
Payments related to the acquisition of patents, or rights to a product or technology, are capitalised as intangible assets if it is probable that future economic benefits from the asset will flow to the entity and the cost of the asset can be reliably measured.

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.
Property, plant and equipment
Property, plant and equipment consists of laboratory and office equipment, and is stated at historical cost less depreciation.

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:
Plant and equipment 25% per annum
Government grants
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.
Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to profit or loss in the period to which they relate
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Leased assets
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3 Employees and directors 2024 2023
Number Number
Average number of persons employed by the company 5 5
4 Operating loss 2024 2023
£ £
The operating loss is stated after charging / (crediting)
Fixed asset depreciation 7,390 8,804
Patents amortisation 2,036 2,036
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 (11,451) (5,093)
R&D tax credit - 20,787
Changes to prior year tax credits (1,836) (1,438)
(13,287) 14,256
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 (474,631) (475,859)
Standard rate of corporation tax in the UK 25% 19%
Loss multiplied by the standard rate of corporation tax in the UK (118,658) (90,413)
Effects of:
Disallowables 7,022 2,006
Capital allowances (788) (258)
R&D tax credit adjustments 15,095 (28,802)
Losses surrendered (3,199) 25,735
Unused tax losses carried forward 113,814 77,476
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 44,712
At 31 March 2024 23,000 20,362 1,350 44,712
Amortisation
At 1 April 2023 - 18,326 1,350 19,676
Provided during the year - 2,036 - 2,036
At 31 March 2024 - 20,362 1,350 21,712
Net book value
At 31 March 2024 23,000 - - 23,000
At 31 March 2023 23,000 2,036 - 25,036
7 Property, plant and equipment
Plant and machinery
£
Cost
At 1 April 2023 46,499
Additions 3,151
At 31 March 2024 49,650
Depreciation
At 1 April 2023 20,089
Charge for the year 7,390
At 31 March 2024 27,479
Net book value
At 31 March 2024 22,171
At 31 March 2023 26,410
8 Debtors: amounts falling due within one year 2024 2023
£ £
Other debtors 13,097 10,511
Tax 74,912 82,740
Prepayments and accrued income 135,210 112,783
223,219 206,034
Corporation tax recoverable relates to tax credits claimable for Research & Development.
9 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 39,643 34,678
Social security and other taxes 8,062 6,795
Accruals 126,061 45,328
173,766 86,801
10 Leasing agreements 2024 2023
£ £
Minimum lease payments under non-cancellable operating leases fall due as follows: 10,089 10,380
11 Called up share capital
Called up share capital Share
premium
No. of shares £ £
Allotted, issued and fully paid
Ordinary shares of par value of £1 each
As at 1 April 2022 230,946 2,309 4,707,124
Shares issued in year 17,390 174 463,789
As at 31 March 2023 248,336 2,483 5,170,912
Shares issued in year 7,564 76 199,236
At 31 March 2024 255,900 2,559 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
On 4th April 2024 the company issued 2,484 ordinary shares of £0.01 and issued a further 1,779 ordinary shares of £0.01 on 3rd April 2025. All shares were fully paid for cash at £29.00 per share and formed part of the Company’s ongoing equity fundraising.
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