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Registration number: 10533021

Anaphite Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

Pages for filing with Registrar

 

Anaphite Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Anaphite Limited

Company Information

Directors

S Burrow

A R Glover

M Granoff

A J Hewitt

J W C Pollock

J W Stevenson

Company secretary

A J Hewitt

Registered office

Science Creates
St Philips
Albert Road
Bristol
BS2 0XJ

Registered number

10533021

Accountant

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

 

Anaphite Limited

(Registration number: 10533021)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

199,554

136,225

Tangible assets

5

1,129,957

846,324

 

1,329,511

982,549

Current assets

 

Debtors

6

336,410

581,402

Cash at bank and in hand

 

8,753,651

876,746

 

9,090,061

1,458,148

Creditors: Amounts falling due within one year

7

(560,195)

(118,658)

Net current assets

 

8,529,866

1,339,490

Net assets

 

9,859,377

2,322,039

Capital and reserves

 

Called up share capital

8

57

26

Share premium reserve

17,364,168

6,093,812

Share application reserve

-

881,684

Other reserves

155,612

144,838

Profit and loss account

(7,660,460)

(4,798,321)

Total equity

 

9,859,377

2,322,039

 

Anaphite Limited

(Registration number: 10533021)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

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 12 May 2025 and signed on its behalf by:
 

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

A J Hewitt
Company secretary and director

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 Philips
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 financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements. The directors are extremely confident that they to have access to sufficient funds to meet cash requirements as they become due.

Government grants

Government 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 of current tax. Tax is recognised in profit or 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.

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income 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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Plant & machinery

20% on cost

Computer equipment

33% on cost

Office equipment

20% on cost

Leasehold improvements

10% on cost

Motor vehicles

Over the length of the lease

Intangible fixed assets

Separately acquired trademarks, licences, and patents are shown at historical cost.

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Patents

10% on cost

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

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

Trade creditors

Trade creditors are recognised initially at the transaction price.

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.

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.

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

Share based payments

The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 25).

4

Intangible fixed assets

Patents
 £

Cost

At 1 January 2024

136,225

Additions

77,079

At 31 December 2024

213,304

At 1 January 2024

-

Amortisation charge

13,750

At 31 December 2024

13,750

Carrying amount

At 31 December 2024

199,554

At 31 December 2023

136,225

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible fixed assets

Leasehold improvements
£

Office equipment
£

Computer equipment
 £

Plant & machinery
£

Total
£

Cost

At 1 January 2024

138,074

17,496

44,423

962,963

1,162,956

Additions

7,318

2,003

16,677

480,594

506,592

At 31 December 2024

145,392

19,499

61,100

1,443,557

1,669,548

Depreciation

At 1 January 2024

13,165

6,463

20,616

276,388

316,632

Charge for the year

14,205

3,406

15,011

190,337

222,959

At 31 December 2024

27,370

9,869

35,627

466,725

539,591

Carrying amount

At 31 December 2024

118,022

9,630

25,473

976,832

1,129,957

At 31 December 2023

124,909

11,033

23,807

686,575

846,324

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

17,189

-

Other debtors

18,640

18,640

VAT

91,122

33,618

Prepayments and accrued income

209,459

164,376

Corporation tax

-

364,768

336,410

581,402

7

Creditors

2024
£

2023
£

Trade creditors

381,935

44,162

Taxation and social security

60,388

49,634

Other creditors

9,101

11,560

Accruals

108,771

13,302

560,195

118,658

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.00001 each

2,246,523

22.47

2,066,439

20.66

Preferred shares of £0.00001 each

603,566

6.04

553,242

5.53

Series A of £0.00001 each

2,863,486

28.63

-

-

 

5,713,575

57.14

2,619,681

26.20

During the year:

• 180,084 Ordinary shares with an aggregate nominal value of £1.80 were allotted for an aggregate consideration of £823,850. 125,395 of these ordinary shares were allotted for £629,188 from the funds received in advance of an issue of shares in the prior year.
• 50,324 Preferred shares with an aggregate nominal value of £0.50 were allotted for an aggregate consideration of £252,496. These shares were all allotted from the funds received in advance of an issue of shares in the prior year.
• 2,863,486 Series A shares with an aggregate nominal value of £28.63 were allotted for an aggregate consideration of £10,194,010.
 

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

61,250

98,950

10

Share-based payments

Approved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company. The options expire ten years after the grant date.

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

2024
Number

2023
Number

Outstanding, start of period

147,338

22,400

Granted during the period

7,940

148,338

Forfeited during the period

(997)

(23,400)

Outstanding, end of period

154,281

147,338

Exercisable, end of period

92,511

87,068

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

2024
£

2023
£

Outstanding, start of period

0.75

2.00

Granted during the period

0.75

0.75

Forfeited during the period

0.75

1.95

Outstanding, end of period

0.75

0.75

Exercisable, end of period

0.75

0.75

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Unapproved share scheme

Scheme details and movements

Certain employees have been granted options over the unissued share capital of the company. The options expire ten years after the grant date.
 

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

2024
Number

2023
Number

Outstanding, start of period

64,000

81,401

Forfeited during the period

-

(17,401)

Outstanding, end of period

64,000

64,000

Exercisable, end of period

64,000

64,000

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

2024
£

2023
£

Outstanding, start of period

2.12

2.16

Forfeited during the period

-

2.34

Outstanding, end of period

2.12

2.12

Exercisable, end of period

2.12

2.12

 

Anaphite Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Reserves

The share application reserve represents funds received in advance of an issue of shares.

Share application reserve
£

As at 1 January 2024

881,684

Shares issued

(881,684)

As at 31 December 2024

-

During the prior year, the company received funds of £881,684 in advance of an issue of shares. During the year ended 31 December 2024, these funds were converted into shares (note 9).